Operating Funds Custodian

Florida Atlantic University (FAU) is seeking proposals for an Operating Funds Custodian through an Invitation to Negotiate (ITN) posted on July 16, 2025, with responses due by August 6, 2025. The selected financial institution will serve as the university's primary custodian for operating funds, responsible for safeguarding assets, executing trades, settling transactions, and providing comprehensive reporting. Key responsibilities include managing custodial services for short-term, intermediate-term, and long-term investment holdings, while also functioning as the primary broker-dealer and clearing agent for eligible investments. The vendor must support FAU's treasury team in implementing its Investment Policy Statement, ensuring compliance with Florida statutes, maintaining fund security, and promoting operational efficiency. Interested bidders can access detailed ITN documents through FAU's online bidding platform at https://bids.sciquest.com/apps/Router/PublicEvent?CustomerOrg=FAU, with the procurement covering Palm Beach County and applicable to all eligible financial institutions.

The ITN is open to participation by all qualified bidders without specific set-aside designations or enterprise restrictions. The resulting contract will be non-exclusive and awarded solely for the University's convenience. While specific budget ranges are not explicitly stated, the scope suggests a comprehensive financial services engagement that will require significant custodial and investment management capabilities. The procurement does not indicate preferences for disadvantaged businesses or specify current incumbent vendors. Potential respondents should demonstrate expertise in institutional investment management, understanding of higher education financial requirements, and capability to integrate with existing university financial systems. Interested financial institutions must thoroughly review the ITN documentation to ensure alignment with FAU's specific operational and investment management needs, with particular attention to compliance with Florida's regulatory framework for public university financial services.