Agenda Item No. V. B. 4.
Washburn University Board of Regents
SUBJECT: Request for Proposal - Financial Advisory Services for Washburn University
At the March 10, 1999 Board of Regents meeting, the Board approved awarding contracts to Cosgrove, Webb & Oman as bond counsel and Fahnestock & Co., Inc. as bond financial advisor for a period of five (5) years, ending on March 10, 2005. Prior to the expiration of the contracts, the Board of Regents asked the University's administration to obtain proposals from qualified municipal bond attorneys and firms that provide financial advisory and underwriting services.
On February 23, 2005, a Request for Proposal was issued to thirty (30) firms to provide financial advisory services to Washburn University. On March 21, 2005, the University received proposals from one (1) firm: Oppenheimer.
The evaluation committee concluded the Financial Advisory Services RFP closing date should be extended and no contract awarded based on that RFP.
On April 25, 2005, a subsequent Request for Proposal was issued to ten (10) firms to provide financial advisory services to Washburn University On May 20, 2005, the University received proposals from five (5) firms: Oppenheimer; Springsted; Gold Capital Management; Columbia Capital; and Oppenheim.
The proposals were evaluated by an evaluation committee composed of Kenneth Hackler, JuliAnn Mazachek, Duke Divine, Chris Leach, Rhonda Thornburgh and Wanda Hill based on criteria including, but not limited to: experience of the firm in developing aggressive and innovative marketing strategies; specific knowledge and experience performing financial advisory services for various types of organizations, including, in particular, government agencies, non-profit organizations and higher education institutions within the State of Kansas; qualifications of the staff to be assigned to the financial advisory services; responsiveness of written proposals to the purpose and scope of services to be performed, responsiveness and reasonableness of proposed pricing structure; independence and potential conflicts; and any known or disclosed litigation, investigations and regulatory proceedings against the firm.
Following discussions at the Budget and Finance Committee meeting of October 21, 2005, two firms, Springsted and Columbia Capital, were invited for interviews. These interviews were held on December 5, 2005.
A summary of the evaluation criteria and the pricing structure proposed by each firm is attached.
Based upon its review and analysis, the committee concluded Springsted should be awarded the contract to provide required financial advisory services for the University for a five (5) year period.
Any fees and expenses incurred under a contract awarded pursuant to the RFP for Financial Advisory Services will be paid only for services rendered pursuant to the actual issuance of bonded indebtedness, or special services rendered by the firm as requested by the University.
President Farley recommends the Board of Regents approve awarding a contract effective February 1, 2006 to Springsted for financial advisory services for a period of five (5) years.
Date Jerry B. Farley, President