RLI-2024-067-OA - MFMP Solicitation Document.pdf

REQUEST FOR

LETTER OF INTEREST

RLI-2024-067-OA

INVESTMENT MANAGEMENT

CONSULTING SERVICES

Release Date: March 4, 2024

Replies Due Date: 2:30 p.m. ET on April 2, 2024

Procurement Services Department

Cypress Creek Administrative Center 6400 NW 6th Way, Fort Lauderdale, FL 33309

(954) 201-7455 / procurement@broward.edu mailto:procurement@broward.edu

RLI-2024-067-OA – INVESTMENT MANAGEMENT CONSULTING SERVICES

TABLE OF CONTENTS

SECTION I GENERAL INFORMATION

SECTION II SUBMITTAL REQUIREMENTS

SECTION III CONTACT AND SUBMITTAL OF QUESTIONS

SECTION IV SUBMITTAL DUE DATE

SECTION V REVIEW AND CONSIDERATION

SECTION VI SPECIAL CONDITIONS

SECTION VII REQUIRED RESPONSE FORM

SECTION VIII ATTACHMENTS

SECTION I – GENERAL INFORMATION

INTRODUCTION

Broward College (hereinafter referred to as the “College”) is one of the 28 institutions comprising the Florida College System governed by Sections 1001.60 et seq. of the Florida Statutes. The College provides higher education, technical, and occupational training for the residents of Broward County, Florida. The College is a community-based institution that offers a comprehensive range of programs responsive to needs and changes in the community and in technology. Within Broward County, the College operates three main campuses, one urban center, and several satellite centers.

With the third-largest enrollment in the Florida College System, the College offers affordable, accessible education. The diverse College community boasts more than 45,000 students and over 3,000 full-time and part-time faculty and staff, who represent more than 100 countries and provide a wealth of cultural, ethnic, and experiential backgrounds. Up-to-date enrollment and campus community demographic data can be accessed at the following link: http://www.broward.edu/discover/Pages/Fast-Facts.aspx. The College provides more than 140 programs in eight career pathways which offer specialized certificates, two- and four-year degrees, non-degree training, workforce readiness, and an extensive list of continuing education curricula.

BACKGROUND

The College operates the Broward College Foundation, Inc. (hereinafter referred to as the “Foundation”) as a Direct Service Organization (DSO). The Foundation is organized under the laws of the State of Florida as a non-profit organization and is tax-exempt under Section 501(c)(3) of the Internal Revenue Code. Established in 1971, the Foundation is the officially designated means of making private, charitable contributions to the College. The purpose of the Foundation is to change lives through education by providing community awareness, advocacy, and funding to the College.

The College and Foundation currently have contracts with Fund Evaluation Group (FEG) for investment management consulting services until 07/27/2024, with a one-year renewal option available.

The Foundation’s volunteer Board of Directors works closely with the College’s Office of Advancement to raise money to support scholarships, academic programs, and learning facility enhancements. The Foundation’s investable amount is currently allocated as follows:

Category Range

Public Equity – Domestic 10-30% Public Equity – International 10-30%

Hedged Equity 0-15%

Private Equity 0-15% Fixed Income — high quality/rate sensitive 5-25%

Fixed Income — credit/distressed 0-15%

Fixed Income — private credit/debt 0-10% Real Assets — REITs 0-15%

Real Assets — natural resources 0-15%

Real Assets — private real assets 0-10% Diversifying Strategies — absolute return 0-10%

Diversifying Strategies — managed futures 0-10% http://www.broward.edu/discover/Pages/Fast-Facts.aspx

The College’s investable amount is approximately $69 million as of September 30, 2023, currently allocated as follows:

Category % Short-term Investment Pool Cash 100%

31%

Intermediate-term Investment Pool Fixed Income 100%

50%

Long-term Investment Pool Public Equity 80% Fixed Income 20%

19%

The Foundation has a finance and investment committee with fiduciary responsibility for the Broward College Foundation. The Foundation’s finance and investment committee serves Broward College in an advisory capacity. The finance and investment committee meets with the consultant quarterly to review and discuss recommendations from the consultant, as well as performance. The finance and investment committee may hold special meetings with the consultant depending on the volatility of the market and to address any time sensitive recommendations, which may be called by either party. The consultant works with the internal staff to execute the committee’s decisions such as new investments and rebalancing.

The College’s CFO and Controller have day-to-day responsibility for the College’s investment portfolio. The Foundation’s CFO has day-to-day responsibility for its investment portfolio.

For the College, there is no demand on each portfolio specifically. For the Foundation, the endowed portion (80%) of the Foundation’s portfolio carries an annual 6.25% spending rate, averaged over 12 quarters and inclusive of investment management fees. The non-endowed portion (20%) of the portfolio represents the foundation’s unrestricted funds and temporarily restricted funds that are drawable on demand, although through our budgeting process we generally know our spending plans 6-9 months in advance.

PURPOSE

The purpose of this Request for Letter of Interest (RLI) is to identify a single qualified company for Investment Management Consulting Services who can meet the needs of the College and the Foundation.

The College and the Foundation are seeking a qualified company with substantial experience and depth of resources to provide comprehensive investment management consulting services to the College and Foundation. Specifically, the selected company will demonstrate superior experience, proactivity, and capability in the areas of investment policy development, compliance, and recommendations for the investment portfolio and investment manager structure.

Consequently, the College is seeking to establish a mutually beneficial agreement with the single qualified company for Investment Management Consulting Services. The agreement term shall be for three (3) years. The term of the contract may, by mutual agreement between the College and the Vendor upon final College approval, be renewed for three additional one-year periods, and if needed, extended for 180 days beyond the expiration date of the final renewal period. Vendor shall provide College with written notice of its intention to renew this agreement at least ninety (90) days prior to the expiration of the then current term.

For the purposes of this RLI, any rights reserved by the College herein shall be interpreted as also applicable to the Foundation. Members of the Foundation’s Finance and Investment Committee and Board of Directors and the College’s District Board of Trustees are not to be contacted regarding this RLI during the solicitation process.

SCOPE OF WORK

To provide the College and the Foundation with Investment Management Consulting Services, including but not limited to, assistance with:

Reviewing the investment structures, considering asset class, active and passive management, management styles, and whether the structure should change in different market conditions.

Developing guidelines and procedures for rebalancing the asset classes.

Manager searches and establishing qualitative and quantitative criteria for reviewing candidates.

Screening prospective managers and recommending finalists that meet stated requirements.

Negotiating appropriate management fees and monitoring and evaluating transaction costs and efficiency.

Evaluating and recommending appropriate earnings enhancement strategies (e.g. cash management).

Developing a composite index for the Foundation to measure total performance based on an established target manager mix and monitor actual performance relative to the composite index on an ongoing basis and the periodic evaluation of the efficacy of such composite going forward.

Facilitating the selection of appropriate performance benchmarks and policy benchmarks for each manager.

Developing timely, comprehensive quarterly performance analysis, attribution analysis, risk analysis and peer analysis of the individual managers, and determining whether or not investment policies are followed.

Evaluating/Advising on manager retention/termination and assisting in developing formal manager review process.

Attending quarterly meetings in Fort Lauderdale, FL with the Finance and Investment Committee and annual meetings with the Foundation Board of Directors and the College’s District Board of Trustees.

NOTE: The Respondent may describe any additional and/or complimentary services that may not have been listed previously in the scope of services and would like to include in their offer.

SECTION II - SUBMITTAL REQUIREMENTS

All replies to this RLI should include the following information and be organized and tabbed in a manner consistent with this section in order to facilitate review. Replies will be evaluated as established in SECTION V –

REVIEW AND CONSIDERATION.

The Reply shall consist of a cover title page, a table of contents, and the separately tabbed sections summarized below and described herein.

Cover Page. The cover page should clearly indicate the following information:

RLI Number.

Title of Reply.

Respondent’s name.

Name, phone number, and email address of person who can respond to inquiries regarding the Reply.

Table of Contents.

TAB 1 – REQUIRED RESPONSE FORM

TAB 2 – GENERAL INFORMATION

TAB 3 – ORGANIZATIONAL PROFILE

TAB 4 – SCOPE OF WORK

TAB 5 – PROPOSED FEE STRUCTURE

TAB 6 – LICENSES AND OTHER MATERIALS

TAB 1 – REQUIRED RESPONSE FORM

Submit Form with all required information completed and all signatures as specified. Any modifications and/or alterations to this form shall not be accepted and response will be rejected. The enclosed original REQUIRED RESPONSE FORM will be the only acceptable form.

TAB 2 – GENERAL INFORMATION

Include under this tab the following:

A. Letter of Transmittal. The transmittal letter should include a brief abstract, including experiences, track record, and strengths of respondent, of no more than one (1) letter-size pages stating respondent’s understanding of the nature and scope of work to be provided and the respondent’s capacity to assist the College with the required services.

B. Acknowledgement of Released Addenda to RLI. The College reserves the right to issue any addendum modifying any portion of this RLI. Caution is given that certain addenda may be required to be submitted with replies as specified in the addenda. It is the prospective Respondent’s responsibility to verify they have received all released addenda and thereby must include acknowledgement (as per addenda instructions when addenda are released) of any addenda that are required to be submitted with reply.

C. Letter of Insurability. Submit letter of insurability per coverage outlined in Special Condition 14 –

Insurance Requirements. Certificate of Insurance (COI) will not be considered in lieu of the letter of insurability in reply submittal.

TAB 3 – ORGANIZATIONAL PROFILE

In no more than 15 pages, describe Respondent’s qualifications, and recent and related experience. General marketing materials or descriptive examples of Respondent’s past work may be included (not counted against the 15-page limit for this section). Submit the following information necessary to assess the respondent’s capacity to provide the required services, including:

A. Company Profile. Number of years in business, including operation under other company names, providing services same or similar as described herein.

Provide a brief history of the company (when founded, where, by whom, etc.). What is the primary business focus of the company? Is the company affiliated with any organization(s), specifically a brokerage firm? Brokerages firms are welcome to respond providing they have an independent institutional consulting group that has been in business for at least ten years.

What is the company’s targeted market in terms of size of endowment?

How many consulting clients does the company currently have? What is the average endowment size of the clientele?

What is the client turnover (gains and losses) of the company over the last three years?

How many full-time employees are employed by the company?

Ownership structure (e.g. employee owned).

What is the average return of the portfolios currently managed by the company?

B. Resumes. Resumes of individuals that will have direct role in the performance and supervision of this engagement. Profile of local (Miami-Dade, Broward, or Palm Beach Counties) account representative(s), direct project staff, and their training and applicable experience, if applicable. Included resumes will not be counted against the 15-page limit for this section.

C. Financial Capacity. Submit Dun & Bradstreet Duns Number (D-U-N-S #). The College may request one or more D&B reports to assess the respondent’s financial capacity or may request other information (e.g.

audited financial statements) after reply submittal. If respondent is not currently registered at D&B, you are required to do so before submitting your reply to the College.

D. References. Submit list of five (5) clients, preferably higher education institutions, within the last five years for which the respondent has performed services similar to those described herein. For each client, submit brief scope of work, service date(s), contact person, and contact information. The College reserves the right to contact any former and/or current client for verification of information submitted and reference check.

E. Litigation History. Provide a statement of any litigation or regulatory action that has been filed against your company or of any individuals currently employed at the company in the last five years. If an action has been filed, state and describe the litigation or regulatory action filed, and identify the court or agency before which the action was instituted, the applicable case or file number, and the status or disposition for such reported action. If no litigation or regulatory action has been filed against your firm(s) or its employees, provide a statement to that effect. For joint venture or team respondents, submit the requested information for each member of the joint venture or team.

TAB 4 – SCOPE OF WORK

In no more than 15 pages, describe the proposed approach to deliver the services sought by this RLI. Discuss high-level schedules. Identify any anticipated challenges and describe how they will be managed. Clearly identify the scope of services the company is able to provide based on the description of services outlined in SECTION I

– GENERAL INFORMATION.

Consequently, the Respondent should clearly describe in detail how the respondent would approach, execute, and deliver information and materials to meet the needs of the College and the Foundation.

Describe any unique or special services or benefits offered or advantages to be gained by the College and the Foundation from doing business with Respondent. Describe creative/innovative ideas specific to the College and the Foundation that Respondent believes will enhance services offered to the College and the Foundation.

Additionally, provide information regarding any other services your company can perform, and answer the following questions:

A. Does your organization provide regulatory updates that would impact the College and/or the Foundation’s business?

B. Does your organization provide periodic or special reports to clients after an in-person meeting with the investment managers and/or conference calls with investment managers?

Concerning the Investment Management Process, provide information regarding the following (descriptive examples may be included and will not be counted against the 15-page limit for this section):

A. Asset Allocation Methodology.

1. Describe in detail how your capital markets projections are derived.

2. Describe your asset allocation software. Is it developed in-house? If purchased externally, who is the vendor?

3. Do you have a full-time staff committed to the development of your modeling capabilities? If so, briefly describe their qualifications.

B. Investment Policy Statements.

1. Describe in detail the process you go through to prepare an investment policy statement.

C. Money Manager Structure and Search Process.

1. Do you maintain a database of money management organizations? If so, is the database compiled internally or purchased from an outside source? If purchased externally, who is the vendor?

2. How many money managers do you currently track?

3. What is the method for gathering information on the money managers? How often is the data updated?

4. Are managers required to pay a fee for inclusion in your database?

5. Describe, in step-by-step detail, your due diligence/search process for selecting managers.

6. What are the guidelines you give a client with respect to the possible termination of a money manager? Provide an example of a recent termination.

7. How many full-time staff do you employ who are professionally trained in due diligence?

8. How often does your staff visit with money managers, both in-house and on-site?

9. Describe your company’s experience with the selection of managers for alternative asset classes.

10. How many relationships do you have with private managers?

D. Performance Measurement.

1. Describe your company’s process of monitoring money managers for a client. Relate the process to a client’s goals, objectives, and investment policy.

2. List comparisons, including databases, used to analyze the performance of portfolios. If a company’s own database is utilized, describe its derivation.

3. Are the various databases your company uses developed in-house or are they purchased from another source? If purchased, provide the source of the database and describe your ability to monitor and/or control the contents of the database and any alternative resources if the database was no longer available to you.

4. Does your company maintain style groups for comparative purposes? Briefly describe how style groups are derived.

5. Provide a sample investment performance report (sample reports will not be counted against the 20-page limit for this section).

6. How soon after the quarter-end are your investment performance reports available?

TAB 5 – PROPOSED FEE STRUCTURE

A. Outline separate proposed fee structures for the College and the Foundation. Indicate all services you offer to provide and their associated fees. Specifically, detail in terms of retainer, manager searches, performance monitoring on a quarterly basis, and other functions. The stated fee schedule must include all charges associated with your service provisions, the fees must reflect your costs in their entirety. The College reserves the right to negotiate, set, control, and/or adjust the fee/commission/rebate/rate structure.

B. Does your company accept soft dollars as a method of payment for services provided? If so, how do you prevent conflicts of interest? List the advantages and disadvantages you see in the use of soft dollars.

C. If hired, will your company receive any other form of compensation from working with this account that has not yet been revealed? If yes, what is the form of compensation?

D. Please describe any conflicts of interest you may have or encounter in working with the College or

Foundation.

TAB 6 – LICENSES AND OTHER MATERIALS

The Respondent must submit all active business licenses, registrations, and certifications as applicable, documenting respondent is fully licensed to conduct relevant business in the State of Florida.

Occupational/business licenses are required as applicable. Include any additional information that Respondent believes is necessary for the College to assess Respondent’s ability to deliver the requested services.

This Request for Letter of Interest (RLI) is subject to the provisions of Chapter 112, Florida Statutes, as currently enacted or as amended from time to time. All respondents must disclose with their response the name of any officer, director or agent who is also an employee of the College or an immediate family member of an employee of the College.

SECTION III - CONTACT AND SUBMITTAL OF QUESTIONS

Submit all questions to the attention of the Procurement Officer stated herein:

Contact: Orlando Aponte Email: oaponte@broward.edu Telephone: 954-201-7897 Fax: 954-201-7330

Interested parties must limit all communications, including any question or comment which is to be submitted via email, concerning this RLI, to the individual stated in this section. No other College employee or District Board of Trustee member may be contacted. Any question(s) which requires a response which amends the RLI document in any way will be answered via addendum by the Procurement Services Department and uploaded on DemandStar.com. Any verbal and/or written information received by vendor(s), which is obtained by any means other than this RLI document or by addenda shall not be binding on the College. Questions must be received, via email with subject line to read “QUESTIONS-RLI-2024-067-OA”, on or before 4:00 p.m. ET on Monday, March 11, 2024, as the deadline for receipt of questions – no exceptions. If necessary, an Addendum will be issued.

mailto:oaponte@broward.edu

SECTION IV - SUBMITTAL DUE DATE

To maintain comparability and facilitate the review process, it is strongly recommended that submittals be organized in the manner specified herein. Include all information requested herein in your submittal. The College has implemented E-Bidding and will only accept electronic submittals via DemandStar at www.demandstar.com.

RLI Due Date: Tuesday, April 2, 2024, at or before 2:30 p.m. ET.

Digital copies must not be larger than 150 MBs for each document size and not the collection of them.

Files submitted must be formatted and enabled for printing, in page size letter as applicable.

The College may request clarifications and additional information after submission.

The College shall not be responsible for delays caused by any occurrence.

In the event of technical difficulties when submitting documents, contact DemandStar at support@demandstar.com or call (206) 940-0305.

Responses must be submitted as established in SECTION II – SUBMITTAL REQUIREMENTS. Submittals received after this date and time will not be considered.

When submitting your reply electronically through DemandStar, please allow sufficient time to complete the online forms and upload documents. If you are in the middle of uploading your documents at the closing time, the system will stop the process and your response will not be received by the system.

Any change to solicitation calendar dates and/or events will be posted on the Broward College Procurement Services website: http://www.broward.edu/community/vendor/Pages/procurementservices.aspx

SECTION V – REVIEW AND CONSIDERATION

The reply will be assessed based on the information submitted in response to SECTION II – SUBMITTAL REQUIREMENTS of this RLI. The College reserves the right to interview one or more respondents prior to consideration. The College reserves the right to enter into negotiations with a respondent or respondents to develop a mutually beneficial agreement for services. The College reserves the right to negotiate any term, condition or pricing unless clearly otherwise stated herein. The College reserves the right to reject any and all responses.

Further consideration will be given to the most responsible and responsive respondent based upon, but not limited to, the following criteria where applicable and only that which can be reasonably determined as evidenced by required RLI responses:

The fee structure and the effect of the response/offer.

The quality of the services offered to be supplied, its conformity with specifications, and compatibility with the goals of the College and the Foundation.

The ability, capacity, and skill of the respondent to perform and/or provide the services required.

The character, integrity, reputation, judgement, experience, and efficiency of the respondent.

The quality of performance on previous contracts for similar services with the College, the Foundation or with other higher education institutions.

Consequently, further consideration will be given to the Respondent providing the most advantageous response and best overall value considering both technical and fee factors. Further consideration is not based solely on the lowest cost. The decision as to the most advantageous offer is solely at the College’s discretion.

The College is not required to act upon any information obtained from this RLI. For the avoidance of doubt, any subsequent agreement for Investment Management Consulting Services that the College may consider or adopt may be procured without a competitive solicitation based upon the exception available to the College in FDOE Rule 6A-14.0734(2)(f) and College Policy 6Hx2.6.34 for such purchases.

Since this is not a competitive solicitation process, the protest provisions stipulated in Florida Statute

120.57 are not applicable to this RLI.

http://www.demandstar.com/ http://www.broward.edu/community/vendor/Pages/procurementservices.aspx

SECTION VI - SPECIAL CONDITIONS

1. Confidential and Proprietary Information. The College is subject to Chapter 119, Florida Statutes, the

"Public Records Law". No claim of confidentiality or proprietary information in all or any portion of a response to the RLI will be honored unless a specific exemption from the Public Records Law exists and it is cited in the response to the RLI.

2. Minimum Experience Requirement. To respond this RLI and be considered for award, a company must have at least five years proven experience in providing Investment Management Consulting Services of similar size and scope. Failure to meet this minimum requirement will result in disqualification of a Respondent.

3. Reliance on Information. Information made available by the College in connection with this solicitation is provided without representation, warranty, guarantee, or promise by the College, expressed or implied, with respect to accuracy, completeness or fitness or usability for any purpose. Respondent will at its cost perform due diligence and will rely solely and exclusively on the results of such activities and its experience and expertise and not on any statement, projection, estimate, description, information, data, or document furnished by the College.

4. Submissions Property of the College. All materials submitted during the RLI process become the property of the College, which, either directly or through the Foundation, shall have the right to use such ideas or adaptations of such materials without cost or charge, regardless of the selection of rejection of a reply. The College or the Foundation may adopt all or part of any reply.

5. College Privileges. The College reserves the right to accept or reject any or all qualifications and to consider the respondent who, in the opinion of the College, will best serve the interest of the College. The College reserves the right to reject any respondent who has previously failed to perform on contract(s) of similar nature or who, in the opinion of the College, is not able to successfully perform the requirements of the College. The College reserves the right to request additional qualifications if it deems necessary to do

so. The College reserves the right to assess respondent’s performance based on any reference submitted by the respondent or any reference which the College may request from other entities or parties. The College reserves the right to inspect all facilities of respondent in order to make determination of the foregoing if necessary. The College reserves the right to waive irregularities and technicalities in the determination of an eventual award.

6. Responsibility of Respondents. The respondents shall be responsible for reading, understanding completely, and complying with the requirements and scope of work of this RLI.

7. Small Business Participation. The College strongly advocates the inclusion of small business respondents in all College procurements.

8. Non-Discrimination. The parties shall not discriminate against any employee or participant in the performance of the duties, responsibilities, and obligations under this RLI because of race, age, religion, color, gender, national origin, marital status, disability or sexual orientation.

9. Governing Law. This Request for Letter of Interest (RLI), and any further action(s) resulting from same, shall be governed by and construed under the laws of the State of Florida and must have venue established in the 17th Circuit Court of Broward County, Florida or the United States Court of the Southern District of Florida.

10. Public Entity Crimes. Section 287.133(2)(a), Florida Statutes, as currently enacted or as amended from time to time, states that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a proposal on a contract to provide any goods or services to a public entity, may not submit a proposal on a contract with a public entity for the construction or repair of a public building or public work, may not submit a proposal on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017 for CATEGORY TWO [currently $35,000] for a period of

36 months from the date of being placed on the convicted vendor list. By submitting response to this Request for Letter of Interest (RLI), respondent certifies that it has not been convicted of a public entity crime.

11. Prohibition against contracting with scrutinized companies. This RLI incorporates the scrutinized companies’ requirements of Florida Statutes Sections 287.135(2), 287.135(4), 215.473 and 215.4725 and any related sections. By submitting a response to this RLI, the Respondent certifies its compliance with these sections.

12. Compliance with Laws. Each party shall comply with all applicable federal and state laws, codes, rules, and regulations in performing its duties, responsibilities, and obligations pursuant to this RLI.

13. Assignment. Neither this RLI or any interest herein may be assigned, transferred, or encumbered by any party without the prior written consent of the other party. There shall be no partial assignments of this RLI including, without limitation, the partial assignment of any right to receive payments from the College.

14. Insurance Requirements. Proof of the following insurance will be furnished by any Vendor to the

College by a Certificate of Insurance within ten days of notification by the College.

A. Commercial General Liability:

Each Occurrence $1,000,000 Personal & Adv. Injury $1,000,000 General Aggregate $5,000,000 Products–Completed Operations $5,000,000 Policy must contain contractual liability coverage.

B. Automobile Liability (if commercial autos will be used) Including Owned, Non-owned and Hired vehicles Each Occurrence $1,000,000

C. Professional Liability Each Occurrence $5,000,000 General Aggregate $5,000,000

D. Cyber Liability. If vendor will have access to the College networks, systems, access to student or employee data, or at the discretion of the College’s Office of Risk Management, liability policies shall include this coverage with limits no less than $1,000,000.

E. Worker's Compensation in accordance with Florida Statutory limits and Employer’s Liability Insurance. If claiming exemption from this coverage, the vendor must provide evidence of exemption from the State of Florida. More information found at http://www.myfloridacfo.com/Division/WC/

F. Insurance Certification must contain a provision for notification to College of 30 days in advance of any material change in coverage or cancellation.

G. If any of the required policies provide coverage on a “claims-made” basis, then insurance must be maintained, and evidence of insurance must be provided for at least three years after completion of the contract of work. If coverage is canceled or non-renewed, and not replaced with another “claims-made” policy form with a retroactive date prior to the contract effective date, the vendor must purchase “extended reporting” coverage for a minimum of three years after completion of contract work.

H. The College and the Foundation shall be named as an additional insured with reference to this RLI, as follows: “The District Board of Trustees of Broward College, Florida and the Broward College Foundation, Inc. are additional insured with respect to General Liability (and Excess Liability if issued) in regard to the terms, conditions, and agreements of RLI-2024-067-OA entitled INVESTMENT MANAGEMENT CONSULTING SERVICES from date of commencement to six months after date of completion”.

http://www.myfloridacfo.com/Division/WC/

I. The Insurance policies shall be issued by companies qualified to do business in the State of Florida and grant the College 30 days of advanced written notice of cancellation, expiration, or any material change in the specified coverage. The insurance companies must be rated at least A-VI by AM Best or Aa3 by Moody’s Investor Service. All policies must remain in effect during the performance of the contract.

J. All certificates must be addressed and sent to:

The District Board of Trustees of Broward College, Florida Office of Risk Management 6400 NW 6th Way Fort Lauderdale, FL 33309

K. All exclusions added by endorsement must be indicated.

L. Certificate must be signed by an authorized representative.

M. Broward College, Office of Risk Management may, at its discretion, require higher limits or additional coverages based on the scope of services or other factors. The College will notify the vendor if the insurance requirements differ from those stated above.

N. All policies must remain in effect during the performance of the contract. The Vendor shall promptly notify the College of any changes in insurance coverage or carrier.

The Vendor shall furnish the College proof of insurance coverage by certificates of insurance no later than ten days after formal notification. Prior to the commencement of any work the Vendor must provide the College Procurement Services Department with a Certificate of Insurance which is evidence of the above.

The Vendor shall not commence any work in connection with this or any agreement until they have obtained, as a minimum, all of the above referenced types of insurance and such insurance has been approved by the College, nor shall the Vendor allow any subvendor to commence work on its subcontract until the subvendor has obtained equivalent insurance and provided certificates of insurance showing the coverage to the Vendor.

The College shall be exempt from, and in no way be liable for, any sums of money that may represent a deductible in any insurance policy. The payment of such deductible shall be the sole responsibility of the Vendor and/or subvendor that obtained the insurance.

Any questions as to the intent or meaning of any part of the above required coverages should be submitted in writing in accordance with SECTION III - CONTACT AND SUBMITTAL OF QUESTIONS.

15. Vendor Conflict of Interest. This Request for Letter of Interest (RLI) is subject to the provisions of

Chapter 112, Florida Statutes, as currently enacted or as amended from time to time. All respondents must disclose with their offer the name of any officer, director or agent who is also an employee of the College and/or the Foundation. All respondents must disclose the name of any officer, director, employee or agent of firm who is also an employee of College and/or Foundation or an immediate family member of an employee of College and/or Foundation.

16. Adding or Deleting Campus/Center Locations: Below is a listing of current College locations. The

College may, during the term of any agreement, add or delete service, wholly or in part, at any College district, campus, or center location. If a site listed herein is deleted, the quoted cost for service being deleted shall be removed from the invoice amount, if applicable. If a site not listed herein is added to any agreement, the Vendor shall invoice the same amount as prices quoted herein for similar site.

A. Hugh Adams Central Campus 3501 SW Davie Road Davie, FL 33314

North Campus 1000 Coconut Creek Blvd Coconut Creek, FL 33066

Judson A. Samuels South Campus 7200 Hollywood/Pines Blvd Pembroke Pines, FL 33024

Willis Holcombe Center 111 East Las Olas Blvd, Building 33 Fort Lauderdale, FL 33301

Pines Center / Academic Village 16957 Sheridan Street Pembroke Pines, FL 33331

Weston Center 4205 Bonaventure Boulevard, Suite #2 Weston, Florida 33331

Miramar Town Center 2050 Civic Center Place Miramar, FL 33025

Miramar West Center 1930 SW 145 Avenue Miramar, FL 33027

Tigertail Lake Center 580 Gulfstream Way Dania Beach, FL 33304

Broward College at the YMCA 1409 NW 6th Street Fort Lauderdale, FL 33311

Cypress Creek Administrative Center 6400 NW 6th Way Fort Lauderdale, FL 33309

17. Cost of Preparation. The College and/or the Foundation will not pay any respondent the costs associated with preparing or presenting any response to this Request for Letter of Interest (RLI).

18. No Subcontracting. The Vendor MAY NOT subcontract the Investment Management Consulting

Services.

19. Scope Changes. The College may upon mutual agreement with the Vendor, require, by written order, changes altering, adding to, or deducting from the Contract specifications, provided that such changes are within the general scope of the Contract. Such equitable adjustments require the written consent of the Vendor, which shall not be unreasonably withheld.

20. Additional Services may be Added or Deleted. The College may, during the term of the contract, add or delete services, wholly or in part to the contract. The awarded vendor(s) shall be required to provide a quote for any additional services to be added.

21. Purchase Orders. All purchase orders shall bear the contract or solicitation number, shall be placed by the College directly with the Vendor, and shall be deemed to incorporate by reference the contract and solicitation terms and conditions. Purchase orders issued pursuant to a contract resulting from this solicitation must be received by the Vendor in a timely manner. The Vendor is obliged to fill those orders in accordance with the contract’s terms and conditions. Vendors are required to accept purchase orders specifying delivery schedules exceeding the contracted schedule even when such extended delivery will occur after expiration of the contract. The duration of purchase orders for recurring deliveries of commodities or performance of services shall not exceed the expiration of the contract by more than twelve months.

22. Contact After Release (Cone of Silence). Any respondent or a lobbyist for a respondent is prohibited from having any communication concerning this solicitation or any response with any member of the Broward College District Board of Trustees, the College President, any Review Team Member, Broward College Foundation Board of Directors, or any other College or Foundation employee after the release of the RLI and prior to the contract being awarded with the exception of communications with the office of the Associate Vice President of Procurement, unless so notified by the Procurement Services Department. A reply from any vendor will be disqualified when the respondent or a lobbyist for the respondent violates this condition of the solicitation. No verbal or written information which is obtained other than by information in this document or by addenda to this solicitation shall be binding on the College and/or Foundation.

23. General Conditions. Respondents are to review Broward College’s (“College”) General Conditions, which are specifically incorporated by reference herein into as ATTACHMENT A. Respondents understand, agree, and confirm that the submission of a reply constitutes acceptance and agreement to these General Conditions and/or to agree upon Contract Terms. Lack of knowledge by the Respondent of the General Conditions will not constitute cause for relief from any responsibility. Respondents may propose alternate terms and conditions for review and approval by the College in the final contract.

24. Sample Contract. The sample standard contract (ATTACHMENT B) shall be the basis for any contract negotiations and resulting agreement. Respondents are strongly encouraged to review the enclosed sample standard contract. The final contract shall reference and incorporate all addenda, specifications, terms, and conditions of this solicitation, and to include Respondent’s offer, contract negotiations, and final acceptance. The College may amend any term and condition of the sample standard contract prior to final acceptance by both parties. Respondents may propose an alternate sample contract or agreement for review and approval by the College.

(REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)

SECTION VII - REQUIRED RESPONSE FORM

RLI #:

RLI-2024-067-OA

RLI TITLE:

INVESTMENT MANAGEMENT CONSULTING SERVICES

RELEASE DATE:

MON 03/04/2024

DUE DATE:

TUE 04/02/2024

TIME DUE - AT OR

BEFORE:

2:30 p.m. ET

The College has implemented E-Bidding and will only accept electronic submittals via DemandStar at www.demandstar.com

Replies received after the date and time due will not be considered. All replies shall include this REQUIRED RESPONSE FORM fully executed and included in TAB 1 of reply. Replies must contain all information required to be included in the reply as described herein.

RESPONDENT’S INFORMATION

Respondent Name: _________________________________________________________________________

Street Address: ____________________________________________________________________________

City and State: ____________________________________________________________________________

Respondent Telephone: ____________________________ Respondent Fax: __________________________

Respondent Toll Free: _______________________________________________________________________

Contact Person: ____________________________________________________________________________

Contact Person Address: ____________________________________________________________________

Contact Telephone: ____________________________ Contact Fax: _________________________________

Contact Toll Free: __________________________________________________________________________

Internet E-mail Address: ________________________ Internet URL: _________________________________

Vendor Taxpayer Identification Number: _________________________________________________________

(1) Respondent represents, warrants, certifies, acknowledges, and agrees as follows:

(a) The RLI is a solicitation for the submission of letter of interest and is not a contract or an offer to contract.

Submission of a Reply by Respondent in response to the RLI will not create a contract between the Respondent and the College. Respondent will bear, as its sole risk and responsibility, any cost arising from Respondent’s preparation of the Reply.

(b) Respondent is a reputable company that is lawfully and regularly engaged in providing the services sought by the RLI.

(c) Respondent has the necessary experience, knowledge, abilities, skills, and resources to perform the services sought by the RLI.

(d) Respondent is aware of, is fully informed about, and is in full compliance with all applicable federal, state, and local laws, rules, regulations, and ordinances relating to performance of the services sought by the

RLI.

(e) Respondent understands the terms set forth in the RLI and agrees that failure to comply may result in disqualification of Reply.

(f) All statements, information, and representations contained in Respondent's Reply are current, complete, true, and accurate. The College will rely on such statements, information, and representations in determining Respondent’s qualifications. Respondent will notify the College immediately of any material change in any matters with regard to which Respondent has made a statement or representation or provided information.

http://www.demandstar.com/

(g) Neither Respondent nor any of its officers, partners, owners, agents, representatives, employees or parties in interest, have in any way colluded, conspired, connived or agreed, directly or indirectly, with any other Respondent, company, or person to submit a collusive or sham Reply in connection with the services sought by the RLI; or to refrain from replying; or have in any manner, directly or indirectly, sought by agreement or collusion, or communication, or conference with any Respondent, company, or person to fix the price or prices in the attached Reply or of any other Respondent, or to fix any overhead, profit, or cost elements of the Reply financial terms or the terms of any other Respondent, or to secure through any collusion, conspiracy, connivance, or unlawful agreement any advantage against the College or any person interested in the proposed services.

(h) The financial terms of the Reply are fair and proper and are not tainted by any collusion, conspiracy, connivance, or unlawful agreement on the part of the Respondent or any other of its agents, representatives, owners, employees or parties in interest.

(2) Respondent has not given or offered to give, nor does Respondent intend to give at any time hereafter, any economic opportunity, future employment, gift, loan, gratuity, special discount, trip, favor, or service to a public servant in connection with its submission of the Reply.

(3) The individual signing this document is authorized to sign documents on behalf of Respondent and to bind

Respondent under any agreement(s) resulting from the RLI.

(4) Respondent certifies that:

(a) Respondent is not a debarred vendor or an affiliate of a debarred vendor either at the state or federal level.

(b) Respondent’s provision of services or other performance under any agreement(s) resulting from the RLI will not constitute an actual or potential conflict of interest. Respondent has disclosed in its Reply the name of any officer, director or agent who is also an employee of the College or an immediate family member of an employee of College. Respondent has disclosed any personnel who are related to any current or former employees of the College.

(c) Respondent has not divulged, discussed, or compared the Reply with other Respondents and has not colluded with any other Respondent or party to any other Reply.

(d) Respondent agrees to complete an unconditional acceptance of the contents of this document inclusive of this RLI, and all attachments, exhibits, and appendices and the contents of any Addenda released hereto.

FAILURE TO SIGN THIS REQUIRED RESPONSE FORM, OR SIGNING WITH A FALSE STATEMENT, MAY VOID ANY REPLY SUBMITTED BY RESPONDENT OR ANY RESULTING AGREEMENT(S). If any additional information or disclosure is necessary to qualify or explain any of the above, please include with the Statement behind Tab 1 of the Reply.

Signature of Respondent’s Authorized Principal Date

Name of Respondent’s Authorized Principal Title of Respondent’s Authorized Principal

NOTE: Entries must be completed in ink or typewritten. This original Required Response Form must be fully executed and submitted with this RLI Submission.

SECTION VIII - ATTACHMENTS

ATTACHMENT A – GENERAL CONDITIONS

ATTACHMENT B – SAMPLE CONTRACT

ATTACHMENT C – BC FOUNDATION – INVESTMENT POLICY STATEMENT – AMENDED SEP 2019

ATTACHMENT D – BC POLICY 6Hx2-6.12 – 26AUG2008

ATTACHMENT E – BC PROCEDURE A6Hx2-6.12 – 14JAN2014

PROCUREMENT SERVICES

Cypress Creek Administrative Center

6400 NW 6th Way, Fort Lauderdale, FL 33309 Phone 954-201-7455/Fax 954-201-7330

GENERAL CONDITIONS

1. SUBMITTAL OF QUESTIONS. Any questions concerning any portion of this solicitation must be received by the Contracting Officer named herein on or before the due date for submittal of questions as stated in the project calendar. If necessary, the College will issue an addendum to respond to question(s) received. Any verbal or written information which is obtained other than by information herein or by Addenda shall not be binding on the College, and information, data, and documents made available by the College in connection with this solicitation have been provided solely and exclusively for information purposes and without representation, warranty, guarantee, or promise by the College, expressed or implied, with respect to accuracy, completeness or fitness or usability for any purpose. Respondent will at its cost perform due diligence, site evaluation and pre-construction activities at its cost and will rely solely and exclusively on the results of such activities and its experience and expertise and not on any statement, projection, estimate, description, information, data, or document furnished by the College. The College will deliver the leased property and project site to party awarded the contract as-is, where-is, with all improvements, buildings, structures, infrastructure, defects and deficiencies, and with no representation, warranty, guarantee, promise, indemnity or other undertaking, express or implied, regarding the condition of the leased property or the project site or marketability, suitability for permitted use or value.

2. AWARD. In order to meet the needs of the College, award may be made by item or by group, as indicated herein. The College may make an award to one or more awardee(s) or may split award among respondents. The terms of the award shall be defined in the award recommendation document. Interested respondents may request copies of tabulations and score sheets and may request a debriefing session after award of solicitation has been completed.