Request for Proposals
RFP#101353 – Cash Management Service
May 15, 2017
Questions and Answers
# / Date / Question/Answer1. / 5/5/17 / Q – The RFP focuses mainly on the accounts payable and payroll accounts. However, the 2016 average account balances spreadsheet includes a money market account. Can you please confirm that all three accounts will be awarded together?
A – FWCS has always had a money market or other investment vehicle at the same bank as the payroll and
accounts payable accounts. Historically this has been the best place to put excess funds. However, all the
dollars in the money market account would not necessarily remain with the bank that is awarded the RFP if
we would find a qualifying investment vehicle that offered higher interest rates.
2. / 5/5/17 / Q – Could you please provide a copy of the Indiana Legal Employment Declaration? This was referenced in RFP but not attached.
A – Regarding Section II.6, Please disregard this section as it is NOT a requirement of this RFP. This specification was mistakenly included in Section II: Terms and Conditions. Addendum #1 is being emailed that will confirm that the form is not a requirement of the RFP.
3. / 5/5/17 / Q – The Fort Wayne Community Schools currently allows its respective schools to partner with the bank of their choosing for cash management services. Does this RFP include the individual schools or is this solely for the FWCS head office accounts and services?
A – Solely for the head office accounts and services.
4. / 5/5/17 / Q – One of the attachments includes Money Market Savings Accounts balances. Is this within scope of the RFP? If so, does FWCS want these in a separate securities account or could they be placed in a standard deposit demand account that provides day-to-day liquidity?
A – Yes. The funds can be placed in a standard deposit demand account that provides day-to-day liquidity.
5. / 5/5/17 / Q – Does FWCS have any particular audit requirements related to retention of checks paid, adjustments, and bank statements? If so, do you require paper copies sent from the Bank or is the ability to save electronic copies via a banking portal sufficient?
A –Ten Year retention period. Open to qualified options other than paper copies.
6. / 5/5/17 / Q – What would the District like to accomplish or change with the new banking contract? Does the District have a process improvement wish list?
A – No changes are required.
7. / 5/5/17 / Q – What ERP or Accounting System(s) does the District utilize?
A – Sungard-IFAS.
8. / 5/5/17 / Q – Does the District utilize a Purchasing Card Program? If so, what is the purpose and annual spend in dollars?
A – Yes; however this is outside the scope of this RFP.
9. / 5/5/17 / Q – Are there any additional bank services that the District specifically wishes to obtain further information on that is not outlined within the RFP document?
A – No.
10. / 5/5/17 / Q – Who does the District utilize as their merchant card processor?
A – We have more than one, but this is outside the scope of this RFP.
11. / 5/5/17 / Q – Does the District currently utilize bank provided ARP/reconcilement reporting? (2 Reconciliation Services – Page 3)
A –Yes.
12. / 5/5/17 / Q – Could the District provide further insight on their bank reconcilement process? (2 Reconciliation Services –
Page 3)
A – Bank provides check paid file and outstanding check file. Checks paid are uploaded into our accounting
system. However, reconciliation is mostly a manual process.
13. / 5/5/17 / Q – Will the District be creating a positive pay file with their current ERP system or submitting through the
bank’s online platform? (2. Reconciliation Services – Page 3)
A – The District will be submitting through the bank’s online platform.
14. / 5/5/17 / Q- Is the District interested in obtaining more information on the “Payee Positive Pay” as an additional Check
Fraud Tool? (2. Reconciliation Services – Page 3)
A - Yes
15. / 5/5/17 / Q – Does the District currently utilize ACH Positive Pay or Filter with its current banking set up?
(2. Reconciliation Services – Page 3)
A – ACH Positive Pay.
16. / 5/5/17 / Q – Does the District wish to get more information on additional fraud services? (2. Reconciliation Services –
Page 3)
A – Yes
17. / 5/5/17 / Q – Does the District use serialize deposit tickets to reconcile the various District deposits? (2. Reconciliation
Services – Page 3)
A – No
18. / 5/5/17 / Q – Please explain the District deposit reconciliation process. (2. Reconciliation Services – Page 3)
A – Manual
19. / 5/5/17 / Q –Does the District utilize their bank’s online platform to initiate stop payments? (5. Stop Payment Services – Page 3)
A – Yes
20. / 5/5/17 / Q – Does the District initiate wires using their bank’s online platform or initiate through their ERP? (6. Wire Transfer Services – Page 3)
A – We utilize the bank’s online platform.
21. / 5/5/17 / Q – How does FWCS fund the Payroll and Accounts Payable Accounts? Do you wire in funds to the Account Payable Account? (Operation of Accounts – Page 4)
A – Funds are electronically sent to AP Account from the State automatically or upon receiving cash request.
22. / 5/5/17 / Q - Do you wire in funds to the Account Payable Account? (Operation of Accounts – Page 4)
A –Funds are electronically sent to AP Account from the State automatically or upon receiving cash request.
23. / 5/5/17 / Q – What is the average balance per month in the FWCS overnight investment account? (Operation of Accounts – Page 4)
A – $19,950,000. Avg. of EOM balances from May, 2016 through April, 2017.
24. / 5/5/17 / Q – The RFP mentions that the District is interested in the AP Account balances to earn interest. What type of bank investment vehicles would the District like information? Overnight sweep options? Savings Accounts? Etc.? (Operation of Accounts – Page 4)
A – Open to options that provide day-to-day liquidity.
25. / 5/5/17 / Q – The District currently has all cancelled check images via CD-ROM. Would the District be open to other methods of obtaining check images? Online? Transmission? (Cancelled Checks – Page 4)
A – Would entertain other qualifying options.
26. / 5/5/17 / Q – The RFP mentions that the District initiates ACH transfers. Could the District provide an average dollar
value of these ACH transfers? (ACH Services – Page 4)
A – Avg. CCD transfer $25,000 average PPD transfer $500.
27. / 5/5/17 / Q - What is the average dollar value of the ACH payroll by-weekly file? (ACH Services – Page 4)
A – Average ACH payroll file in 2017has been $4,400,000.
28. / 5/5/17 / Q - What is the volume and frequency of all ACH files? (ACH Services – Page 4)
A – Payroll biweekly, Accounts Payable check file 2x per month. AP check file avg. $2,200,000 in 2016.
29. / 5/5/17 / Q –How does the District prefer the bank to list pricing of the requested and optional services to in RFP response? (Optional Services – Page 4)
A – Included referred pricing schedule.
30. / 5/5/17 / Q - Does the District wish to use the included referred pricing schedule or can the bank provide our own pricing schedule? (Optional Services – Page 4)
A – Included referred pricing schedule.
31. / 5/5/17 / Q – Does the District utilize merchant services? (Optional Services – Page 4)
A – Yes
32. / 5/5/17 / Q – The RFP Cash Management Worksheet references remote deposit capture volumes for check deposits. Could the District provide what make/model of check scanner it currently utilizes? (Page 5)
A – Unisys Assembly, Panini My Vision X.
33. / 5/5/17 / Q – What is the District’s annual volume of A/P disbursements in dollars? (Page 5)
A – $58,000,000 AP Checks only in 2016.
34. / 5/5/17 / Q – Could the District please provide the current banking providers Account Analysis Statement
A – Numbers on spreadsheet come from the Account Analysis statements.
35. / 5/5/17 / Q – Could the District also please provide a bidders pricing sheet?
A – Columns are added to spreadsheet for calculation purposes.
36. / 5/11/17 / Q –Is FWCS open to accepting a bid for only part of the total balances mentioned in the scope of the RFP (e.g. a limit of $20MM)?
A –Financial institutions must be able to accommodate the total balance.
37. / 5/15/17 / Q-Do you require collateral for deposits held in your money market account or only those held in the overnight investment account?
A-We currently use a money market savings which is not collateralized.
38. / 5/15/17 / Q-Could some or all of the funds held in the money market be placed in the overnight investment account if the rate justified this change?
A-Yes.