RFP-8064SM Investment Advisory Services Web Posting

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RFP-8064SM Investment Advisory Services Web Posting Powered By Docstoc
        This is a request for proposal to secure Financial Investment Advisory
        Services for the school system. The vendor(s) listed below have been
        awarded the item(s) indicated. The award is based on the lowest bid
        where the specifications were met or exceeded. Exceptions, if any, are
        listed on the following page.

Bid #                              Award                                         Cost

RFP-8064SM – RFP to secure
Financial Investment Services      SunTrust Bank                      $1,284,394.53
for investing our General, Capital (Stable River Capital Mgmt.)
Projects, Debt Service and SNP      (This amount is based on an
Funds. This will be a one-year      estimated annual amount of
contract with options to renew      $321,098.63 over the four year
for up to three additional years.   period at the average FY08
                                    investment portfolio value.)

                                   TOTAL BID AMOUNT                   $1,284,394.53

Bid packages were sent to the following vendors (the * indicates that a response was

Bank of New York Mellon
BlackRock *
Columbia Management
Deutsche Asset Management *
Federated Securities Corp.
GIF Services LLC
Invesco *
PFM Group *
SunTrust *
Trusco Capital Management
Voyageur Asset Management *
Wachovia Bank N.A
Wells Capital Management *

We are recommending SunTrust Bank (Stable River Capital Management) which has the
second lowest total cost. Invesco, Ltd. had the lowest cost but was last in criteria
evaluation points. Invesco was the least qualified of the three finalists to fulfill its duties
to meet the servicing requirements. We engaged Iron Capital Advisors to assist GCPS in
crafting our RFP document and assist in evaluating the responses.

Bid requested by: Sara Howe-Silvers

                                               APPROVED BY

TO:           All Bidders

FROM:         Mr. Sara Howe-Silvers
              Manager for Cash & Investments

RE:           RFP-8064SM Investment Advisory Services

DATE:         May 13, 2008

The Gwinnett County Board of Education invites you to submit a PROPOSAL
for furnishing any or all services as listed on the attached proposal form. The
RFP opening will begin promptly at 10:00 A.M. on June 10, 2008, at the
address listed below.

Gwinnett County Public Schools, which is located in the
Instructional Support Center at 437 Old Peachtree Road, NW, in
Suwanee, Georgia (directions attached) NO LATER THAN 10:00
A.M. ON JUNE 10, 2008.




@ www.gwinnett.k12.ga.us and will be available for public inspection within
forty-five (45) days after the opening date. Please note that any bid/proposal
posted, may at any time, have changes made to it. Please check our site
periodically to note these changes. Tabulations will be posted once an award has
been made.
Any questions regarding this Proposal should be submitted via e-mail to
Matthew_Mills@gwinnett.k12.ga.us no later than May 23, 2008. Telephonic
inquiries WILL NOT be accepted.
              Directions to Instructional Support Center (ISC)
                      Gwinnett County Public Schools
                          437 Old Peachtree Road
                            Suwanee, GA 30024

Directions from Atlanta Area:
I-85 North;
Take exit number 109, Old Peachtree Road;
Turn right on Old Peachtree Road, NW. about 1.5 miles;
ISC will be on left.

Directions from I-85 South toward Atlanta:
I-85 South to exit number 111, GA-317 N / Suwanee;
Turn left onto Lawrenceville-Suwanee Road, NW;
Turn right onto Old Peachtree Rd, NW about 1.1 miles;
ISC will be on right.

Directions from Hwy 29:
Hwy. 29 to Langley Drive;
Langley Drive to W. Pike Street;
Turn left onto W. Pike Street which becomes Duluth Highway.
Straight on Duluth Highway to Lawrenceville-Suwanee Rd;
Turn right onto Lawrenceville-Suwanee Rd. to Old Peachtree Rd.;
Turn left onto Old Peachtree Rd., NW about 1.1 miles;
ISC will be on right.

Directions from Hwy 78:
Hwy. 78 towards Snellville to Scenic Hwy/Hwy.124;
Turn onto Scenic Highway / Hwy. 124 towards Lawrenceville,
to Sugarloaf Parkway;
Turn left onto Sugarloaf Parkway to N. Brown Rd.;
Turn right onto N. Brown Road; to Old Peachtree Rd.;
Turn right onto Old Peachtree Rd. about 1.4 miles;
ISC will be on left.
                               Gwinnett County Public Schools
                                    Suwanee, Georgia

                         “INSTRUCTIONS AND CONDITIONS”

(These are general instructions and conditions that accompany each bid package. If more
specific instructions are given in the individual bid package, those instructions should prevail.)


   A. All prices and bids must be typed or neatly handwritten. No erasures are permitted. Errors
      may be crossed out and corrections typed adjacent and must be initialed in ink by the person
      signing the bid.

   B. Brand names and numbers when given in bids are for reference to establish a quality standard
       unless “no substitution” is stated in the specifications. Bids on equal items will be considered,
       provided the bid clearly describes the article offered and it is equal in quality. Specifications
       used are intended to be open and nonrestrictive. When no reference or change is made on
       proposal by bidder, it is understood that the specific item named on the proposal shall be
       furnished by the bidder. If bidding on other than the make, model, brand or number shown,
       and offered as an equal, complete technical information, specifications, manufacturer’s name,
       catalog reference and a catalog cut must be attached to the proposal letter. Failure to include
       the supportive information will result in the item automatically being rejected. The Board,
       through its Purchasing Agent, shall be the sole judge in making determination as to the quality.
       All decisions shall be final.

   C. Quote on each item separately. All or nothing bids, items or groups based on other items or
      other bids, will not be considered. Prices must be stated in units specified in the bid in order
      to be considered.

   D. Time of delivery is part of the bid and must be adhered to. If it is impossible to meet the
      delivery specified in the bid, bidder shall state the best delivery possible in the space provided
      on the Bid Request. Time shall be stated in days and days shall mean “calendar days”.

   E. All bids must be signed by a responsible officer or employee. The firm name and telephone
      number must be shown. Obligations assumed by such signature must be fulfilled.

   F. Telephone/fax bids in lieu of this form will not be accepted.
                       Gwinnett County Public Schools
                            Suwanee, Georgia


  A. Each bid must be submitted on the enclosed form in a sealed envelope with the
     company name, opening date and time, and bid number printed on the
     outside of the envelope.

  B. Bids, modifications to bids or corrections on bids received after the opening time
      specified will not be considered. The Board will not be responsible for lateness
      of receipt due to mail delays.


  A. Awards will not be made to a vendor for less than $500.00 when there are
     multiple awards on a bid.

  B. Bidders agree that their bids are subject to acceptance at anytime within 30 days
      after opening, unless otherwise stipulated in the bid.

  C. The Board may place additional orders or increase quantities at quoted prices in
     excess of the original bid with the consent of the bidder and for such period of
     time as may be agreed upon between the Board and the bidder.

  D. The Board may accept or reject any or all bids or part of bids and may waive
     informalities, technicalities and irregularities. The judgment of the Board on such
     matters shall be final.

  E. CONTRACT: The Request for Bid, Bidder’s Response and a Purchase Order
     or Contract and its attachments, either attached hereto or by reference, when
     received by the successful bidder, shall constitute (1) a binding Contract on the
     terms set forth herein, and (2) the entire Contract, and it is to be interpreted,
     construed and given effect in all respects according to the laws of the State of


  Prices quoted shall be based on F.O.B. delivery our warehouse except where
  installation is required. Where installation is required, prices are to include all
  necessary wiring, connecting, leveling, piping, uncrating, moving and all other
  changes incurred in placing the equipment in operation, unless otherwise specified.
                        Gwinnett County Public Schools
                             Suwanee, Georgia

   All merchandise requiring installation and which is shipped F.O.B. job site must be
   received by the successful vendor’s regularly employed personnel and the equipment
   stored in the area designated by the owner’s representative. The Board will not
   assume responsibility for any items which require installation until it is completely
   installed and demonstrated to the appropriate school officials.


       A. All merchandise will be received in our warehouse on weekdays between the
      hours of 7:00 A.M. and 3:30 P.M. Where two or more items are packaged
      together, their combined weight shall be no more than two thousand (2,000)

      B. MARKING: Include packing list in each shipment. Packing list must show
      Gwinnett County Board of Education Purchase Order Number, Contents and
      Shipper’s Name and Address, mark packing list and Invoices covering final
      Shipment “Order Completed”. If no packing list accompanies the shipment, the
      Buyers count will be accepted. Mark (upper left corner) or each package (box,
      crate, barrel, bundle, piece) clearly with (1) Shipper’s name and address, (2)
      Contents, (3) Board of Education Purchase Order Number, and (4) Bill of Lading
      or Express Receipt and on every package the marking specified above, will
      obligate Shipper for any and all extra cost incurred, including drayage or


   Samples, when required, must be furnished at the Bidder’s expense to the Board.
   Samples must be tagged with the bidder’s name and Bid Number. Samples not
   used or destroyed in testing will be returned to the bidder at his request and at his

    The Board will assume no responsibility for items destroyed or stolen when being

7. INVOICES (Three (3) copies required)

   All invoices must show the purchase order number, the item number, and should be
   mailed to Gwinnett County Public Schools, Finance Department, 347 Old Peachtree
   Road, NW, Suwanee, Georgia 30024-2978.
                       Gwinnett County Public Schools
                            Suwanee, Georgia


  PAYMENT IN FULL will be made by the Board of Education when an invoice is
  received indicating that the goods and/or services have been delivered. The Board of
  Education will also make PARTIAL PAYMENT when partial shipment is received,
  as long as an invoice is received indicating partial delivery.


  In the event any property or service to be furnished by the bidder under a Contract or
  purchase order should for any reason not conform to the specifications contained
  herein, or to the sample submitted by the bidder with his bid, the Board may reject
  the property or service. Then, in which event, with specific instructions from the
  Director of Purchasing, the bidder shall immediately remove the property without
  expense to the Board and replace all rejected property with such property or service
  conforming to the specifications or samples.

   Should the bidder default in the performance of the foregoing paragraph, the Board
  may procure such property or services from other sources and shall have the absolute
  right to deduct from any monies due to the bidder, the difference between the contract
  price and the actual cost of the property to be replaced or substituted. Price paid by
  the Board of Education in such event shall be the prevailing market price at the time
  the substitute purchase is made.


  All property or services furnished must comply with all applicable Federal, State and
  Local Laws, Codes and regulations. Successful Bidders must obtain County Permits
  where necessary.


  The rights and remedies of the Board provided above shall not be exclusive and are in
  addition to any other rights and remedies provided by law or under the contract.
                       Gwinnett County Public Schools
                            Suwanee, Georgia


  Bidders may be required to furnish evidence in writing that they maintain permanent
  places of business and have adequate equipment, finances and personnel to furnish
  the items offered satisfactorily and expeditiously and that they are authorized dealers
  and can provide necessary services and warranties for items they propose to furnish.


  Successful Bidders will be responsible for seeing that all County Inspection Codes
  are complied with as regarding (1) electrical, (2) gas and (3) water fittings and
  outlets. Field Checks for exact measurements of all spaces for items to be furnished
  will be the responsibility of the successful bidder. This is to insure proper fitting of
  all items in the space provided. Shop Drawings, if applicable, will be prepared and
  three (3) copies will be furnished to the Board of Education Purchasing Department,
  before work is begun.


  Failure to respond to Invitation to Bid (submission of bid, or written notice that
  vendor is unable to bid on this particular request but wishes to remain on the active
  bidder’s list for this particular item) will be understood by the Board of Education to
  indicate a lack of interest and concurrence in the removal of the vendor’s name from
  the Board’s mailing list.


  By submitting their bid or proposal, all vendors certify that they are not currently
  debarred from submitting bids or proposals on contracts by any agency of the State
  of Georgia and the federal government, nor are they an agent of any person or entity
  that is currently debarred from submitting bids on contracts by any agency of the
  State of Georgia or the federal government.
                   Gwinnett County Public Schools
                        Suwanee, Georgia



COMPANY NAME:_____________________________________________________





PHONE NUMBER:_____________________________________________________

FAX NUMBER:________________________________________________________

E-MAIL ADDRESS:____________________________________________________


                       Gwinnett County Public Schools
                            Suwanee, Georgia

                   OCGA 13-10-90”


If you are providing service, performing work or delivering goods to the Gwinnett
County Public Schools including, but not limited to schools, warehouses and central
offices, the applicable Georgia Security and Immigration Compliance documents found
here must be completed, signed, notarized and submitted with your bid proposal.

   1)     Gwinnett County Public Schools shall comply with the Georgia Security and
          Immigration Compliance Act OCGA 13-10-90 et. seq.,
   2)     In order to insure compliance with the Immigration Reform and Control Act
          of 1986 (IRCA), D.L. 99-603 and the Georgia Security and Immigration
          Compliance Act OCGA 13-10-90 et. seq., the Contractor must initial one of
          the sections below:

   _____ Contractor has 500 or more employees and Contractor warrants that
         Contractor has complied with the Immigration Reform and Control Act of
         1986 (IRCA), D.L. 99-603 and the Georgia Security and Immigration
         Compliance Act by registering at https://www.vis-
         dhs.com/EmployerRegistration and verifying information of all new
         employees; and shall execute any affidavits required by the rules and
         regulations issued by the Georgia Department of Labor as set forth at Rule
         300-10-1-.01 et. seq.

   _____ Contractor has 100 to 499 employees and Contractor warrants that no later
         than July 1, 2008, Contractor will register at https://www.vis-
         dhs.com/EmployerRegistration to verify information of all new employees in
         order to comply with the Immigration Reform and Control Act of 1986
         (IRCA), D.L. 99-603 and the Georgia Security and Immigration Compliance
         Act; and shall execute any affidavits required by the rules and regulations
         issued by the Georgia Department of Labor as set forth at Rule 300-10-1-.01

   _____ Contractor has 99 or fewer employees and Contractor warrants that no later
         than July 1, 2009, Contractor will register at https://www.vis-
         dhs.com/EmployerRegistration to verify information of all new employees in
         order to comply with the Immigration Reform and Control Act of 1986
         (IRCA), D.L. 99-603 and the Georgia Security and Immigration Compliance
         Act; and shall execute any affidavits required by the rules and regulations
         issued by the Georgia Department of Labor as set forth as Rule 300-10-1-.01
         et. seq.
                  Gwinnett County Public Schools
                       Suwanee, Georgia
3)   In the event that the contractor employs or contracts with any subcontractor in
     connection with a covered contract the contractor will secure from the
     subcontractor attestation of the subcontractor’s compliance with O.C.G.A. §
     13-10-90 et seq. and Georgia Department of Labor Rule 300-10-1-.02 by the
     subcontractor’s execution of the subcontractor affidavit shown in Georgia
     Department of Labor Rule 300-10-1-.02 or a substantially similar affidavit.
4)   Contractor agrees that, in the event the (insert your company’s name)
     ______________________________________________ employs or
     contracts with any sub-contractor in connection with the covered contract
     under O.C.G.A. § 13-10-91 and DOL Rule 300-10-1-.02, that the (insert
     company’s name) ______________________________________________
     will secure from each sub-contractor the employee-number applicable to the
5)   Contractor agrees to provide Gwinnett County Public Schools with all
     affidavits of compliance as required by O.C.G.A. § 13-10-90 et seq. and
     Georgia Department of Labor Rule 300-10-1-.02, 300-10-1-.03, 300-10-1-.07
     and 300-10-1-.08.
                        Gwinnett County Public Schools
                             Suwanee, Georgia

By executing this affidavit, the undersigned contractor verifies its compliance with
O.C.G.A. 12-10-91, stating affirmatively that the individual, firm or corporation which is
contracting with the Gwinnett County Board of Education has registered with and is
participating in federal work authorization program [any of the electronic verification of
work authorization programs operated by the United States Department of Homeland
Security or any equivalent federal work authorization program operated by the United
States Department of Homeland Security to verify information of newly hired employees,
pursuant to the Immigration Reform and Control Act of 1986 (IRCA), P.L. 99-603], in
accordance with the applicability provisions and deadlines established in O.C.G.A. 13-

       The undersigned further agrees that, should it employ or contract with any
subcontractor(s) in connection with the physical performance of services pursuant to this
contract with the Gwinnett County Board of Education, contractor will secure from such
subcontractor(s) similar verification of compliance with O.C.G.A. 13-10-91 on the
Subcontractor Affidavit provided in Rule 300-10-01-.08 or a substantially similar form.
Contractor further agrees to maintain records of such compliance and to provide a copy
of each such verification to the Gwinnett County Board of Education at the time the
subcontractor(s) is retained to perform such service.

EEV/Basic Pilot Program User Identification Number

___________________________________________                 ________________________
BY: Authorized Officer or Agent                             Date
     (Contractor Name)

Title of Authorized Officer or Agent of Contractor

Printed Name of Authorized Officer or Agent


______ DAY OF _____________________, 200___

Notary Public

My Commission Expires: ______________________
                         Gwinnett County Public Schools
                              Suwanee, Georgia

                     “SUBCONTRACTOR AFFIDAVIT”
        By executing this affidavit, the undersigned subcontractor verifies its compliance
with O.C.G.A. 13-10-91, stating affirmatively that the individual, firm or corporation
which is engaged in the physical performance of services under a contract with (name of
contractor), which has a contract with the Gwinnett County Board of Education, has
registered with and is participating in a federal work authorization program [any of the
electronic verification of work authorization programs operated by the United States
Department of Homeland Security or any equivalent federal work authorization program
operated by the United States Department of Homeland Security to verify information of
newly hired employees, pursuant to the Immigration Reform and Control Act of 1986
(IRCA), P.L. 99-603], in accordance with the applicability provisions and deadlines
established in O.C.G.A 13-10-91.

EEV/Basic Pilot Program User Identification Number

____________________________________________                ________________________
BY: Authorized Officer of Agent                             Date
    (Subcontractor Name)

Title of Authorized Officer or Agent of Subcontrator

Printed Name of Authorized Officer or Agent


______ DAY OF _____________________, 200___

Notary Public

My Commission Expires: ______________________


              Investment Advisory Services

                       May 13, 2008

Page 1 of 1
                Request for Proposals for
              Investment Advisory Services


The Gwinnett County Board of Education acts on behalf of the Gwinnett County
School District a/k/a Gwinnett County Public Schools (hereinafter District). The
District is soliciting sealed qualifications proposals from full service investment
advisory firms to provide the following services:

   •   Develop an investment strategy subject of the constraints set by
       District Policy DFL- Investment Earnings A copy of the policy can be
       found in attachment A
   •   Review investment statues and solidify the District investment policy
   •   Establish broker/dealer guidelines and perform due diligence
   •   Identify liquid funds and core funds
   •   Determine appropriate investments to achieve cash flow objectives
   •   Performance benchmark guidance
   •   Monitor the markets and investment results. When significant
       changes occur in the market conditions advise District of actions
       that would be advantageous
   •   Upon request, prepare written advice and assess market
   •   Advise District of pronouncements by state and government
       agencies and professional organizations or other regulatory
       organizations that impact investment decisions, performance and
   •    Monitor the creditworthiness of the financial institutions and
       investments in the portfolio
   •    Attend board and/or Investment Committee meetings as requested
   •    Provide monthly reports that report yields and portfolio

District desires assistance in developing and managing a comprehensive cash
management and investment program. At this time, there is no guarantee that
District will utilize the services of any investment advisory firm responding to this
request for Proposals.
                              SCOPE OF SERVICES

Proposals are being solicited for general investment advisory services for District.
The objective is for the investment adviser to assist the district to develop and
carry out investment policies designed to ensure that sufficient assets are
available to meet current and future obligations. The Funds covered by this
agreement include all District Funds except Gwinnett Retirement System and
Series 2007 Debt Service. See detail in Attachment D. The RFP will be for an
initial term of one years, with renewal options totaling an additional three (3)

The work will include providing services to the District in the following areas:

   •   Investment Strategy-Provide assistance in developing and implementing
       investment strategies that will maintain or enhance portfolio quality and
       performance within the parameters of District’s established investment
       policies and cash flow needs, taking into consideration District’s primary
       objective of preservation of principal.

   •   Perform due diligence reviews of current and proposed broker/dealers and
       financial institutions; monitor the credit worthiness of the broker/dealers
       with which District does business; assist in keeping the authorized
       broker/dealer list updated; and monitor the creditworthiness of District’s
       depository and custodian bank and investments in the portfolio. Comply
       with all federal and state of Georgia laws and ordinances, resolutions and
       policies of District.

   •   Work with the staff to assure coordination of investment trades, delivery of
       the securities, and availability of funds. Assist with trade settlements.
       Obtain and document competitive prices for securities transactions.
       Provide technical and fundamental market research, including yield curve

   •   Performance Evaluation and Reporting -The adviser will provide
       performance analysis relative to investment, guidelines, standards, and
       desired characteristics. The Adviser will produce timely reports, for each
       portfolio and for the System as a whole, based on monthly and quarterly
       reports, and such other information as appropriate.

   •   Benchmarking -The Adviser will assist and advise District of appropriate
       portfolio performance benchmarks and in determining the appropriate
       standards for measuring performance of various asset groups.
   •   Risk Measurement and Oversight -The Adviser will provide ongoing
       advice and assistance to District in the design and maintenance of an
       effective risk management program which will be able to identify,
       measure, manage, and minimize the various risks to the District.

   •   Research and Education -As requested by District, the Adviser will
       conduct and participate in educational sessions on specific topics of
       interests to District.

In conjunction with providing the above services, the Adviser may be required to
meet periodically with staff to review and refine portfolio strategy and
performance and attend investment meetings and such other meetings as may
be requested by the Chief Financial Officer


Responsibility of Contractor – It is understood and agreed that the services the
Contractor will be required to perform under this request for proposals shall be
rendered directly by or under close personal supervision by the Contractor, and
that the work shall be faithfully performed with care and diligence. The Contractor
will return all calls or other contacts from District within a reasonable time. If it is
not possible for the called or contacted party to respond, the Contractor will make
arrangements for a designated member of the Contractor to respond to the
contact within 48 hours.

Responsibility of District – The Chief Financial Officer will provide the
Contractor with a list of designated District employees who are authorized to
contact the Contractor. District will also provide a point of contact for all service
and billing issues.

Joint Responsibility – If additional services, supplemental to those included
herein, are required, both District and the Contractor have the responsibility to
identify those services and determine fair compensation for the additional


Investment Advisers wishing to submit proposals must meet or exceed the
following criteria. Please respond to each of the seven criteria. Any exception to
this criterion must be explained and will be subject to the District approval.

       A. Advisers shall be a registered Investment Adviser as defined and
          regulated by the Securities and Exchange Commission (SEC).
B. Investment service providers may include qualified banks that provide
   Investment Advisory Services in the Southeast. All banks must have
   an office located in, and be licensed in the state of Georgia.

C. Advisers shall be completely independent of any financial institution or
   securities brokerage firm, or shall fully disclose any such relationships
   relevant to the firm’s relationship to District.

D. Advisers shall have a minimum of five years experience in managing
   government operating and construction bond proceeds.

E. Advisers shall have a minimum of $2 billion dollars in assets under
   ongoing management.

F. Advisers must be knowledgeable of Georgia investments statutes and
   become knowledgeable of the District investment policy.

H. All Financial institutions, advisors, and broker/dealers interested in
   supplying investment services must provide:

          •   Audited financial statements for the previous two years
          •   Proof of registration as a business in the state of Georgia
          •   Certification of having read, understood and agree to comply
              with the District Investment Policy, attached as Attachment B
              and D.


A. Proposer will provide a principal or partner-level individual to be the
   first point of contact for all service and billing issues.

B. Concerning the manner in which services are provided, District expects
   that the work will be assigned to individuals in the most efficient
   manner consistent with their experience and training.

C. If it is necessary to associate with other firms in any matter, the
   Proposer must obtain prior approval from the District designated
   contact. The Proposer must inform associated service providers of the
   procedure set forth herein.

D. Invoices for services will be submitted monthly.

The Proposer may be requested to perform special projects for District. Because
of variations in the demand for additional services from time to time, such work
shall be agreed upon in advance, contracted for, provided and billed separately
to District on a pre-arranged basis.

Each Proposer shall provide the following:

                                INTRODUCTORY LETTER

        Include the name of the proposing Investment Advisory Firm and its
        principal business address and phone number where the relationship will
        be managed. The letter should address the Investment Advisory Firm’s
        willingness and commitment, if selected, to provide the services offered
        and a description of why the Proposer believes it should be selected. The
        letter should be addressed to Matt Mills and should be signed by the
        Relationship Manager who would be assigned to the District account.
        Please provide all contact telephone, fax numbers, e-mail addresses, and
        addresses of your office(s).


                             ORGANIZATION AND HISTORY

1. Please provide the name(s), title(s), address(es), e-mail address(es), telephone and
   fax number(s) of the individual(s) responsible for responding to this request.

2. Please include a copy of your firm’s ADV, Parts One and Two, for our records.

3. Please provide an overview of your company’s ownership structure and
   organizational history. Please include organizational charts diagramming the
   interrelationships among the professional staff as well as the parent-subsidiary,
   affiliate, or joint venture entities. Also, provide a list of all individuals with significant
   ownership interest in your company, including their percentage ownership.

4. Are you currently participating in any alliances or joint marketing efforts? If so,
   please describe in detail.

5. Please describe the levels (dollar amounts) of coverage for SEC-required fidelity
   bonds, errors and omissions coverage and any other fiduciary coverage which your
   firm carries. List the insurance carriers supplying the coverage.
6. What was the date of your company’s last SEC filing? Please provide the SEC file

7. Within the last five years has the firm, any predecessor of the firm, or a member of
   the firm been the subject of any stop order, consent decree censure, reprimand or
   any other disciplinary action by the SEC, NASD, NYSE, ASE, or any other state or
   federal regulatory agency?

8. Is any employee or any of your affiliates (including third party vendor) the subject of a
   current investigation for which there has been no formal charges yet rendered?

9. Please discuss any conflicts of interest your firm may have in the management of
   any client accounts. Include any activities of affiliated or parent organizations,
   brokerage activities, investment banking activities or any past or current relationships
   of any kind with board members. Include any other pertinent activities, actions, or
   relationships not specifically outlined in this question.

10. Please detail how your firm uses soft dollar transactions. How do you disclose this
    information to your clients?

11. Describe your firms experience in managing fixed income portfolios for public
   funds and governmental entities?

12. Please provide a copy of your firm’s ethics code.

13. Please list in the columns the following information for each year:

   (Manager)            2006       2005       2004      2003       2002       2001
   Total AUM            $          $          $         $          $          $
   Commingled Fund      $          $          $         $          $          $
       Separate Accts   $          $          $         $          $          $

14. Please indicate the total amount of assets and the number of accounts your firm
    currently manages for institutional clients with similar objectives to those of Gwinnett
    County Public Schools.

15. Please give details on the name and asset value of all the terminated institutional
    cash management client relationships since January 2004 for your firm. In addition,
    please include the stated reason for the termination.

1. Please list all principal officers, portfolio managers and client service officers associated
   with the proposed cash management service by name, providing appropriate
   biographical information. At a minimum, include the educational degrees earned, years
   of total investment experience, years of tenure with the current firm and any pertinent
   professional certifications.

2. For the proposed cash management services, please list in columns the
   following information for each year:

        (Manager)             2006       2005        2004       2003       2002       2001
        Total AUM             $          $           $          $          $          $
        Commingled            $          $           $          $          $          $
            Separate          $          $           $          $          $          $

3. How may separate account portfolios are managed in the proposed style?

4. How many client portfolios is each of the firm’s portfolio managers responsible for as

5. Have any investment or business management personnel associated with the cash
   management services left or joined the firm in the last five years? If so, please indicate
   when and why. Please specifically highlight any portfolio managers, Chief Investment
   Officers, or any individual(s) responsible for the strategic oversight of your investment
   process that have left the firm in the last five years.

6. What criteria must be met for employees to become vested owners of your firm, if any?
   If no employee ownership program exists at this time, are there any plans to include
   one in the future?

7. Please discuss your organization’s compensation and incentive program. How are
   professionals evaluated and rewarded? (We are especially interested in how your
   traders, investment analysts, business operation officers, portfolio managers and
   investment strategists are compensated.)

8. Please describe your succession plan and how it will be executed when there is a major
   change in the company structure regarding a majority shareholder/equity owner or
   senior officers with the company. Have you had to execute any portion of this
   succession plan in the past three years?

9. Has your firm experienced a material change in organizational structure,
    ownership or management in the last three years?

1. What performance benchmarks would you suggest for this portfolio? What
   experience has the firm had in developing benchmarks for public operating

2. Please provide an overview of your firm’s overall investment philosophy fixed income

3. Please provide the names and titles for all members of your firm’s Investment Policy
   Committee. How frequently does the Committee meet?

4. What type of monitoring role does the Investment Policy Committee undertake with
   regards to the cash management services?

5. Please describe the investment philosophy for your firm’s cash management group.

6. Have any market events in the past allowed you to make modifications to enhance
   your investment process for future market cycles?

7. Describe the decision making process. Please include the following in your answer:

   a. Include the titles and responsibilities all individuals involved at each stage of the
      investment process.

   b. Please discuss your buy process and your sell process. Provide current examples
      of how each works.

8. Please describe your portfolio risk controls. Describe your policies regarding sector and
   security diversification.

9. What exclusionary or prudent screens are applied to securities before they are included
   in the portfolio?

10. How do you handle fluctuating cash flows and the cash forecasting process?

11. How important is liquidity in your investment process? What kind of liquidity screens
    and constraints do you utilize in your portfolio construction process?

12. Please describe the trading techniques that are utilized in order to manage transaction

13. Under what circumstances would your firm deviate from its disciplines or change the
    investment process?

14. For each of the last five years, please provide the following information for the proposed
        a. Expense ratio
        b. Total assets
15. Please describe your firm’s fixed income market outlook for the current year.

16. Please add any commentary on why your firm is unique from other investment
    advisory firms.

                              COMPOSITE ANALYSIS

1. How long have you been in compliance with the CFA Institute Global Investment
   Performance Standards? Do you have annual audits of your composite? If no,
   when was the last time your composite was audited?

2. Please provide your composite quarterly returns since inception.

3. Please provide the number of accounts in your composite every year since the
   inception date. Be sure to include the annual dollar value of the composite since
   inception as well.

4. How much dispersion is there between your best performing account and your worst
   performing account in your composite during an average quarter? Please provide the
   most recent information that your firm has available.

5.    How many domestic cash management accounts are not included in your
     composite, if any? Please describe the reasons for the excluded accounts and the
     total dollar amount.

                           TECHNOLOGY AND SYSTEMS

1. Please list all major computer systems utilized by investment professionals within
   your firm. Include both proprietary and non-proprietary systems.

2. Describe your firm’s documented disaster recovery plan. How often do you
     test your system?

                         CLIENT SERVICING / REPORTING

     1. How often would your staff suggest meeting with the District staff? Who
        will attend these meetings?

     2. What are the frequency and format of the reports that you would provide
        to District staff? What transactions, confirmations and paper trail will
        District receive? Can you provide monthly reports (if required) and how
        quickly can these be provided to District? Please attach a sample.
   3. Describe the accounting and reporting system used by your firm.

   4. What training would you provide to District employees? (Investment


   Proposers must have experience in providing Investment Advisory Services
   for other large institutions, preferably school districts and local governments.
   Experience with other public school systems, including type of engagement
   and scope of project should also be included in your response. Provide five
   references most comparable to District’s size and financial needs. Include a
   brief description of the services provided, client name and contact person,
   address, telephone number, and e-mail address for each client described.

   How many accounts has the firm gained in the last 12 months? How many
   accounts has the firm lost in the last 12 months and why?

                      COST PROPOSAL REQUIREMENTS

Provide detailed information of the costs in the topics below. In order for District
staff to adequately compare and evaluate proposals objectively, all proposals
must address each topic. All questions must be answered in simple and
straightforward language.

       A. Provide fee schedule that would apply to the District account. Describe
          the methodology used. This should show your firm’s minimum
          commitment of staff hours by personnel level.

       B. What expenses are covered under the fee schedule?

       C. Identify any fees and expenses that would not be covered under this
          fee schedule but which may be required stated as a cost per labor hour
          for special projects as may be requested from time to time.

       D. Indicate what direct costs the District would be responsible for in the
          conversion. Indicate what conversion costs, if any, would be absorbed
          by the firm as a start-up cost?

Please complete the attached Fee Proposal form, Attachment B, with the
required signature and other information. Submit fee based on flat fee and
include any additional costs identified in items C and D above
                            ORAL PRESENTATIONS

District reserves the right to invite respondents to make oral presentations. It is
presently expected that oral presentations will be required. If oral presentations
are required, District reserves the right to limit the number of oral presentations
and will set forth presentation guidelines at that time.

                            EVALUATION PROCESS

Evaluation will be done as a multi-stage process. Proposals will be screened to
determine whether minimum requirements are met. Proposals that do not meet
these minimum requirements (non-responsive proposals) will be rejected.

Responsive proposals will be reviewed. Proposals will be rated in accordance
with Selection Criteria A through E below. After the proposals are rated, an
acceptable competitive range of ratings will be established. Proposals with
ratings outside of the acceptable competitive range will not be evaluated further.
If oral presentations are required, District will contact the top Proposers at that
time. Selection by the District’s Board may be made without presentations.

Proposers may be requested to provide clarifications or additional information
regarding their proposal(s) at any time during the evaluation process.


The criteria listed below will be used to evaluate the Proposers to determine the
finalists and apparent successful Vendor. Total possible points will be 100. If
interviews are conducted, there may be a possible 25 additional points available.

       A.     Organizational Capacity and Experience                   20 points

              Criteria includes the Proposer’s relevant knowledge and experience
              in similar consulting engagements, current organizational capacity
              and depth of resources, experience of staff for this engagement,
              and commitment to high levels of ethical compliance.
      B.     Technical Capabilities                                   20 points

             Capabilities to be evaluated:

             •   Performance measurement, benchmarks, databases and style

             •   Research and educational capabilities

             •   Investment policy guidelines

             •   Risk oversight and measurement

      C.     Ability to Meet Servicing Requirements                   20 points

             Criteria includes the Proposer's demonstrated ability to meet
             service requirements, such as to communicate with District on both
             on-going and special issues, and to respond to concerns as they
             arise, including the operational plan for fulfilling its duties and the
             quality of professional staff assigned to this project.

      D.     Proposed Fees                                            20 points

             Total proposed charges and pricing increases in subsequent years

      E.     Reference Check                                          20 points

             Contact the Proposer’s provided references to evaluate the
             Proposer’s Investment Advisory Service experience and expertise,
             and the customer’s satisfaction.

A notable absence of acceptability on any of the above criteria may cause a
candidate to be eliminated.

The following is the estimated timetable for awarding contracts:

         Event                                     Date

Release of RFP                                  May 9, 2008

Last date to submit questions                   May 23, 2008

Response to questions returned                  May 30, 2008

Deadline to submit proposals                    June 10, 2008

Interviews of finalists by committee (if needed) July 8, 2008

Contractor selection and award of contracts     August, 2008


     •   A pre-proposal conference will not be held.
     •   There will be no public opening of the proposals.

    Communications with District

             1.   Contact

                  District’s contact for purposes of receiving proposals and
                  responding to inquiries regarding this RFP is:

                  Matt Mills

                  Phone:        (678) 301-6291
                  Fax:          (678) 301-6284
                  E-mail:       matthew_mills@gwinnett.k12.ga.us

                  From the issue date of this RFP until a proposal is selected,
                  all contact with District employees concerning the RFP must
                  be cleared through Mr. Mills.

        2.        Questions

                  Questions concerning the RFP should be submitted in
                  writing to Mr. Mills by the due date for questions indicated on
                  the projected timetable. Proposers should submit questions
                  as soon as they arise after receipt of this RFP. Answers to
                  general questions (unidentified as to source) will be
                  responded to by email to all potential Proposers on the RFP
                  bid list that were sent a copy of the RFP. Proposers without
                  email access will be notified by regular mail. If changes
                  need to be made to the RFP, then an Addendum will be
                  posted and all Proposers notified. Only written responses
                  from the agency contact should be considered official
                  responses of the Chief Financial Officer. See Projected
                  Timetable, for applicable dates.
               GWINNETT                Gwinnett County Board of
                   COUNTY                    Education

Level:                                             Accompanying                                       Descriptor Code:
 Policy                                            Procedure:                                         DFL
 D-Fiscal Management                               P.DFL
Descriptor Term:                                                                                      Effective Date:
                                                                                                     September 13, 2007
Investment Earnings


Effective cash management is recognized as essential to sound fiscal management. This is particularly true given the
ever increasing burden placed on local school boards to fund expanding programs and meet rising costs while
minimizing the effort required from local taxpayers. The extent to which Gwinnett County Public Schools (GCPS) can
obtain investment returns on available funds can help to relieve this burden. This requires that investment policies be
well founded and uncompromisingly applied in all aspects.

Public funds shall be invested in a manner which will provide the highest investment return with the maximum security,
while meeting daily cash flow demands and conforming to all laws of the State of Georgia governing the investment of
public funds. This policy establishes a framework for meeting these objectives through the selection, purchase,
safekeeping, and management of investment instruments.


This investment policy applies to all funds under budgetary control or fiduciary responsibility of GCPS with the exception
of the Gwinnett Retirement System (GRS) which is administered separately under the policies established by the GRS
Plan Administrative Committee. All funds are accounted for in the GCPS Comprehensive Annual Financial Report and
in the monthly Schedule of Investments submitted to the Board as a part of its monthly meeting agenda. These funds

                       General Fund
                       Special Revenue Fund
                       Capital Projects Funds
                       Debt Service Fund
                       Enterprise (Food Service) Fund
                       Fiduciary Fund (includes local school investments)
Any new fund created by GCPS, unless specifically exempted.

1.     Safety of principal is the foremost objective of the investment program of GCPS. It is the intent of GCPS to hold
       all investments until their stated maturity. However, security swaps are permitted when executed within the scope
       of this policy and the related investment procedures and only if "prudent analysis" were to deem it in the best
       interest of GCPS. Investment transactions shall first seek to ensure that capital losses are avoided, whether they
       be from securities defaults or erosion of market value.
2.     The investment portfolio will remain sufficiently liquid to enable GCPS to meet all operating requirements which
       might be reasonably anticipated.
3.     The investment portfolio shall be designed with the objective of attaining a market rate of return while giving the
       highest priority to objectives 1., and 2., above. A market rate of return shall be defined as a rate of return that is
       not less than the three month Georgia Fund I return.
4.     Investment officials shall act responsibly as custodians of the public trust and shall avoid any transaction that
       might impair public confidence in GCPS' ability to govern effectively.


Under the authorization of Georgia Code Section 36-83-4(b), the Chief Financial Officer is responsible for the overall
management of the investment program and delegates the day-to-day investment responsibilities to the Director of
Finance and Accounting and the Cash/Investment Manager. The Director of Finance and Accounting and the
Cash/Investment Manager shall submit for the Superintendent's approval, through the Chief Financial Officer, written
procedures for the operation of the investment program, consistent with this investment policy. Such procedures shall
include explicit delegation of authority to other positions responsible for investment transactions and records. No
position may engage in an investment transaction except as provided under the terms of this policy and the procedures
established by the Director of Finance and Accounting and the Cash/Investment Manager.

The Chief Financial Officer and the Director of Finance and Accounting shall establish a system of internal controls to
regulate activities of subordinate officials. All internal controls, procedures, records, reports, and documentation shall be
available for review annually by the external audit firm and by GCPS' Internal Auditor.


Employees involved in the investment process shall refrain from personal business activity that could conflict with proper
execution of the investment program, or which could impair their ability to make impartial investment decisions. These
employees shall disclose to the Chief Financial Officer any personal business, investment activity, or material financial
interests that could be related to the performance of GCPS' portfolio. Employees shall subordinate their personal
investment transactions to those of GCPS, particularly with regard to the timing of purchases and sales.

No inducements will be solicited or received for conducting investment business. All gifts or gratuities should be of the
kind generally given, and infrequent, unsolicited, and of nominal value. No gifts of cash will be accepted under any
circumstances. All investment accounts with any counterparty by the Chief Financial Officer, Director of Finance and
Accounting, Cash/Investment Manager, or any other staff member executing investment transactions will be reported on
a periodic basis to the Superintendent and Board.


Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence,
discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment,
considering the primary objective of safety of capital as well as the secondary objective of obtaining a market rate of

The "prudent person" standard shall be applied by investment officials in the context of managing an overall portfolio of
investments. Investment officials acting in accordance with written procedures and exercising due diligence shall be
relieved of personal responsibility for an individual security's credit risk or market price changes, provided that deviations
from expected results are reported in a timely fashion, and appropriate action is taken to control adverse developments.


With the exception of proceeds from bonds issued, GCPS is authorized to invest any money subject to its control in the
following investments defined in Georgia Code Sections 36-83-4 and 36-80-3:
        1.    Obligations issued by the United States government;
        2.    Obligations fully insured or guaranteed by the United States government or a United States government
        3.    Obligations of any corporation of the United States government;
        4.    The local government investment pool;
        5.    Repurchase agreements that are fully secured by investments 1., 2., or 3., listed above and which are
              purchased under an approved Master Repurchase Agreement; and
        6.    Certificates of deposit and demand deposit accounts of banks which are insured by the Federal Deposit
              Insurance Corporation (FDIC); provided that the portion of such certificates in excess of the amount
              insured by the FDIC shall be secured by direct obligations of this state or the United States which are of
              market value equal to 110% of that portion which would be uninsured.

In addition, GCPS may invest the proceeds of any bonds it issues in the following instruments defined in Georgia Code
Section 36-82-7:
        1.    The local government investment pool;
        2.    Bonds or other obligations of the United States or of subsidiary corporations of the United States
              government which are fully guaranteed by such government; and
        3.    Obligations of agencies of the United States government issued by the Federal Land Bank, the Federal
              Home Loan Bank, the Federal Intermediate Credit Bank, and the Central Bank for Cooperatives.

Investments currently deemed unacceptable, although permitted by law include:
       1.    Prime bankers; acceptances:
       2.    Obligations of the State of Georgia and any political subdivisions of the State of Georgia;
       3.    Mutual funds;
       4.    Asset-backed securities, including mortgage-backed securities;
       5.    Any security whose price or value is derived from any other security, rate or index;
       6.    Structured securities;
       7.    Interest rate options, forwards, or futures used as investments or to support investments;
       8.    Reverse repurchase agreements used as investments or to fund investment operations.


GCPS shall maintain a list of financial institutions and security broker/dealers authorized to provide investment services.
A current audited financial statement is required to be on file for each of the institutions on this list.

All financial institutions and broker/dealers who wish to become qualified bidders for investment transactions must
supply to the Chief Financial Officer all information outlined in GCPS' investment procedures.

An annual review of the financial condition of the authorized bidders will be conducted by the Chief Financial Officer. At
this time, those institutions who have submitted the required information will be considered for addition to the approved


Investment securities of GCPS shall be secured through custodial and safekeeping agreements with the Board's bid
bank. In cases where the Board's bid bank is a counter-party to the investment transaction, a third-party custodial
agreement shall be utilized. All transactions will be settled using the delivery versus payment method.
Exempted from the third-party safekeeping procedures are securities which collateralize Repurchase Agreements of
seven (7) days duration or less. These securities shall be safe kept at the Federal Reserve Bank and pledged to the
Gwinnett County Board of Education.

GCPS shall conform to the Georgia Code Sections 45-8-12 and 50-17-59 which govern the collateralization of the
deposit of public funds in banks or depositories.


Prudent investing necessitates that a portfolio be diversified as to instrument, maturity schedule, and financial institution.
The following guidelines represent maximum limits established for each investment instrument:

1.     Diversification by Instrument:
       a.     Fully insured obligations of the U.S. government         100%
       b.     Fully insured obligations of U.S. agencies               100%
       c.     State of Georgia local government investment
              pool, unless
              S&P money market fund rating falls below AAA
              or the average maturity of the fund
              exceeds 90 days                                          50%
       d.     Obligations of U.S. government sponsored
              corporations                                             75%
       e.     Certificates of deposit                                  75%
       f.     Repurchase agreements                                    75%
       g.     Collateralized interest bearing demand deposits          75%

2.     Diversification by maturity:
       All investment maturities shall be scheduled to coincide with projected cash flow needs, taking into consideration
       large, routine expenditures (i.e., payroll and bond payments) as well as anticipated revenues (i.e., property tax
       collections and state QBE receipts).

       With the exception of repurchase agreements, investment maturities shall not exceed three years. Repurchase
       agreements shall not have a maturity greater than sixty days.

3.     Diversification by financial institution/and broker dealer:
       The maximum amount which may be invested with any one financial institution or broker dealer shall not be
       greater than 50% of the total portfolio.


With the exception of the daily repurchase agreement, a competitive "bid" process shall be conducted for the investment
of all available funds. Under normal operating conditions the daily repurchase agreement shall also be put out for bid.
However, the repurchase agreement may be purchased through the Board's bid bank, without receiving another bid,
when the amount is less than $1 million, or with the prior approval of the Chief Financial Officer. When the repurchase
agreement is purchased through a bank other than the Board's bid bank, the additional interest earned should exceed
the fees charged by the bid bank for the outgoing and the incoming wire transfers.

Bids will be requested from qualified broker/dealers and financial institutions for various options with regard to term and
instrument, according to GCPS' investment procedures. GCPS will accept the bid which provides the highest rate of
return within the requested parameters. Records will be kept of the bids offered, the bid(s) accepted, and a brief
explanation of the decision made regarding the investment instrument.

A schedule of outstanding investments depicting purchase and maturity dates, interest rates, and number of days will be
included in the Monthly Financial Report that is presented to the Board.


Any exceptions will be approved in advance by any two of the following persons: Chief Financial Officer, Director of
Finance and Accounting, and/or Director of Internal Audit. Such exceptions will be reported to the Superintendent and
the Board at the next regularly scheduled board meeting.


A committee consisting of the Chief Financial Officer, the Director of Finance and Accounting, the Director of Internal
Audit, and two (2) investment community members to be recommended by the Superintendent shall be appointed by the
Board to review GCPS' compliance with existing policy and to make recommendations to the Board regarding future
policy revisions. The committee will submit a formal report of their findings at least annually to the Board.


Investment Procedure DFL provides the detailed framework necessary for the effective implementation of this policy.
Attachment B

Certification Form RFP-8064SM
The undersigned officer certifies that he/she has carefully read the RFP and
Gwinnett County Public School Investment Earnings Policy DFL and certifies that
the proposal submitted is in accordance with all the documents contained in this
request for proposal package.

This ________day of _______., 2008. By _________________________ (name

_______________________________ _______________________________
Title                                                         Signature

_______________________________ ________________________________
Company                                                       Phone number

Page 1 of 1

Fee Proposal

The undersigned hereby proposes and, if selected, agrees to furnish all services
in accordance with the Request for Proposal, and Addendums, for the prices
shown immediately below.

Investment Advisory Services                   Flat Fee

XXX through XXX 30 , 2009          $ or %
Optional Renewal Periods           $ or %

XXX 2009 through XXX, 2010
XXX 2010through XXX, 2011          $ or %

XXX, 2011 through XX, 2012         $ or %

                                   $ or %
Additional Services Not included above: (Please attach additional sheets if

Description                                     Fee

The Proposer hereby certifies that the information contained in these
certifications and representations is accurate, complete, and current.

________________________________                __________________________

Proposer Name                                   Proposer Telephone

Page 1 of 1
Attachment D
                             GWINNETT COUNTY PUBLIC SCHOOLS
                                SCHEDULE OF INVESTMENTS
                                    Month-end Balances

                 General            Capital Projects    Debt Service      Enterprise         Grand
Date             Fund               Fund (1)            Fund              Fund               Total (2)

May 2007              151,926,988         488,249,202         7,694,673         29,255,537   $     677,126,399
June 2007             133,792,163         470,973,179         8,228,290         26,902,911   $     639,896,543
July 2007              87,292,163         455,289,277         4,788,447         24,202,911   $     571,572,798
August 2007            67,791,976         423,350,242         6,855,176         22,118,152   $     520,115,546
September 2007        195,574,428         368,866,969        19,303,158         21,534,042   $     605,278,597
October 2007          244,125,542         340,083,284        35,500,672         21,987,451   $     641,696,949
November 2007         359,625,542         374,159,581        48,529,152         18,910,741   $     801,225,016
December 2007         339,187,811         361,222,807        40,196,377         22,098,583   $     762,705,578
January 2008          325,498,251         342,206,312         9,469,563         24,445,938   $     701,620,064
February 2008         311,176,477         350,345,409         9,638,879         23,681,367   $     694,842,132
March 2008            277,424,891         332,450,329        11,124,696         24,845,595   $     645,845,512
April 2008            236,414,439         321,130,184        11,777,783         26,232,938   $     595,555,344