MTPL Foundation Request For Proposal

REQUEST FOR PROPOSAL

Investment Management Services
The Manheim Township Public Library Foundation

Introduction

The Manheim Township Public Library Foundation (hereinafter “Foundation”) is a 501(c)(3) corporation established to support the mission of the Manheim Township Public Library (hereinafter “Library” or “MTPL”).

The Foundation seeks to retain an investment manager to provide comprehensive asset management services for a proposed Endowment Fund (hereinafter “Fund”), to include receipt, liquidation, and investment of securities such as appreciated stock gifts, preparation of required financial reporting, and performance of all necessary services related to investments, such as depositing dividends and exercising stock rights.

Scope of Services

The Foundation seeks services which include:

  1. Investments – handle all activities associated with management of portfolio, such as selecting, buying and selling securities, portfolio monitoring, transaction settlement, and performance measurement
  2. Portfolio Analysis — regularly review asset allocations and selections, making recommendations for appropriate changes.
  3. Reporting — provide quarterly reports of performance and analysis of Fund and holdings relative to benchmarks.
  4. Research — perform due diligence on investment markets to secure optimal performance within agreed investment guidelines, to include monitoring and rebalancing.
  5. Investment Policy — diversify investments based on agreed investment guidelines and cash flow needs of the Fund.
  6. a. Diversification may be achieved by the types of investments, the number of institutions, and the lengths of maturity.
    b. Investments may include equity security funds, fixed income funds, money market, cash, and other asset categories.
    c. Investments should not include assets bought on a margin, REITs, junk bonds, initial public offerings, individual equity stocks, derivatives, options, or futures.

Proposal Components

A. Firm Profile.

  1. Briefly describe your organization, including its history, ownership structure, primary focus, size, and number of employees.
  2. List the qualifications of the person who would have direct responsibility for the Foundation account and the number of other accounts for which that person has direct responsibility.
  3. How long has your firm been providing investment management services and what portion of your firm’s revenue comes from providing such services?
  4. Does your firm have any financial or other affiliation with banks, brokerage firms, insurance companies, investment banking firms, or money management firms? If so, how do you protect against conflicts of interest?
  5. Does your firm consider itself to be the fiduciary of the investor with respect to the services provided?
  6. Has there been any litigation within the past five years filed by or against or being litigated by your firm, relating to your provision of investment services? If so, explain.
  7. How many of comparable nonprofit investment accounts do you currently manage? With what approximate total dollar amount?

B. Client Information

  1. Do you have a minimum investment amount required for a nonprofit to create a managed investment account? If so, what is that minimum?
  2. How will your firm assist the Foundation to determine an objective for an expected rate of return regarding our portfolio?

C. Performance Management and Evaluation

  1. How frequently do you provide evaluation reports for your clients?
  2. Please provide a sample performance evaluation report.
  3. Describe the methods by which you verify that a manager continues to meet the client’s objectives.

D. Fees

  1. Describe what fees are collected, when, and how they are computed.
  2. Provide an annual cost estimate for the following services, if not included in the above fees:
  3. a. investment policy review and strategic planning;
    b. asset allocation and spending policy analysis;
    c. quarterly performance evaluation; and
    d. investment transactions.

  4. Indicate whether these fees are all-inclusive in each category or whether additional expenses may be incurred.

F. Non-Discrimination Clause

  1. Affirm that the firm does not discriminate against any individual on the basis o race, religion, sex, color, age, handicap, or national origin and that these shall not be a factor in consideration for employment, selection of training, promotion, transfer, recruitment, rates of pay, or other forms of compensation, demotion, or separation.

Evaluation of Proposals

The following criteria will be included when making an evaluation of the proposals.

  1. Demonstrated performance of the Bidder, including information from references.
  2. Fee proposal, including terms and minimum investment required.
  3. The structure, experience and availability of the management team.
  4. The Foundation reserves the right to reject any and all proposals, to waive any minor inconsistencies, and to request additional information from all proposers. Any contract awarded will be made to the firm which, based on evaluation of all responses, is determined by the Foundation Board to be the best to perform the managed investment fund services.
  5. The Foundation, in its discretion, may choose to ask selected Bidders to make in person presentations to the Foundation Board. If so, all Bidders will be notified of the decision.

Submission of Proposals

Seven (7) hard copies of your proposal must be submitted to Laura L. Slaymaker, President, MTPL Foundation Board, c/o Manheim Township Public Library, 595 Granite Run Drive, Lancaster, PA 17601, to be received no later than 5:00 p.m. on July 15, 2021. All firms submitting proposals will be notified as to the selection results. No proposal will be considered which is incomplete or which is not received in the manner and by the time stated above.

Questions regarding the RFP should be submitted to Joyce Sands, Director, MTPL, at jsands@manheimtownship.org by June 25, 2021. Both questions and answers will be posted by July 5, 2021 on the Foundation page of the Manheim Township website at https://www.manheimtownship.org/894/Library-Foundation-Board.