Treasury - Unclaimed Property Custodial Services RFP

The Michigan Department of Treasury issued a Request for Proposal (RFP 271 200000000634) for Unclaimed Property Custodial Services, posted on the SIGMA VSS platform on January 27, 2020, with proposals due on February 28, 2020. The procurement sought a qualified contractor to provide comprehensive custodial services for unclaimed property securities held by the State of Michigan. The evaluation criteria encompassed multiple technical components: Schedule A Sections 1-3 (40 points), Schedule A Section 4 (25 points), Schedule A Sections 5-9 (15 points), and responses to the Proposal Instructions Vendor Questions Worksheet (20 points), with a maximum total score of 100 points. The contract was structured as a five-year initial term with up to five optional one-year renewal periods, providing stability and flexibility for both the state and the awarded contractor. Two proposals were received from qualified bidders, and the evaluation committee assessed each submission against the established technical and pricing criteria to determine the most advantageous award to the state.

The procurement did not identify any service-disabled veteran-owned business (SDVOB) set-asides or other specific disadvantaged enterprise restrictions. The Department of Treasury's Joint Evaluation Committee awarded the contract to CSLS Holdings, LLC of Centreville, Virginia, which achieved a perfect score of 100 out of 100 points on all technical evaluation criteria, compared to the second bidder, Gryphon Asset Management, LLC, which scored 76 points and failed to meet certain RFP requirements in areas including report formatting, data manipulation capabilities, organizational structure documentation, and reference relevance. The contract value for the first year was established at $160,708.80, with an estimated total contract value of $803,544.00 across the five-year initial term. The award was subject to State Administrative Board approval at the time of the notice of intent to award issued on April 28, 2020. Non-awarded bidders were offered debriefing sessions through Solicitation Manager Andy Marple to discuss their proposal evaluations and scoring results.