Investment Management and Advisory Services

Frisco Independent School District (Frisco ISD, FISD, The District) is currently seeking proposals from qualified vendors experienced in providing investment and advisory services to Texas school districts and municipalities. It is Frisco ISD's intention to award one vendor for the provision of investment management services of fund balance accounts or other services as needed.  Responders must be qualified financial firms providing professional services for asset management, investment advisement, and other related financial advisory services in addition to performing the execution (purchase and sale) of such investment products. Providers should specialize in governmental organizations, public sector financial advising in particular to school districts.
  NO BID NOTIFICATION REQUEST Frisco Independent School District is interested in receiving competitive pricing on all items it bids. We value our quality vendors and desire to keep your firm as a supplier. Therefore, please let us know why you are not bidding on this RFP. We will analyze responses to determine if future changes to our solicitation process are necessary. If you are not interested in this solicitation, please click the ACTIONS button at the top right-hand side of this screen and then click NO BID. Please type your reasoning in the box provided and then enter your response.
 
BACKGROUND Frisco Independent School District is located approximately thirty miles north of Dallas, Texas and encompasses seventy-five square miles in Collin and Denton counties including most of the city of Frisco and portions of neighboring Plano, McKinney and Little Elm. Frisco ISD has 12 high schools, 18 middle schools, one intermediate school, 43 elementary schools and three special programs centers serving more than 67,000 students. FISD employs over 8,850 staff in North Texas that support the District’s mission: to know every student by name and need.     This RFP is issued in accordance with Title 2 of the Code of Federal Regulations (2 CFR) Part 200 requirements to purchase goods and/or services by Frisco ISD using federal dollars. FISD may purchase goods and/or services from vendors qualified through this RFP with local, state, federal, and grant funds. This RFP is a competitive solicitation (TEC 44.031). All procurement activities shall be conducted in a manner that provides maximum full and open competition per federal and state laws and local policies and procedures. By submitting a response to this bid, you agree to provide services on an as needed basis to Frisco ISD. Frisco ISD does not guarantee the volume, quantity or dollar value, to be purchased annually. The actual dollar amount to be purchased from this RFP depends on District needs. (TAC 109.41)   BUDGET AND TERM Frisco ISD's Investment Management and Advisory Services expenditure is as follows: 2023-2024 Total $67,825.90 | 2024-2025 YTD Total $55,034.23: estimating a total of 76,284.23.
 
The actual dollar amount to be purchased from this RFP depends on the actual needs of the District. (TAC 109.41). It may be necessary for Frisco ISD to establish a competitive range of acceptable proposals as part of the evaluation process. Proposals not in the competitive range are unacceptable and will not receive further award consideration.   Once approved by the Frisco ISD Board of Trustees, this qualification will be in effect for a two year initial term, with the possibility of five (5) one (1) year automatic renewals. Renewals will be automatically issued, providing vendor and Frisco ISD remain in good standing and agree on any changes in pricing or procedure. The final automatic renewal will conclude August 18, 2032.    
Deviations or Exceptions 
FISD will not accept deviations to our Standard Attributes, Certifications and Terms & Conditions. Deviations or exceptions stipulated in a Vendor’s response may result in disqualification. Any language to the effect that the Vendor does not consider this RFP to be part of a contractual obligation may result in a disqualification of the Vendor’s proposal. Vendors must not alter any language in this solicitation or any language in any attachment to this solicitation.
 
****NO PRODUCTS OR SERVICES SHOULD BE PROVIDED BEFORE THE VENDOR RECEIVES A PURCHASE ORDER    This RFP is not a contract. Purchases must be made with an approved purchase order. A valid purchase order and the Frisco ISD Standard Attributes, Certifications, and Terms & Conditions (hereafter terms & conditions or t’s & c’s) will serve as a contract. The Frisco ISD terms & conditions document is an attachment to this solicitation. It must be signed and attached to your response in the Response Attachments tab.   SCOPE Services include the usual and necessary services, advice, and assistance in connection with investment management and advisory services, as well as assistance in the following areas:
A) Assist in the survey and analysis of the District’s financial resources of current fund balances, current investment products, projected revenue, existing indebtedness and newly recommended products.
B) Assist in the analysis and preparation of options for the financing of recommended projects. Assistance may include assessment of all possible funding sources, including local, state and other sources.   C) Provide on-site consultation with and presentation to Board of Trustees, administration, and/or various committees regarding balance and investment options.
D) Provide on-going advice regarding new developments in the municipal investment industry as they affect the District’s current and projected long-term financing needs.
E) Advise administration of investment options and assist with the execution of investment selections.   F) Monthly investment report for the Finance Department, Quarterly investment report to be presented to the Board for Review and Consent.   G) Provides an annual list of approved brokers and dealers.   H)  Reviews Frisco ISD policy annually and suggests changes, if necessary.   I)  Provides arbitrage rebate calculations at no cost on all new bond issues while under contract with the District.   PROPOSAL REQUIREMENTS  Respondents may submit a maximum of twenty (20), 8 ½ x 11-inch pages as a response attachment to this Request for Proposal.    Each Respondent shall organize their response in the order listed below as requested. This information will be used for the evaluation criteria also listed below. Frisco ISD reserves the right to reject as non-responsive any proposals that do not contain the requested information. The following is a list of the information to be provided by each proposer. Failure to include all the information listed below may result in disqualification.
1) A complete description of your firm’s ability to represent the District as an investment management and advisory service provider which should include:
a) Description of the firm’s and/or individuals experience during the last five (5) years as an investment management and advisory service provider of Texas Public School Districts. Please include the names of the districts, the amount of the funds managed, the capacity in which you and/or the firm served and the purpose for the recommended products. List all certifications held by your firm. 
b) Description of how your firm is organized and how its resources will be utilized on behalf of the District. Include a description of the firm’s financial strength in terms of net capital, assets, and number of fixed income bankers. Describe in detail your investment process, as you would apply it to the District’s portfolio. Explain how the District funds are protected. Does the investment utilize FDIC-insured accounts? If other investment types are utilized, how are the funds protected? (e.g. collateral or other guarantees)
c) Provide resumes of the staff to be assigned to work with the District, including their areas of expertise, years of financial advisor experience and the number and types of investments they have managed. If your firm uses third parties for any of the services listed in this proposal, please detail which services are provided and the third-party provider’s related experience. List the office locations and telephone numbers for these individuals and indicate the day-to-day contact and who will be attending any meetings with the District. Describe your firm’s approach and capability in designing and implementing a financing plan for a multi-year improvement program for the District as related to investment products. Describe your firm’s investment philosophy for public clients, including your firm’s philosophy regarding average duration, maturity, investment type, credit quality and yield.
d) List references of Texas Public School Districts your firm is currently working with.
e) Describe in detail your process of credit risk management, including how you analyze credit quality, monitor credit on an ongoing basis and report credit to clients.   f)  Describe if your firm offers any other products or services that would enhance the earnings of the District's investment options.   g) Disclose any alleged significant prior or ongoing contract failures, contract breaches, any civil or criminal litigation or investigation pending which involves your firm or in which your firm has been judged guilty or liable. Any other past or pending litigation which may affect the performance of the services to be rendered herein, in which the firm, any of its employees, subcontractors, or sub-consultants is or has been involved in within the last three (3) years.   h) Describe any US Securities and Exchange Commission (SEC) censure or litigation involving your organization, any officer or employee at this time or in the past. Have any officers or employees ever been named in any SEC related investigations within the past 10 years?   2) Fee Schedules: Include a copy of your firm’s fee schedule applicable to this solicitation. Provide an itemization of all fees, costs and other charges for performing the services described above. Is there a minimum annual fee? Indicate when such fees shall be paid by the District and any other associated fees or charges the District would incur that would not be covered by your firm’s fee. All costs / fees associated with the investment of District’s funds by the firm are required to be identified in the firm’s proposal. The District will not pay fees or costs for services not itemized on the firm’s proposal. The firm shall also submit the fees or /costs associated with providing optional or related services to the investment of bond proceeds and arbitrage reporting/compliance.
 
EVALUATION PROCEDURE & CRITERIA A minimum of three (3) staff members (the committee) qualified in the vendor's commodity area, will review responses & qualifications and make recommendations to Frisco ISD Board of Trustees for final approval. The committee may request a meeting with any qualified offeror prior to final selection. Qualifications and responses will be reviewed according to criteria established by TEC 44.031(b).***
In evaluating proposal responses, the following considerations will be taken into account for qualification recommendations:
(1) The purchase price (15 points) (2) The reputation of the vendor; services and references of like sized school district (15 points) (3) The quality of the vendor’s goods or services; investment management and advisory experience in Texas public schools (20 points) (4) The extent to which the goods or services meet the district’s needs; size and structure of the firm, including staff positions, experienced staff (30 points) (5) The vendors’ past relationship with the district; (5 points) (6) The total long-term cost to the district to acquire the vendor’s goods or services; (10 points) (7) For a contract for goods and services, materials, whether the vendor or the vendor’s ultimate parent company or majority owner; (A) Has its principal place of business in the State of Texas; or (B) Employs at least 500 persons in the State of Texas; (0 points) (8) Any other relevant factor specifically listed in the request for bids or proposals; comprehensiveness of the proposal. (5 points)
 
*** TEC 44.031 reads districts should consider how vendor evaluation decisions affect its ability to work with historically underutilized businesses (HUBs). However, as a "unit of local government" or “specialized unit of government, not a "state agency," Frisco ISD has limited HUB-specific requirements. Districts are not directly bound by the detailed HUB program in TGC 2161. However, we must: 1. Ensure the purchasing process is fair to all businesses, including HUBs, 2. Follow any HUB programs the Board of Trustees creates, as applicable; and 3. Follow federal rules about working with minority-owned and women-owned businesses when using federal money. In summary, Frisco ISD upholds fairness, board policies, and applicable federal requirements when working with historically underutilized businesses.
    PROPOSAL PROCESS 1. GENERAL INFORMATION: The following instructions by the District are intended to afford proposers with an equal opportunity to participate in the proposal process and to provide a predetermined set of criteria representing the District’s business and service requirements. This proposal is governed by the Texas Education Code (TEC), other applicable Texas state statutes, federal statutes and all local FISD Board of Education (Board) policies.
2. QUESTIONS CONCERNING THE RFP: All questions regarding this open solicitation must be submitted through IonWave during the question period. Answers will be published to all bidders, all at once through this system on or before May 29, 2025. Phone or email requests for information will not be acknowledged.
3. PROPOSAL SUBMISSION: Frisco ISD requests that bidders submit their response electronically. Please contact Sue Schiumo, by email at contact@example.gov if you require assistance with the electronic submittal portion of this process. Your cooperation is appreciated.
Interested vendors must first register in Frisco ISD’s e-bidding system, Ion Wave. Register, obtain, and submit proposals at https://fisd.ionwave.net. Proposals will be received electronically through IonWave.   4. ADDENDUM: It is the responsibility of the proposer, prior to submitting the proposal, to determine whether an addendum was issued. 
5. INTERVIEWS: At the District’s discretion, FISD may invite one or more Proposers to interview based on a pre-defined agenda and timeline. Said Proposer(s) will be notified by e-mail if the District determines that such demonstrations and interviews are needed. Proposer(s) shall demonstrate their competence, qualifications and/or ability to satisfy the District’s RFP requirements. All expenses associated with the interview will be at the Proposers expense.
6. MODIFICATION OR WITHDRAWAL OF PROPOSALS: Proposals may be modified or withdrawn in Ion Wave at any time before the exact hour and date specified as the deadline for receipt of proposals. The Proposer must send a written request to the Director of Purchasing to withdraw a Proposal after the response deadline.
7. LATE PROPOSALS: Responses submitted after the due date and time noted in this RFP shall not be considered.
8. RESPONSIVE & FINANCIALLY RESPONSIBLE: To be deemed responsive and qualify for evaluation, a Proposal must be timely submitted and must materially satisfy all mandatory requirements identified in this RFP. They must comply with all material and administrative aspects of this procurement solicitation. ** FISD Purchasing Department, at its sole discretion, is authorized to determine if a vendor is responsive and/or within the scope of this solicitation.  Proposers must be financially responsible, having sufficient staff and resources to provide the goods and services requested by Frisco ISD in this solicitation.   
9. RETENTION OF PROPOSAL DOCUMENTATION: All Proposal materials and supporting documentation submitted in response to this RFP becomes the permanent property of FISD and will not be returned to Proposer.

10. FINANCIAL RESPONSIBILITY: Proposer shall pay all costs related to the preparation and submission of its Proposal.
11. RESERVATION OF RIGHTS: FISD reserves the right to:
A. Cancel this RFP in whole or in part. B. Accept, reject, or negotiate modifications in any terms of Proposal or any part thereof. C. Reject and/or disqualify any or all Proposals received, award contracts for individual products or services as may appear advantageous and negotiate separately in any manner necessary to serve FISD’s best interests. D. Not award this proposal. E. Waive any formalities, technicalities, or other defects if deemed in the best interest of FISD; request clarification and/or correction for the purpose of eliminating minor errors, clerical errors, and/or non-substantive irregularities. F. Be the sole judge of quality, make all decisions regarding this RFP, including, without limitation, the right to decide whether a Proposal substantially complies with the requirements of this RFP. G. In case of tie proposals, the award will be made in accordance with Local Government Code 271.901 and Government Code 2252.001 - 2252.004. (NON-RESIDENT BIDDERS). Consistent and continued tie bidding could cause rejection of the bids by FISD and/or investigation for antitrust violations.
12. LIMITED CONTACT POLICY. Once this RFP is published, Frisco ISD staff and FISD representatives will maintain limited contact with potential vendors. Limited contact is a prohibition on any communication regarding this RFP or other competitive solicitations between any person who seeks an award under this RFP, including a potential vendor or vendor’s representative; and:
A. Any Frisco ISD Board member, Superintendent, senior staff member, principal, department head, director, manager, other employee, or consultant who has influence in the evaluation or selection process. B. Furthermore, campaign contributions, gifts, donations, and any other items of value are prohibited between the parties defined above for any known contract under consideration during the restricted or limited contact period. C. Limited contact shall not apply to communication with FISD’s Purchasing staff. Such communications shall be limited to the purpose of obtaining clarification or information concerning the RFP. All communication with Purchasing staff must be in writing. The potential vendor or vendor’s representative shall send all written communication directly to the designated procurement staff. The limited contact period shall begin upon the issuance of this RFP, bid, or other competitive solicitation and officially end upon execution of an award by the Board of Trustees and/or the execution of a negotiated contract, whichever represents the final act in the procurement process. D. Regardless of the above time period, it is not acceptable for a potential vendor to participate in determining the scope of work, strategic direction, technical specifications, or evaluation criteria of such projects. Nothing contained in this policy shall prohibit any potential vendor or vendor’s representative from: 1) Making public representations at scheduled pre-bid conferences or scheduled selection and negotiation committee meetings. 2) Engaging in contract negotiations during any scheduled meeting. 3) Making a public presentation to the Frisco ISD Board during any duly noticed public meeting. 4) Conducting business on contracts previously executed and currently in force. 5) Nothing in this policy shall prohibit the procurement staff from initiating a contact with a potential vendor or vendor’s representative and subsequent communication for the purpose of obtaining clarifying information regarding a response to an RFP, bid, or competitive solicitation. Such contact shall be in writing and shall be provided to the members of the applicable procurement staff, including any response thereto. E. A Vendor may be disqualified before or after the proposals are opened, upon evidence of collusion with the intent to defraud, or evidence of intent to perform other illegal activities for the purpose of obtaining an unfair competitive advantage. F. Frisco ISD Standard Ethics Statement is on our website and vendors are encouraged to review them.    Failure to follow the District’s Limited Contact Policy may result in proposal disqualification. Vendors who demonstrate a pattern of non-compliance may be barred from working with FISD
 
  Frisco ISD Procurement - Standards of Ethics