6-RFP - Investment Services SNOC26271024 - 10 2026.docx

RFP - Investment Services

RFP #SNOC26271023

Issued October 15, 2026

I.

II. GENERAL INFORMATION

A. Proposal Response Outline. Proposals must be concise and in outline format. Pertinent supplemental information should be referenced and included as attachments. All proposals must be organized and tabbed to comply with the following sections:

1. LETTER OF TRANSMITTAL. The letter of transmittal should include an introduction to the supplier’s company, the name, address, telephone number and fax number of the person to be contacted, along with others who are authorized to represent the company in dealing with this bid. Any other information not appropriately contained in the proposal itself should also be included in the letter.

2. EXECUTIVE SUMMARY. An executive summary will briefly describe the supplier’s approach and clearly indicate any options or alternatives being proposed. It should also indicate any major requirements that cannot be met by the supplier.

3. DETAILED DISCUSSION. This section should constitute the major portion of the proposal and must contain a specific response in outline form to each section in this RFP. Outline numbers should correspond, in order, to the section numbers contained in the RFP. Failure to provide written response to items indicated in this bid will be interpreted by the Snow College (hereafter referred to as “Snow” or “College”) as an inability, by the supplier, to provide the requested product, service or function.

4. COST PROPOSAL. The supplier must describe all costs to the College associated with the proposal, in order for the College to determine the full financial impact of the proposal. The College will bear no responsibility for payment of any costs not disclosed in the proposal. It must be submitted as a separate file from any other responses to this RFP, to be accepted. If any costs are given in any part of the response(s) in the RFP, except in the separately submitted document for costs, the RFP will be eliminated from further consideration.

5. Additional information and attachments, if any.

B. Administrative Guidance. The information provided herein is intended to assist suppliers in the preparation of proposals necessary to properly respond to this proposal. The bid is designed to provide interested suppliers with sufficient basic information to submit proposals meeting minimum requirements, but is not intended to limit a proposal’s content or to exclude any relevant or essential data therefrom. Suppliers are at liberty and are encouraged to expand upon the specifications to evidence service capability under any proposal.

C. Issuing office and bid Reference Number. The Purchasing Department of the College is the issuing office for this document and all subsequent addenda relating to it. The reference number for the transaction is Bid/RFP #SNOC26271023. This number must be referred to on all proposals, correspondence, and documentation relating to the bid.

D. Response Date. One (1) digital file copy for each (RFP Response and a separate file for the Cost Proposal) that will be submitted in the bidding portal (U3P - Utah Public, Procurement Place) including, samples, marketing brochures and other material must be received by 5:00 p.m. MT/MDT on Friday, Nov. 13th, 2026. Proposals received after this deadline will be late and ineligible for consideration. Please give yourself enough time to ensure your response is received on-time. Please reach out to U3Padmin@utah.gov for limited technical support.

E. Inquiries. Questions arising subsequently to the issuance of the bid, which could have a significant impact on the responses to the bid, should be submitted through the bidding portal (U3P). All such questions should be received by Friday, Oct. 30th, 2026, at 12:00 p.m. MT/MDT (noon).

NOTE: Suppliers are not to contact or otherwise communicate with any College trustee, officer, and faculty or staff member regarding this RFP without prior written consent from the Snow College Director of Purchasing. Contacts without prior written authorization may result in disqualification for any award made hereunder.

F. Important Dates. The following dates are significant for this bid.

G. Proposal Validity Time. Proposals containing less than ninety (90) calendar day’s acceptance time will not be considered.

H. Consideration of Proposals. The College may award a contract based on initial proposals received without discussion of such proposals. Accordingly, each initial proposal should be submitted with the most favorable price and service. available.

I. Oral Presentation. An oral presentation, by a vendor, to supplement a proposal may be required. These presentations will be scheduled, if required, by the College Procurement Services subsequent to the receipt of proposals and prior to the award of the contract.

J. Award of the Contract/Agreement. The Procurement Services Department of the College is the only department authorized to award a contract hereunder. Any award, hereunder, will be subject to any existing College contractual obligations. This RFP and the Suppliers responses and all clarifications, and communications will become part of the purchasing agreement with the selected vendor/supplier.

The contract will be reviewed by Snow College’s legal counsel and must contain acceptable FERPA, GRAMA (Utah Government Records Access and Management Act 63G-2-101), and Governing Law clauses.

K. Contract Period and Effective Date. Is the time frame specified in the bid.

L. News Releases. News releases pertaining to the Bid or the proposal contract will be made only by the College.

M. Protected Information. The Government Records Access and Management Act, Section 63-1-101 et seq., Utah Code Annotated, ("GRAMA") provides that information in the proposal(s) submitted may be open for public inspection. If a supplier desires to have certain information contained in its proposal(s) protected from such disclosure, the supplier may request such treatment by providing a "written claim of business confidentiality and a concise statement of reasons supporting the claim of business confidentiality" with the proposal (GRAMA, Section 63-2-308). Pricing elements of any proposal will not be considered protected. All material contained in and/or submitted with the proposal becomes the property of the College and may be returned only at the College’s option.

N. Process for Requesting Non-Disclosure: Any Bidder requesting that a record be protected shall include with the bid a Claim of Business Confidentiality. To protect information under a Claim of Business Confidentiality, the Bidder must complete the Claim of Business Confidentiality form with the following information:

1. Provide a written Claim of Business Confidentiality at the time the information (bid) is provided to the state, and

a. Include a concise statement of reasons supporting the claim of business confidentiality (Subsection 63G-2-309(1)).

b. Submit an electronic “redacted” (excluding protected information) copy of the proposal. Copy must clearly be marked “Redacted Version.”

2. An entire bid cannot be identified as “PROTECTED”, “CONFIDENTIAL” or “PROPRIETARY” and shall be considered non-responsive unless the Bidder removes the designation.

3. Redacted Copy: If a Bidder submits a bid that contains information claimed to be business confidential or protected information, the Bidder MUST submit two separate proposals: one redacted version for public release, with all protected business confidential information either blacked-out or removed, clearly marked as "Redacted Version"; and one non-redacted version for evaluation purposes clearly marked as "Protected Business Confidential."

O. EQUAL OPPORTUNITY AND TITLE IX: The Contractor agrees to abide by the provisions of Title VI and VII of the Civil Rights Act of 1964 (42USC 2000e) which prohibits discrimination against any employee or applicant for employment or any applicant or recipient of services, on the basis of race, religion, color, or national origin; and further agrees to abide by Executive Order No. 11246, as amended, which prohibits discrimination on the basis of sex; 45 CFR 90 which prohibits discrimination on the basis of age; and Section 504 of the Rehabilitation Act of 1973; or the Americans with Disabilities Act of 1990 which prohibits discrimination on the basis of disabilities. Also, the Contractor agrees to abide by Utah's Executive Order, dated March 17, 1993, which prohibits sexual harassment in the workplace. Contractor agrees that while interacting with Snow College employees, volunteers, and students it will comply with Title IX of the Education Amendments of 1972 (20 USC 1681) which prohibits discrimination on the basis of sex in any federally funded education program or activity. Contractor must include this provision in every subcontract or purchase order relating to purchases by Snow College to ensure that the subcontractors and vendors are bound by this provision. Contractor additionally agrees that it will cooperate with any investigation by Snow College of a claimed violation of the above, to abide by any interim measures imposed during the course of an investigation and/or final measures imposed as a result of an investigation, and that its contract may be terminated without further recourse in the event of a finding of a violation by Contractor or its employees, subcontractors and related parties.

P. Notices. The supplier must specify the name, title, and address of the person to whom all correspondence, regarding any contract awarded as a result of this bid, should be directed (including amendments to the contract). All amendments must be in writing and signed by both parties.

Q. Incurring Costs. The College will not be liable for any cost which suppliers may incur in the preparation or presentation of their proposal(s). Proposals should be concise, straightforward and prepared simply and economically. Expensive displays, bindings or promotional materials are neither desired nor required. However, there is no intent made here to limit a proposal’s content or to exclude any relevant or essential data therefrom.

R. Addendums to Bid. In the event that it becomes necessary to revise this bid in whole, or in part, an addendum will be provided to all suppliers through the bidding portal (U3P).

S. Alternative Proposals. A supplier may submit more than one proposal, each of which must follow the Proposal Response Outline and satisfy the requirements of the bid. The supplier’s prime proposal must be complete and comply with all instructions. The alternative proposals may be in abbreviated form, following the bid response outline, but providing complete information only for sections which differ in any way from those contained in the prime proposal. If alternative proposals are submitted, the reasons for the alternative(s) and its comparative benefits must be explained. Each proposal submitted will be evaluated on its own merits.

T. Authorized Supplier Representatives. The proposal will list the name, title, office address, telephone number, and fax number of the person(s) authorized to represent the supplier regarding this bid. The College reserves the right to negotiate a change in the individual assigned to represent the firm awarded this contract, if the assigned representative is not supplying the needs of the College appropriately. The right will carry forward through the response period and during the term of the contract.

U. Award of Subcontracts. For each subcontract, if any, which the supplier proposes to award, the supplier must specify, in writing, the proposed subcontractor’s name and address, and the purpose of the contract. Any supplier proposing subcontracts as a part of a proposal must explicitly state so in the proposal, and must include the above-stated information for each subcontract. Approval by the College Purchasing Department is required prior to the awarding of any subcontracts. Any Subcontractor will be required to provide evidence to the College of the same indemnification or insurance provisions described herein. A payment bond is required if subcontractor(s) are used.

V. Assignment. Supplier will not assign the order, subcontract it or sublet it, as a whole, without the prior written consent of the College. Assignment, subcontracting, or subletting such consent, will in no way, relieve the supplier of any of its obligations under this order. Supplier is responsible for all payments to any assigned subcontract or sublet.

W. Remedies. The laws of the State of Utah will apply in all disputes arising out of the bid or any award made hereunder.

X. Compliance. The supplier hereby agrees to abide by all applicable federal, state, county, and city laws and regulations, and to be responsible for obtaining and/or processing any and all permits and licenses that may be required.

Y. Service/Cancellation. Inadequate delivery, poor service, or failure to adhere to the covenants of any offering may be cause for cancellation of the contract. Contract may be terminated with 90 (ninety) day written notification.

Z. Acceptance of Services Rendered. The College, through its designated agents and representatives, will be the sole determining judge of whether services rendered under the contract satisfy the requirements as identified in the contract order.

AA. State and Local Taxes. The College is exempt from sales and excise taxes. Exemption certification information appears on all purchase orders issued by the College. Such taxes will not be included in quoted prices. However, if the supplier believes any taxes apply, they will be shown separately. If not so shown, they will be considered an expense of the supplier.

AB. Anti-Collusion. The submittal of a proposal constitutes agreement that the offeror has not divulged his proposal to offerors, nor has colluded with any other offerors or parties to a proposal whatsoever.

AC. Indemnification. The supplier will indemnify and hold harmless, the College, the State of Utah, its officers, employees, and agents from and against any and all claims, demands, causes of action, orders, decrees, or judgments for injury, death, or damage to person or property, loss damage, and liability (including all costs and reasonable attorney’s fees incurred in defending any claim, demand or cause of action) occasioned by, growing out of, or arising or resulting from (a) the performance of any services required herein to be performed by supplier, or (b) any act, error, or omission on the part of the supplier, or its agents, employees, or subcontractors.

AD. Insurance. Supplier will maintain Comprehensive General, Contractual, and Automobile Liability Insurance, with a minimum limit of $2,000,000 per occurrence for bodily injury (including death) and property damage liability, as required by Federal, State and local laws, statutes and ordinances governing the transportation services herein described. Supplier will maintain all employee related insurances, in the statutory amounts, such as unemployment compensation, worker’s compensation, and employer’s liability, for its employees involved in performing services pursuant to this agreement.

The College and the State of Utah will be named as additional insured on the Comprehensive General, Contractual, and Automobile Liability policies provided for herein and certificates of insurance, signed by the insurer, will be provided prior to the College awarding the bid. These certificates will contain a provision which indicates that the College will be given thirty (30) days written notice of cancellation or any material change to these insurance policies. The insurance company(s) chosen by the supplier, will be licensed to do business in the states in which it operates, and will be approved by the College prior to the award of the bid.

AE. Restrictions. All proposals must clearly set forth any restrictions or provisions deemed necessary by the supplier to effectively service the proposed contract.

AF. Payment. College will pay for the project once completed to the College’s satisfaction, approved by the project manager, and any and all damages are taken care of.

AG. Bond(s). The College requires a payment if subcontractors are used and performance bond for the amount of the bid, if vendor requires any type or form of prepayment terms, (if it is over $5,000), or the amount of the project is over $50,000. The purchase of the bond is the vendor’s responsibility. Bond(s) must be issued by a B+ or better rated company, by AM Best rated Surety Company, and/or listed on the treasury listing.

AH. Right to Reject. The College reserves the right to reject any or all proposals and to waive any informality or technicality, in any proposal, in the interest of the College.

AI. Licenses. The contractor, by responding to the bid, signifies that they have all the current licenses to operate a business and perform this type of work within the State of Utah.

AJ. Software Licensing Fees. No licensing fees shall be due until the Subscriptions or Software have been configured, implemented and are running to College’s reasonable satisfaction.

AK. Accounting. Supplier must keep accurate accounting records of all operations covered by this document and is to establish and maintain a system of bookkeeping and accounting satisfactory to the College. The supplier should be able to summarize and concisely report information, in a timely manner, through the duration of any contract resulting from this bid. The records must be available for audits by the College during the duration of this contract.

AL. Anti-Boycott Actions. In accordance with Utah Code 63G-27-102, Contractor certifies that it is not currently engaged in an “economic boycott” nor a “boycott of the State of Israel” as those terms are defined in that Code section. Contractor also agrees not to engage in either boycott for the duration of this contract. If Contractor does engage in such a boycott, it shall immediately provide written notification to the public entity party to this contract.

AM. Participating Entities – Cooperative Purchasing. All USHE USHE member institutions may, at their option, purchase off of the resulting contract by either signing a Participating Addendum to the resulting contract/agreement or entering into a separate, direct contract with the awarded offeror: Snow College, Salt Lake Community College, Utah State University, Weber State University, University of Utah, Utah Valley University, Southern Utah University, Utah Tech University, Bridgerland Technical College, Davis Technical College, Ogden-Weber Technical College, Southwest Technical College, Uintah Basin Technical College, Dixie Technical College, Mountainland Technical College, Tooele Technical College, and any other institution of higher education that the State of Utah may form in the future. After reviewing the awarded proposal and contract, each institution may choose not to proceed with a procurement or enter into any agreement.

III. COLLEGE BACKGROUND AND ENVIRONMENT

A. College Background

1. Snow College is a two-year public college, and in January of 2020 The Chronicle of Higher Educations has ranked Snow College #1 in the nation for student success of two-year colleges. Located in the heart of Utah, at the foot of the Wasatch Mountains, Snow College is the one of the oldest comprehensive two-year college in the Western United States.

The College was established in 1888; excellence continues to be the hallmark of all our work and activities. We are the preferred choice of approximately 5,000+ students who want a small College experience filled with a variety of many different activities, events and performances. With campuses located in Ephraim, Richfield, and online, students’ complete degrees in Associate of Arts, Science or Applied Science with numerous

specialized, short-term vocational training certificates and diplomas including a few Bachelor’s degrees.

Besides serving the student population, the programs also serve the larger counties and high school activities, as well.

IV. GENERAL OVERVIEW

A. The purpose of this Request for Proposals (RFP) is to solicit proposals to enter into a contract, with a qualified financial institution, that will invest, manage and provide custodial services, or to just provide custodial services for Snow College’s Endowment and Foundation’s investment funds, which is around $34 million, in addition to future funds, as accrued by the Foundation, during the tenure of the contract. Management will include giving advice to the College and Snow College Foundation Board on investment strategy and providing regular reports on the performance of the invested funds, with recommendations for adjustments, as necessary. The primary focus is for a firm to manage these funds in compliance with the requirements of state and federal regulations regarding non-profit governmental entities, including, but not limited to, the policies of the State Board of Regents and Snow College.

Links to R541, Management and Reporting of Institutional Investments https://public.powerdms.com/Uta7295/tree/documents/2022249

Snow College invites interested parties to submit a proposal to provide this service and expects to acquire these services. All responses to the RFP should reflect this functionality.

This document constitutes a Request for Proposal (RFP), via competitive sealed proposals, from qualified individuals or organizations, to perform the Scope of Work set forth herein. This request may result in an offer by Snow College to purchase, in accordance with the terms and conditions of this RFP, the services and/or products proposed by the successful firm. Firms are strongly encouraged to carefully read the entire request for proposal.

B. The vendor is to provide and include ALL costs, such as: software, equipment, training, implementation, labor, all materials, all types of fees, and all travel expenses associated with bringing the services(s) to completion as approved by the College. All costs must be supplied in a separately sealed envelope submitted “cost section” document of the proposal to be accepted. If cost is found anywhere in the RFP, the RFP will be eliminated from further consideration.

C. Contract Period for this RFP

1. The College wishes to establish a contract with the selected vendor for five years. Contract can be canceled upon 30-day written notice. Contract starting at bid award and contract signing in 2026/27.

V. SCOPE OF WORK /REQUIREMENTS/ ETC.

A. Scope of Work

1. Provide full-time, non-discretionary advisory services for Snow College’s investment portfolio (consisting of Snow College’s Endowment and Foundation investment funds - ~$34 million).

2. Be available in a timely manner, in person, by telephone, tela-conference, or e-mail, for consultation or advice. Meet with and provide information to the College administration, Board of Trustees, Foundation Board, and/or other staff at least twice per year (in-person or virtual) and as needed. Meet periodically with staff to review and refine the portfolio strategy and performance.

3. Comply with all federal laws and the State of Utah laws and policies of Snow College and the Utah Board of Higher Education.

4. Provide assistance in developing and implementing investment strategies that will maintain or enhance the portfolio quality and performance within the parameters of Snow College’s established investment policies and cash flow needs, taking into consideration the objectives listed in Snow College’s Investment Policy.

5. Provide investment advice including breakeven analysis on recommendations made to sell low yield securities and replace them with higher yielding securities.

6. Provide detailed reports of investment portfolio activity and performance at least monthly, including a report that demonstrates the benefit on the portfolio’s return of using and investment advisor. Reports should include relevant benchmarks, earnings and accounting methodology. Reports shall follow Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) fair-value reporting. Provide separate annual portfolio performance reports based on the College’s fiscal year.

B. General Required Specifications

1. Proposals shall specifically address and include the information for the following:

a. Company Information

b. Qualifications

c. Reporting, Portfolio Evaluation and Review of Accounts

d. Recommended Asset Allocation

e. Insurance

f. Research and Investment Decisions

g. Other Services

VI. INTERVIEW & DISCUSSION

A. The vendors that receive a total score over 96 points (out of 160) in the first evaluation stage, in scoring from only the section of Scope of Work and Requirements, will be asked to do an interview and discussion.

1. Those notified will receive an e-mail of a simple outline for the interview/discussion at that time.

2. Presentations can be in person or on-line (web conference).

3. Presentations will be dynamic and interactive.

B. The presentations will be scheduled for Tuesday Dec 8th, 2026. Please make appropriate scheduling in your calendar. We will let the vendors know which date and time they have been scheduled for on or before Wednesday, November 25th, 2026.

VII. PRICING / COST

A. Provide (one copy) and submit a brief detailed description of each cost associated with your proposal with individual line item costs and a grand total for the whole project on a single page in a separately sealed envelope marked as “Cost Proposal.”

*** MUST BE SUBMITTED IN A SEPARATELY SEALED ENVELOPE AND ON A SEPARATE PAGE /COVER – SEPARATE FROM ALL OTHER RESPONSES TO THIS RFP TO BE ACCEPTED. ***

If any pricing information is found in the RFP proposal(s), other than in the separately submitted sealed cost proposal document, the proposal will be eliminated from any further consideration.

1. Indicate all fees for services; each service should be listed separately and a total cost provided for all services;

2. Include a breakdown of the initial and ongoing consulting fees and custodial and management fees as a percentage of the dollar value of the assets; and

3. Include the frequency in which fees will be evaluated and the amount of any expected increase(s).

4. Must include All other relevant costs for services to be provided for the length of this contract.

C. Provide Fee/Cost breakdowns on these scenario’s using your proposed costs.

1. Cash donation – 10 donations of $25k each (4 in a single month, others distributed throughout year) (annual)

2. Stock donation – $75k to be sold immediately and provide Snow College with the check (annual)

3. Stock donation – $60k value to be added to portfolio (Snow College assumes ownership of stock) (annual)

4. Purchase and sale of stocks – $250k value sold in one stock and purchased in another (based on your management decision) (annual)

5. 3 meetings per year with the Foundation Board Etc.– two in person, one virtual (annual)

6. Disbursement – $350k once per year (annual)

7. Customer service – two phone calls per quarter to answer questions or provide additional update (annual)

8. Returns - $34M invested, year one 5% increase, year two 3.5% decrease, year three 2% increase (annual and overall, for each of the years)

9. Returns on the $34,000,000 at a projected annualized 8% return.

D. Provide any optional cost incentives that the vendor is willing to give to the College in consideration. Examples: scholarships, free services, free options, etc. Must be marked as optional.

E. Provide a separate cost proposal for all costs associated with optional additional services you offer, and what they are, that might be of interest to the College. This pricing must be marked specifically as optional.

VIII. CONTACT INFORMATION

A. Please complete the following information:

Signature of Provider

Name of Provider

Submission Date

Company Name

Company Address

Contact E-mail Address

Contact Phone Number

IX. PROPOSAL EVALUATION

A. Evaluation Process

1. All proposals, in response to this RFP, will be evaluated in a manner consistent with the Utah Procurement Code and all applicable rules and policies.

In the initial phase of the evaluation process, an evaluation committee will review all proposals received in a timely manner. The proposals will be opened so as to avoid disclosure of the contents to competing firms. All proposals will be held in strict confidence by those appointed to evaluate the proposals until the contract has been awarded.

The following procedures will be followed in the evaluation process:

a. Non-responsive proposals (those not conforming to the RFP requirements) will be eliminated first.

b. The remaining proposals will be carefully evaluated to eliminate those proposals which, in the judgment of the committee, fail to offer sufficient and substantive provisions to warrant further consideration.

c. At the conclusion of this initial evaluation phase, finalist vendor proposals will be selected for detailed review and evaluation and vendors may then be selected for demos if needed or specified.

2. The College reserves the right, as provided by Utah State law, to negotiate with the finalists and to call for best and final offers if needed. The award of the contract will be made based on the evaluation and recommendations of the committee after the study of the offers and demonstrations.

3. The contract will be awarded on the basis of a determination as to which offer will provide the optimum value to the College.

B. Evaluation Criteria

1. Proposals will be evaluated in accordance with the following criteria:

c Total cost. Overall best value of product(s)/service(s) Cost is scored by (Total possible points x (2 - vendors proposed total costs / Lowest total costs proposed))

30 Points

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