REQUEST FOR PROPOSALS FOR BANKING SERVICES ROBINS NEST INC.

Transcription

1 I. INTRODUCTION A. Objectives REQUEST FOR PROPOSALS FOR BANKING SERVICES Robins Nest Inc., a nonprofit corporation, is seeking competitive proposals for various banking services. It is the Agency s goal to receive accurate, timely depository and account maintenance services, maximize the utilization of idle funds, minimize risk of loss, receive sound investment and banking service advice, utilize modern electronic and automated banking options and to accomplish these goals at the lowest reasonable cost. B. Instructions 1. Intent: Notice of Intent must be submitted via to kwingate@robinsnestinc.org with PROPOSAL BANKING SERVICES in the subject line by due date listed in item 6 below. Notice must indicate name and address to whom answers to questions and notifications regarding this proposal should be made. 2. Proposals: Responses to this Request may be submitted, clearly identified as PROPOSAL BANKING SERVICES, either electronically via to kwingate@robinsnestinc.org or by mail or hand delivery to: Kathy Wingate, CFO Robins Nest Inc. 42 S. Delsea Drive Glassboro, NJ Responses: Each proposer shall submit only one proposal. This proposal must include the standard forms provided as Exhibit A, Exhibit B with Checklist, Exhibit C and Exhibit D. Supporting material may be submitted and is encouraged; however, the decision in selecting the most responsive proposer will be based on the standard forms provided. 4. Copies: Each submitter need submit only one (1) copy of its proposal. 5. Questions and Additional Information: Requests for clarification or additional information should be ed to kwingate@robinsnestinc.org with PROPOSAL BANKING SERVICES in the subject line. Responses to requests/questions will be furnished to all potential proposers that notify Robins Nest of their intent to submit a proposal. Cutoff date to receive requests in writing will be June 16, Requests after June 16, 2014 will not be answered. 6. Schedule: The following schedule will be adhered to: June 2, Distribution of Request for Proposals. June 16, Notice of Intent Due via . June 16, Deadline for request inquiries/questions/clarifications. 1

2 June 30, Proposals due to Robins Nest by 5:00 p.m. No exceptions! July 1-3, Proposals reviewed, bidders may be questioned. July 15-24, Pre-award interviews. July 25, Selection of bank and notification to all proposers. August 1-15, Implementation dates. Robins Nest intends to adhere to the proposed schedule; however, it is expressly understood that your proposal will be valid for a period of ninety (90) days after June 30, Robins Nest may narrow their scope of financial institutions and request a meeting and/or presentation of electronic banking between July 15, 2014 and July 24, Selection Criteria: The following unranked criteria will be used to evaluate the responses and to select the winning proposer: Complete response to all required items on the standard forms provided. Aggregate banking services cost, per identified activity and corresponding compensating balances. Ability to meet current and projected service requirements over the term of this banking agreement (any past experiences with the Bank will be taken into consideration). Best arrangement and rate for overnight investment. Best available schedule for deposit items. Capacity to provide numerous electronic banking services. Ability to provide merchant services, accepting American Express, Visa, MasterCard and Discover cards as well as debit cards. Capacity to provide Bank gift cards valued at $25 or $50 in large quantities. Capacity to provide Bank credit cards for Agency employees. Services offered by and ease of use of online banking package. Location of nearest branch office. Cost and schedule of providing optional services. 8. Pre-Award Interviews: After proposals are reviewed and rated, a conference may be requested for candidates to go into greater detail and/or clarifications, to visit relevant Proposing Bank facilities, and to view demonstrations of software or systems as outlined below. 9. Terms and Conditions: a. Robins Nest s management reserves the right to reject any and all proposals, to waive any irregularities or informalities in any proposal or in the proposal procedures, and to accept or reject any item or combination of items. The award will be to the proposer whose proposal complies with all the requirements set forth in the RFP, and whose proposal, in the opinion of Robins Nest s management, is the best proposal taking into consideration all aspects of the proposer s response, including the total net cost to the Agency. 2

3 b. In the event that the proposer to whom the services are awarded does not execute a contract within thirty (30) calendar days after the award of the bid, the Chief Financial Officer may give notice to such proposer of intent to award the contract to the next most qualified proposer or to call for new proposals and may proceed to act accordingly. c. The standard proposal form indicates an estimate of the number of transactions for a month. This number is the Agency s best estimate of the number of average volume and the Agency in no way guarantees these as minimum or maximum values. d. Proposers shall thoroughly examine and be familiar with these specifications. The failure or omission of any proposer to receive or examine this document shall in no way relieve any proposer of obligations with respect to this proposal or the subsequent contract. e. Qualified proposing banks must meet the following minimum criteria: i. A Bank submitting a proposal must have a bank location in or near Glassboro, New Jersey, capable of servicing the Agency s bank accounts and be a member of the FDIC. Please indicate branch location in Exhibit D Executive Summary. The bank must be in compliance with all laws, rules, regulations and ordinances of the United States, and the State of New Jersey at the time of the proposal submittal and, if awarded a contract, remain in compliance for its duration. The Bank must also have adequate capitalization, organization, facilities, equipment and personnel to assure prompt and efficient service to the Agency. ii. The Agency, as a primary recipient of certain federal funds, is required to obtain written assurance from the Bank that it is an Equal Opportunity Employer and Lender. Appropriate supporting documentation of the Bank s policies in this regard must be provided and retained on file by the Agency and available for examination by federal agencies. iii. Submit audited financial statements for the past two fiscal years (must include an auditor s unqualified opinion and appropriate notes to financial statements). iv. The Awarded Bank will agree to permit access to its records by Robins Nest Finance Department, its agents, the State Auditor s Office, and, if there is federal involvement, federal auditors for examining records pertaining to Robins Nest s funds. The Awarded Bank will agree to cooperate in any prosecution for misuse or misappropriation of Robins Nest funds. Records of Agency transactions must be kept and maintained by the Awarded Bank for a period of no less than seven (7) years. 3

4 C. Contract Periods REQUEST FOR PROPOSALS FOR BANKING SERVICES v. The Agency assumes no cost of the proposers for the preparation of this proposal. vi. Failure to comply with any of the terms and conditions in this RFP by the Awarded Bank will be cause for termination of the Banking Contract to be entered into. The contract will be for a period of five years. The contract starting date will be August 1, 2014 unless another date is determined by the Agency to be more practical. This contract may be extended by mutual agreement with two successive one year options in favor of the Agency to renew the appointment automatically on the same terms and conditions. D. Modifications and Amendments During the contract period, or any extension thereof, Robins Nest reserves the right to renegotiate with the Bank such additions, deletions, or changes as may be necessitated by law or changed circumstance. However, no increase in quoted unit prices will be permitted and no additional charges shall be added to items or services in the original proposal that remain unchanged. Each proposal shall be signed by a person legally authorized to bind the Bank into a contract. All proposals shall have a statement that the proposer has read and understands all conditions as outlined in this RFP. All proposals shall state that no person acting for or employed by Robins Nest has a direct or indirect financial interest in the proposal or in any portion of the profits which may be derived therefrom. E. Cancellation of Contract By notification: Either party may terminate the contract upon giving written notice of at least ninety (90) calendar days. This provision may be exercised only after the contract has been in effect for three (3) calendar months. The Bank shall be entitled to just and equitable compensations for any satisfactory work completed up to the termination date. Under no circumstances will any damages be paid as a result of the termination of the contract. For cause: In the event of a breach of the contract by the Bank or unsatisfactory performance as assessed by the Chief Financial Officer, or if the Bank performs in a manner that precludes the Agency from administering its functions in an effective manner, the Agency will provide written notice of the breach or unsatisfactory performance. If the Bank has not been able to remedy the breach or improve performance within thirty (30) days following the written notice, then the Agency, with approval of the Agency s Council, will, upon written notice to the Bank, be authorized to cancel this contract by giving a maximum of thirty (30) days as the final termination date of the contract. 4

5 II. SCOPE OF BANK SERVICES A. Accounts Included General banking services will be conducted within one master bank account. The proposing Bank should describe their best arrangement and rates for overnight investments through a Cash Management Investment Agreement. Funds that require segregation shall be kept in separate interest-bearing checking accounts. Interest will be calculated based on the daily balance of these accounts at a daily rate of interest. Interest earned will be posted to the account on the last day of the month. In the future, other accounts, either subsidiary to the Cash Management Account or stand-alone, may be established according to the needs of the Agency s finances. B. Account Structure Disbursements for the Agency accounts payable, whether by check, ACH or wire transfer, will flow through the Operating Account. All payroll transactions, whether by check, ACH or wire, will flow through the Payroll Account. All deposits will be made into the General Account, from which no disbursements other than transfers to Cash Management, returned deposits or credit card returns will be made. Currently, the Agency has a total of twelve (12) checking accounts. While Robins Nest does not commit to keeping a specific bank balance, the average of the monthly average ledger/collected balances in Cash Management for 2013 have ranged as follows: Average Balances Average $1,722, Low $1,171, High $2,004, The Agency s current operating budget is approximately $17,000,000 per year, with 265 employees, and administrative support provided through internal staff. C. Availability of Funds For the General Account, deposits will be made as needed by an Agency employee via electronic means or personal delivery to a branch location. Awarded Bank agrees to credit the Agency s General or Operating Account for selected items according to the following schedule: 1. Incoming Wire Transfers same day credit regardless of time of receipt during the day. The Agency intends to consider all wire transfers received by the Bank prior to the end of the business day as available for investment by Robins Nest, regardless of the time of actual receipt by the Bank. Should a wire transfer not be received by the Bank, as 5

6 specified above, then the wire transfer will be traced from origin to destination to ascertain the party responsible for delaying the transfer. If necessary, adjustments will be made as soon as possible for any lost investment income. 2. Outgoing Wire Transfers execution within two (2) hours after notification by the Chief Financial Officer through the computer terminal, or by telephone, or by FAX, if necessary. The Bank agrees to provide copies of wire transfer confirmations evidencing the amount, date and time, as well as the wire transfer number for all outgoing wires on a daily basis to the Chief Financial Officer via transmission to kwingate@robinsnestinc.org. All other checks will be based on the awarded Bank s availability schedule. Proposing banks are required to attach a copy of their current availability schedule to the proposal. Awarded Bank agrees to notify the Chief Financial Officer, in writing, of any changes to the schedule. The Chief Financial Officer reserves the right to periodically audit the awarded Bank s compliance with its existing availability schedule. D. Online Banking and Reporting Robins Nest requires the successful proposer to provide online web-based banking services and software with the following capabilities: 1. State of the art encryption, security and password protection; 2. Current and prior day ledgers, available balance and detail viewing and reporting, with the ability to download transactions into Microsoft Excel spreadsheet format; 3. Initiation, approval and verification of internal account-to-account transfers; 4. Definable, sortable period viewing and reporting with statement-level detail; 5. NACHA batch file upload, verification, approval and reporting; 6. Stop payment placement, verification and reporting; 7. Item searching, especially but not limited to cleared checks, with imaging and printing capabilities for at least 90 days of history; 8. Wire transfer initiation, approval and reporting, with templates for repetitive use; and 9. Positive pay exception item images. Please provide a description of the Bank s web-based products and services available in Exhibit D Executive Summary. Documentation of the software security must be provided for review by the Agency s Chief Financial Officer. All proposers shall make available a live demonstration of their software. Use of the software by multiple (at least 6) Agency personnel should be included in the contract and pricing structure, with cost per licensed user, if applicable. E. Account Reconciliation The Agency will provide its own account reconciliation services with specific item assistance from the Bank to clear up discrepancies that may occur. The Bank shall provide, at a minimum: 1. Statement and detail reporting and printing capabilities with period and sort choices as part of the online software detailed in Section D above, 2. Access to images of checks cleared within the last 90 days (minimum) as part of the online software detailed in Section D above, and 6

7 3. The software necessary to archive, index, view and print all items included on the website provided under item 2 above. The Bank will provide the Agency with Account Reconciliation items within ten (10) calendar days after the end of the month. F. Automated Clearing House (ACH) Direct Deposit The bank must be both a sending and receiving bank on the Automated Clearing House system. All of our State contracts submit our payments via ACH. In addition, Robins Nest has been moving towards a paperless environment, paying more of its vendors via ACH. The Agency currently pays a large portion of its employees weekly (usually every Friday unless that Friday is a holiday) via direct deposit. This data will be transmitted to the Bank via the internet. The funds must be available to the employees at their respective banks at 9:00 am on the date of payment. G. Electronic Federal/State Tax Deposit Systems The Bank will provide the ability for automatic withdrawal of payroll taxes and other corporate taxes required by the Internal Revenue Service (IRS) and the State of New Jersey. H. Payee Positive Pay Robins Nest may wish to use payee positive pay; therefore, the proposing Bank must indicate if this service is available, along with full Account Reconciliation Program Services (ARP). The payee positive pay must be integrated with the bank teller lines. The Agency endeavors to minimize the risk of fraud and is willing to entertain any suggestions/products that further address this issue. I. Remote Deposit The Agency currently uses remote deposit; therefore, the proposing Bank must indicate if this service is available and include the cost of equipment leasing to accommodate volume, cost of any required software, and the cost of each deposit and the per item charge on Exhibit C. The proposing Bank should also indicate if images of the deposited items can be made and stored locally in Exhibit D Executive Summary. J. Other Banking Services and Conditions 1. All checks returned due to insufficient funds will be automatically deposited a second time. Please include your charge (if any) for this item in Exhibit C with the other costs. Checks that are still uncollectible after the second attempt will be returned to the Agency for processing. 2. Stop Payments will be issued to the Bank through the online software detailed in Section D above. It will be the Agency s responsibility to determine whether the check in 7

8 question is shown as cleared as of the end of the preceding business day through the same software prior to placement of a Stop Payment request. The online software shall report a printable confirmation that the Stop Payment has been placed. If the Bank finds that the check has been cashed, the Bank will immediately forward a copy of the cashed instrument to the Agency. A cancellation of Stop Payment order will be processed as above. The Bank shall be responsible for any item cashed if said item has been confirmed as a Stop Payment and is subsequently cashed by the Bank. 3. On a regular basis, Robins Nest will make transfers between the Cash Management (master) account and individual accounts not included in the ZBA listing. Any transfers between these accounts will be posted only as transfers and not also as items deposited and checks paid. All transfers will be done electronically by Robins Nest staff; only when transfers require involvement by Bank personnel will a fee be charged. Credit for any transfers must be given on the same day that the transfer is made, no matter what time of day the transfer occurs. K. Credit/Debit Card Services The Bank will provide the Agency with the ability to accept payment through the use of credit/debit cards, and to review transaction detail via the internet. The Agency currently accepts American Express, Discover, MasterCard and Visa credit cards for donations, payments for services, and miscellaneous payments, and would like to add the ability to accept debit cards. The Agency will be credited daily for the gross amount of the credit/debit card transactions. Any sales discount fee or percentage proposed will be billed at the end of the month as part of the activity charges. L. Corporate Credit Cards Robins Nest also utilizes credit cards for travel, trainings, and other purposes and would require the Bank to itemize the cost for issuing credit cards to the Agency and associated annual fees and rates including available rebate programs. Currently the Agency has one Visa master account with 6 individual cards issued with both the Agency name and the employee name. M. Account Debit Cards Robins Nest currently uses a debit card used by employees on an account used specifically for one of our residential programs, and may wish to provide debit cards to our three other residential programs, each with its own specific account. Therefore, we would require the Bank to itemize the cost for issuing each card and the transaction fees associated with the use of each card. N. Gift Cards Robins Nest currently purchases VISA gift cards through our bank for use in our residential programs. They are most often purchased in $25 or $50 denominations. 8

9 Please indicate the Bank s ability to provide these in large quantities in Exhibit D Executive Summary along with price in Exhibit C Proposed Fee Schedule. O. Cash Flow Management The Agency will require a line of credit or comparable cash flow management device. Proposing Banks should include a description of their program and terms, including maximum amount that may be made available, in Exhibit D Executive Summary. Our current line of credit is $1,000,000. P. Miscellaneous and New Services In addition to services listed above, the proposal should identify proposed fees for the following service which Robins Nest may wish to use: A small safe deposit box to hold several legal sized envelopes. Overdraft protection for accounts not included in the ZBA listing. Any additional services that the proposing Bank offers that were not addressed in this proposal. Please feel free to describe those services and the benefit(s) that they would provide to Robins Nest. Q. General The Agency s policy is to provide maximum protection of its deposits. The Agency reserves the right to separately invest excess funds through the depository bank or other institutions. Robins Nest Inc. has a formal Investment Policy. Currently, the bank that provides services to Robins Nest also offers beneficial banking services to Robins Nest employees. Please provide a summary of such services, if any, which would be made available to our employees. R. Designated Account Executive The Agency requests that the proposing banks provide the names of a designated account executive as well as an alternate. The designated account executives must have the authority to make timely decisions on their own in the normal course of business. Resumes must be provided for all key account executives designated to service this account. III. SUMMARY Robins Nest requests that all Banks complete the forms in Exhibits A through D and attach requested forms and reports in accordance with the instructions above and as indicated on the Proposal Requirements and Checklist. 9