Writing an Effective Request for Proposal INT1346-Print

REQUEST FOR PROPOSAL

INSTITUTIONAL

Writing an Effective Request for Proposal

As a non-profit board member, you carry a legal and fiduciary responsibility to provide stewardship of the assets for the agency you serve. Additionally, donors are becoming even more aware of the organizations they invest in by conducting thorough due diligence. As a result, non-profits must be accountable to their donors and the public by conducting periodic reviews of service providers. Working with a financial institution that has a reputation for sound risk management, employs a disciplined investment process, reports with transparency and understands non-profits can help your board members satisfy their responsibilities, while giving your donors confidence that you are effectively governed, transparent, accountable, and fiscally responsible.

STRUCTURE OF AN RFP    Establish project boundaries    Identify key stakeholders and advisors    Talk with stakeholders and define your project needs    Draft the RFP    Create your scoring criteria    Distribute the RFP to the selected financial organizations

   Review responses    Research the financial organization and obtain references    Score the responses and select a financial organization    Negotiate and sign a contract

A Request for Proposal is a tool that can satisfy your fiduciary responsibility to employ a financial partner that provides the investment and trust services your organization and donors want. Whether you are looking to secure a financial institution or reviewing your current financial service provider, writing an effective Request for Proposal (RFP) can help make a more informed decision. RFP OUTLINE A well-written and informed RFP will generate thoughtful proposal responses customized to your needs and criteria. This will ultimately help guide you in choosing the right financial organization for your non-profit. The following can be used as a guide to writing an effective RFP.

Commerce Trust Company

Made with FlippingBook - Online catalogs