56-2501BTRFP-1 ADDENDUM 1 FINANCIAL ADVISORY SVCS.pdf

Department of Materials Management 200 E. First Street, Bldg. 141 Greenville, North Carolina 27858-4353

IMPORTANT RFP ADDENDUM

DATE: 8/5/24

THIS REQUEST FOR PROPOSAL (RFP) ADDENDUM SHOULD BE RETURNED AS PART OF

VENDOR’S PROPOSAL RESPONSE. FAILURE TO RETURN THIS ADDENDUM COULD RESULT IN

REJECTION OF YOUR PROPOSAL.

BID/RFP #: 56-2501BTRFP COMMODITY: Financial Advisory Services ADDENDUM NUMBER: 1 USING AGENCY: East Carolina University PURCHASER: Bryan Tuten RFP DUE DATE: 8/21/24 by 3 pm ET

INSTRUCTIONS:

1. Please make note of the following change(s) or clarification pertaining to the bid referenced above:

QUESTIONS & RESPONSES:

1. QUESTION: Which portfolio will the selected vendor be providing financial advisory services for (e.g., Long-Term Pool, Endowment, Foundation, etc.)?

ECU RESPONSE:

University funds held in reserve only. The amounts to be invested are from a variety of institutional trust funds that are currently held in the North Carolina Department of State Treasurer Short-Term Investment

Fund.

2. QUESTION: Which firm is the incumbent financial advisory services provider, and have they been invited to rebid?

There is no incumbent financial advisor.

3. QUESTION: RFP Section 5.0, Page 12: What is the current Rate of return (or yield) on the State of North

Carolina Treasurer’s Short-Term Investment Fund (“STIF”)?

Current rate as of June 2024 4.62474%

4. QUESTION: RFP Section 5.0, Page 12: Are there any security types other than US Treasury securities permitted in the portfolio? If so, specifically which ones?

Only US Treasury securities.

5. QUESTION: RFP Section 5.0, Page 12: What is the frequency of redemptions and subscriptions

There is no defined plan/timeline for complete redemption. The University intends to invest in US

Treasury securities on a “laddered” basis (generally less than 2 years) in order to create periodic opportunities for reinvestment or withdrawal determinations.

6. QUESTION:

RFP Section 5.0, Page 12: Has ECU taken the portfolio down to $0? If so, how often has that occurred?

This is a new investment strategy for ECU, so there is no historical information available.

7. QUESTION:

Will you provide a list of current holdings for this mandate?

See Question #11

This following link is a list of quarterly reports on funds that are currently held in the North Carolina

Department of State Treasurer Short-Term Investment Fund buy all agencies.

https://www.nctreasurer.com/divisions/investment-management/reports/quarterly-investment-reports

8. QUESTION:

Will you provide the name of the current investment manager for this mandate?

See Question #2 and #11

9. QUESTION:

Will you provide the current fees that are being charged for this mandate?

Any management fees and related expenses are netted against the returns received from the North Carolina Department of State Treasurer internally managed Short-Term Investment Fund. Expenses and fees are not available.

10. QUESTION:

The RFP states a mandate of “up to $150 million”. Is there an expected minimum balance that would be awarded to a manager? Will one manager be selected, or could multiple managers be selected?

There is no expected minimum balance that would be awarded. One manager will be selected.

11. QUESTION:

Does ECU have a custodian?

ECU does not have a custodian. Current short-term investments are held in the North Carolina

Department of State Treasurer Short-Term Investment Fund. The Short-Term Investment Fund

(STIF) is the internally managed (Office of the State Treasurer of NC) portfolio of highly liquid fixed income securities. These securities are primarily money market instruments and short to intermediate treasuries and agencies.

The primary objectives of the STIF are preservation of capital, liquidity and competitive relative returns.

Since the funds in the STIF can be called at any time, it is necessary that a conservative investment strategy be utilized.

12. QUESTION:

Can you elaborate on progress reports expected for investment management services?

ECU RESPONSE:

Routine monthly and annual reports of balances, earnings, rate of returns, etc. Also, benchmark reports against the rate of return (or yield) on the State of North Carolina Treasurer’s Short-Term Investment

Fund, and hoc reports as needed.

https://www.nctreasurer.com/divisions/investment-management/reports/quarterly-investment-reports

2. Check ONLY one of the following categories and return one properly executed copy of this addendum prior to bid opening time and date.

Bid has already been sent (mailed, emailed, etc). Changes resulting from this addendum are as follows:

Bid has already been sent. NO CHANGES resulted from this addendum.

Bid has NOT been sent and ANY CHANGES resulting from this addendum are included in our bid.

Execute Addendum:

BIDDER: _________________________________________________________________

ADDRESS (CITY & STATE): _________________________________________________

AUTHORIZED SIGNATURE: ________________________________DATE: ___________

NAME AND TITLE (TYPED): _________________________________________________

THIS REQUEST FOR PROPOSAL (RFP) ADDENDUM SHOULD BE RETURNED AS PART OF

VENDOR’S PROPOSAL RESPONSE. FAILURE TO RETURN THIS ADDENDUM COULD RESULT IN

REJECTION OF YOUR PROPOSAL.