RLI-2025-268-OA - MFMP Solicitation Document.pdf

REQUEST FOR

LETTER OF INTEREST

RLI-2025-268-OA

BC FOUNDATION INVESTMENT

OVERSIGHT MANAGEMENT

SERVICES

Release Date: April 22, 2025

Replies Due Date: 2:30 p.m. ET on May 20, 2025

Broward College Foundation

111 East Las Olas Blvd.

Fort Lauderdale, FL 33301 www.browardcollegefoundation.org http://www.browardcollegefoundation.org/

RLI-2025-268-OA – BC FOUNDATION INVESTMENT OVERSIGHT MANAGEMENT SERVICES

SECTION I – GENERAL INFORMATION

ORGANIZATION

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.

The College operates the Broward College Foundation, Inc. (hereinafter referred to as the “Foundation”) as a Direct Support 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, incorporated under the provisions of Chapter 617, Florida Statutes, and approved by the Department of State. A direct support organization (DSO) as defined by Florida Statutes 1004.70, its purpose is to operate exclusively to receive, hold, invest and administer property and to make expenditures to, or for the benefit of the College.

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. In conjunction with this purpose, the Foundation supports and fosters the operations, programs and welfare of the College by furnishing financial, advisory and other support directed to aiding the College in serving its students, faculty and administration, and the best interests and welfare of the community of which it is a part.

The Foundation is governed by a Board of Directors comprised of community leaders from Broward, Dade and Palm Beach counties who volunteer their time and talents to help ensure the organization achieves its mission.

The Foundation is active in raising substantial gifts to provide scholarships, support academic programs and capital expansion. The Foundation has adopted an Investment Policy Statement and is seeking investment oversight management services consistent with such statement. The Foundation currently has a contract with Fund Evaluation Group (FEG) for investment management consulting services until 07/27/2025.

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 Investment Oversight Manager quarterly to review and discuss recommendations from the investment manager, as well as performance. The Finance and Investment Committee may hold special meetings with the Investment Oversight Manager depending on the volatility of the market and address any time sensitive recommendations, which may be called by either party.

The Investment Oversight Manager works with the Foundation staff to execute the committee’s decisions such as new investments and rebalancing. The College’s CFO and Foundation’s Controller have day-to-day responsibility for its investment portfolio.

ASSETS TO BE MANAGED

The Foundation employs a total return policy for the permanently restricted endowments that are currently valued at approximately $80 million. The Board of Directors has adopted a spendable rate of up to four percent (4%) of the three-year rolling average of the quarterly portfolio market value which may be granted annually, provided there are sufficient funds in the respective earnings account.

The investment pool represents not only permanent endowments, but also quasi-endowments, restricted and reserve funds totaling $139.6 million as of January 31, 2025, intended to support the long-term goals of the Foundation in supporting the College. Investment Oversight Managers are requested to base their proposals on providing long-term investment returns more than the endowment spending rate. The Foundation’s investable amount is currently allocated as follows:

Category Range Category Range U.S. Equity 10-30% Private Credit 0-10% International Equity 10-30% Real Assets 5-25% Private Equity 0-15% Private Real Assets 0-10% Global Fixed Income & Cash 10-30% Diversifying Strategies 5-20%

PURPOSE

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

The Foundation is seeking a qualified company with substantial experience and depth of resources to provide comprehensive investment oversight management services to the 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, currently valued at $139.6 million (as of 01/31/2025), and investment oversight manager structure.

Consequently, the Foundation is seeking to establish a mutually beneficial agreement with the single-qualified company for Investment Oversight Management Services. The agreement term shall be for three (3) years. The term of the contract may, by mutual agreement between the Foundation and the Vendor upon final College and Foundation 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. The vendor shall provide the Foundation 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.

SCOPE OF WORK

To provide the Foundation with Investment Oversight Management Services, including but not limited to the following:

• Invest funds in accordance with the Foundation’s investment policy statement.

• Provide custom benchmarks to assess investment performance.

• Provide monthly electronic statements by the 10th day of the following month.

• Attend and present either physically or virtually at each scheduled quarterly Foundation Finance &

Investment Committee meeting and/or Foundation Board of Directors meeting.

• Attend and present either physically or virtually on Foundation investments quarterly at Broward College

District Board of Trustees meetings.

• Be present in person for the Foundation’s Annual Board meeting.

• Provide education and training to Foundation Board members and staff on investment topics as requested.

• All pertinent changes in personnel of the investment firm as they relate to portfolio accounts should be reported as they occur.

NOTE: The Respondent may describe any additional and/or complimentary services that may not have been listed previously in the scope of work 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 – OTHER SERVICES

TAB 7 – 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 Foundation 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 the Respondent’s qualifications, and recent related experience. Submit the following information necessary to assess the respondent’s capacity to provide the required services, including:

A. Company Profile (limit to five pages).

• Year organized.

• Number of clients and type of clientele (defined by industry and size of portfolio).

• Number of investment related staff.

• Assets under management.

• Institution’s current credit rating by rating agency (if applicable).

• Number of offices located in the State of Florida.

• Location of corporate headquarters.

• Related organizations.

B. Qualifications (limit to five pages).

• Resumes of principals and professional staff responsible for the account.

• Number of years of experience in investment management.

• Describe investment philosophy.

• Describe customer service philosophy.

• Include a list of your non-profit clients, specifically college and university foundations and endowments.

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 work 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 Foundation.

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

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

A. Reporting, Portfolio Evaluation and Review of Accounts.

1. Frequency of reporting to clients.

2. Format of reports (include sample reports in proposal submission).

3. Frequency of portfolio evaluation.

B. Recommended Asset Allocation.

1. Recommended asset allocation and estimated annual rate of return for one, three, and five years based on past performance.

2. Include an analysis of the efficient frontier: the combinations of securities portfolios that maximize expected return for any level of expected risk, or that minimized expected risk for any level of expected return for the recommended asset allocation and a discussion of the risk/reward spectrum for the recommendation.

3. For the investments included in the recommended portfolio, provide a current, one-, three-, five- and ten-year annual return.

4. Provide investment performance of the colleges and endowments under your management for the last one, three, five years.

C. Research and Investment Decisions.

1. Provide internal and external research methods and resources.

2. Include processes for investment decision making process (committee, portfolio manager, external investment managers, etc.).

TAB 5 – PROPOSED FEE STRUCTURE

• Indicate all fees for services; each service should be listed separately, and the total cost provided for all services.

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

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

TAB 6 – OTHER SERVICES

Include under this tab the following:

A. Additional or alternative services that you can provide that may be of benefit to the Foundation.

B. Experience in providing such services.

TAB 7 – 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.

General marketing materials or descriptive examples of Respondent’s past work may be included under this tab.

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, Foundation employee or College District Board of Trustee/Foundation Board of Director 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 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 or the Foundation. Questions must be received, via email with subject line to read “QUESTIONS-RLI-2025-268-OA”, on or before 12:00 p.m. ET on Tuesday, April 29, 2025, as the deadline for receipt of questions – no exceptions. If necessary, an Addendum will be issued.

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, May 20, 2025, 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 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 and Foundation reserve the right to interview one or more respondents prior to consideration. The College and Foundation reserve the right to enter into negotiations with a respondent or respondents to develop a mutually beneficial agreement for services. The College and Foundation reserve the right to negotiate any term, condition or pricing unless clearly otherwise stated herein.

The College and Foundation reserve 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:

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

• Successful past performance with similar-sized portfolios.

• Competitiveness of fees.

• Investment strategy.

• Experience with similar non-profit institutions.

• Quality of existing client relationships and industry references.

• Ability to communicate effectively.

• Reporting information.

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 and Foundation 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 Oversight Management 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.

The protest provisions stipulated in Florida Statute 120.57 are not applicable to this RLI.

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 to this RLI and be considered for award, a company must have at least five years proven experience in providing Investment Oversight Management 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 or Foundation in connection with this solicitation is provided without representation, warranty, guarantee, or promise by the College or Foundation, 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 or Foundation.

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 and Foundation Privileges. The College and Foundation reserve the right to accept or reject any or all qualifications and to consider the respondent who, in the opinion of the College and Foundation, will best serve the interest of the Foundation. The College and Foundation reserve 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 or Foundation, is not able to successfully fulfil the requirements of the Foundation. The College and Foundation reserve the right to request additional qualifications if it deems necessary to do

so. The College and Foundation reserve the right to assess the respondent’s performance based on any reference submitted by the respondent or any reference which the College or Foundation may request from other entities or parties. The College and Foundation reserve the right to inspect all facilities of respondent to make determination of the foregoing if necessary. The College and Foundation reserve 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. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

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

Foundation 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 or Foundation 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 Foundation 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 Foundation shall be named as an additional insured with reference to this RLI, as follows: “The

Broward College Foundation, Inc. is additional insured with respect to General Liability (and Excess Liability if issued) in regard to the terms, conditions, and agreements of RLI-2025-268-OA entitled INVESTMENT OVERSIGHT MANAGEMENT SERVICES from date of commencement to six months after date of completion”.

I. The Insurance policies shall be issued by companies qualified to do business in the State of Florida and grant the Foundation 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 Foundation of any changes in insurance coverage or carrier.

The Vendor shall furnish the Foundation 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 Foundation with a Certificate of Insurance which is evidence of the above.

The Foundation 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.

14. 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.

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

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

16. No Subcontracting. The Vendor MAY NOT subcontract the Investment Oversight Management

Services.

17. Scope Changes. The Foundation 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.

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

19. 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 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.

SECTION VII - ATTACHMENTS

ATTACHMENT A – BC FOUNDATION INVESTMENT POLICY STATEMENT

(REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)

SECTION VIII - REQUIRED RESPONSE FORM

RLI #:

RLI-2025-268-OA

RLI TITLE:

BC FOUNDATION INVESTMENT OVERSIGHT

MANAGEMENT SERVICES

RELEASE DATE:

TUE 04/22/2025

DUE DATE:

TUE 05/20/2025

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 or Foundation. 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 and Foundation 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 Foundation 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 Foundation or an immediate family member of an employee of College or Foundation. Respondent has disclosed any personnel who are related to any current or former employees of the College or Foundation.

(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.

1 {00628476.2 3665-0000000 } 4928-8150-6054, v. 4

Investment Policy Statement

Policy Statement:

I. The Broward College Foundation (BCF) is responsible for overseeing BCF pooled investment funds and selecting appropriate professionals to assist in the investment and management of assets. The pooled investment fund is the combination of unrestricted, and restricted funds held by BCF.

A. The goals of BCF, as carried out by its Finance & Investment Committee are to:

1. Seek moderate growth of assets and focus on management of portfolio risk.

2. Assess risk tolerance and allocate accordingly.

3. Monitor the performance of each investment portfolio.

4. Provide a fund balance or cash reserve to cover performance shortfalls, provide emergency operational funds or take advantage of quick-response opportunities.

II. The overall objective of the investment portfolio is to preserve and enhance the real inflated adjusted purchasing power of the pooled investment fund while providing a relatively predictable, stable, and constant, stream of earnings resulting in growth of the market value of assets net of inflation, administrative and investment expenses, over a full market cycle without undue exposure to risk.

Policy:

I. Investment Objectives

A. The overall investment performance objectives of BCF’s investment portfolio (the “Fund”) should align with broad target asset mix and asset mix restrictions, which in combination with the skills of the Investment Oversight Manager, should achieve favorable performance evaluated upon the total investment return, net of fees, being equal to or greater than the investment adjusted for inflation as more particularly set forth in Section II.A.3 below.

B. As determined by BCF, the Fund possesses an intermediate-term time horizon (i.e., five to seven years or a full market cycle). Within this time horizon, the primary investment objectives of the Fund are to provide long-term growth of capital and to provide liquidity. The secondary objective is to preserve capital that can provide a mix of growth and income. Therefore, the Fund should provide a total return through a balance of interest, dividend income, and moderate capital appreciation. As a benchmark for achieving these objectives, the Fund will be measured versus the target policy mix in the asset allocation table that follows.

ATTACHMENT A

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C. The Fund will be invested in accordance with these policies, and written administrative procedures, as may be developed.

II. Investment Risk

A. Understanding that a long-term positive correlation exists between volatility (risk) and expected returns in the securities markets, the following objectives concerning risk shall be observed:

1. Maintain risk characteristics consistent with the target mix outlined in this Policy. In addition, each portfolio manager should maintain risk characteristics like their respective asset and style benchmark as outlined in their respective sub-policy.

2. Except for concentrated portfolios as outlined in the Equities sub-section of this Policy, each portfolio manager should maintain risk characteristics like the representative index with returns earned by the portfolio Manager justifying the risk incurred.

3. Each portfolio is expected to earn a total return net of fees over inflation without exceeding a standard deviation of 1.2 times a weighted benchmark index. The benchmark index will be comprised of each asset class index weighted by its target allocation.

4. Investment risk is defined by the volatility (standard deviation) of the portfolio returns and by systematic or market-related risk (beta).

5. In accordance with the provisions of §218.415(24), Florida Statutes, only pecuniary factors may be considered. The weight afforded to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. Any interests or other factors may not be considered or afforded consideration if doing so would result in sacrificing investment return or undertaking additional investment risk to promote any nonpecuniary factor.

III. Asset Allocation

A. The overall Fund is to be both diversified by asset class (e.g., equities, fixed income) and within asset classes (e.g., equities by sector, industry, company size, geography); fixed income-bond maturity, mortgages, cash equivalents. The goal of this diversification strategy is to help ensure that no single industry, sector, class, or company has a disproportionate or inappropriate impact on the Fund.

B. The asset allocation guidelines should be consistent with the investment objectives and risk tolerances expressed throughout this Policy. These guidelines, developed after examining the historical relationships of risk and return among asset classes, are designed to provide the highest probability of meeting or exceeding the return objectives at the lowest possible risk.

C. The following table outlines the asset allocation guidelines about acceptable asset categories, the overall broad policy target asset mix (and policy ranges), and the representative indices that will be used to evaluate the performance of each asset category. The underlying asset classes within each asset category also will be evaluated utilizing an underlying respective index for each strategy:

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Asset Category Minimum Target Maximum Benchmark

CASH & FIXED

INCOME

20.0% 35.0% 45.0% Barclays Capital U.S. Agg Bond

EQUITY 40.0% 55.0% 70.0% MSCI All Country World

ALTERNATIVES 0.0% 10.0% 20.0%

Bank of America Merrill Lynch 3 Month T-bill +5%

TOTAL FUND 100%

IV. Asset Guidelines

In keeping with the general philosophy, BCF expects each fund manager to maintain a portfolio at a risk level within the range selected for the fund manager’s specific asset class.

A. Cash Equivalent Guidelines:

1. Each portfolio manager may invest in commercial paper, repurchase agreements, Treasury Bills, certificates of deposit, floating rate debt obligations, and money market funds to provide income, liquidity for expense payments, and preservation of the portfolio’s principal value. The following restrictions apply:

a. Maintain a maximum weighted average maturity of less than one (1) year.

b. Any commercial paper must have a minimum rating of A1/P1 by Standard & Poor’s and Moody’s, respectively.

c. Only fully collateralized Repurchase Agreements may be used in the portfolio, if applicable.

2. Cash is not a strategic asset of the portfolio but is a residual to the investment process and used to meet short-term liquidity needs. Other asset classes are included to provide diversification (e.g., international equities) and incremental return (e.g., small cap equities).

3. Alternative asset classes may be considered as the endowment grows but must be approved by BCF prior to any investment.

4. The guidelines stated below apply to investments in non-mutual and non-pooled funds, where the portfolio manager may construct a separate, discretionary account on behalf of BCF. All managers (pooled/mutual or separate) are expected to achieve all performance objectives and other subjective criteria. Each portfolio manager shall:

a. Have full investment discretion about security selection consistent with this Investment Policy and is expected to maintain a fully invested portfolio.

b. As soon as reasonably possible notify the Finance & Investment Committee and its Investment Oversight Manager in writing of any material changes in the investment outlook, strategy, portfolio structure, ownership, or senior personnel.

c. Make no purchase causing a position in the Fund to exceed 5% of outstanding voting shares of the company (at cost) or invest with the intent of controlling management.

d. Not invest in direct non-marketable securities.

e. Except for international managers, not invest in non-dollar denominated securities;

and

f. In the case of international managers, maintain appropriate diversification with

4 {00628476.2 3665-0000000 } respect to currency and country exposure.

B. Equity Guidelines:

1. Assure that no position of any one (1) company exceeds 5% of the fund manager’s total portfolio, to ensure that such limit is not exceeded for the entire Fund, as measured at market without the written consent of BCF’s Finance & Investment Committee.

2. Proxies and share tenders may only be voted in a manner that is in the best interest of BCF and consistent with this Policy.

3. Maintain positions in a minimum of 20 different equities in the Fund to provide adequate diversification.

4. Maintain adequate diversification among economic sectors by investing no more than 40% of the portfolio in any one economic sector, as defined by the relevant benchmark, or 2.5x the relevant benchmark sector weight, whichever is larger.

5. Use concentrated portfolios where appropriate to achieve the investment objectives. These portfolios may not closely track the risk and return characteristics of their primary or style specific benchmarks due to the relative concentration of the portfolios in a few market sectors or in a smaller number of securities. However, BCF’s Finance & Investment Committee may approve the use of concentrated portfolios with the understanding that the portfolio’s investment policy statement or investment guidelines and restrictions do not supersede the guidelines set forth in this Policy.

C. Fixed Income Guidelines:

1. Maintain an overall weighted average credit rating of Investment Grade “Baa” or better by Moody’s or “BBB” or better by Standard & Poor’s.

2. Hold no more than 10% of the portfolio in investments rated below investment grade (below Baa/BBB). Split rated securities will be governed by the lower rating.

3. Maintain a duration within +/-20% of the effective duration of the benchmark index.

4. Assure that no more than 10% of the fund manager’s total portfolio as measured at market value, except for securities issued by the U.S. government or its agencies, is from a single issuer; and that no more than 5% of the portfolio manager’s total portfolio as measured at market may be invested in a single issue.

5. Invest no more than 60% of the portfolio in either corporate or mortgage-backed securities.

6. Only collateralized mortgage obligations (“CMOs”) backed by pools of mortgages guaranteed by the full faith and credit of the U.S. government, or an agency thereof will be used. Volatility will be held to a reasonable level by avoiding securities such as support bonds, interest-only STRIPS and other CMOs that are subject to wide swings in cash flows, price, and total return.

7. Only invest in securities issued by foreign governments if they are registered with the Securities and Exchange Commission (“SEC”) and are both U.S. Dollar-denominated and U.S. Government-backed (i.e. Brady Bonds).