Agenda Item No. V. B. 3.

Washburn University Board of Regents



SUBJECT: Request for Proposal - Banking Services for Washburn University



BACKGROUND:



The current contract for banking services awarded to Commerce Bank and Trust Company in October 2000 will expire April 30, 2005.



DESCRIPTION:



On October 20, 2004, a Request for Proposal was issued to twenty banks eligible under state law to be a depository for a public institution. A pre-proposal conference held on October 28, 2004 was attended by seven of the banks receiving the RFP.



On December 2, 2004, the University received proposals from seven banks: UMB Bank, Columbian Bank, Bank of America, US Bank, Commerce Bank (Kansas City), INTRUST Bank, and Commerce Bank and Trust of Topeka. The Request for Proposal issued was written for comprehensive banking services, including positive pay and internet account access and information retrieval, for a general account, a zero balance payroll account, and a zero balance credit card account, and bank card services.



The proposals were evaluated by an evaluation committee composed of university personnel and two independent individuals not employed by the university based on: the scope of services offered; evidence of experience, reliability and references; expertise of personnel assigned to the account; project approach; adequacy of financial controls and protection against loss; and understanding the needs and operational requirements of the University. Additionally, the costs and interest income proposed by the banks were reviewed in detail to ensure compatibility for all proposals. Mr. Jim Maag, one of the members of the evaluation committee, will attend the Board meeting to discuss the evaluation process by which it reached the conclusion the contract should be awarded to Commerce Bank & Trust.



The contract awarded will be for an initial twelve-month period commencing May 1, 2005. The depository agreement shall contain an automatic annual renewal clause, which may be used for the following four twelve-month periods, thereby providing for sixty months of depository and banking services.



FINANCIAL IMPLICATIONS:



Revenues and expenditures are comparable to amounts included in FY05 budget. No additional resources will be required.



RECOMMENDATION:



The Board of Regents approve awarding a banking services contract to be effective May 1, 2005, to Commerce Bank and Trust of Topeka.


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