Request For Proposals - LACERA - Los Angeles County ... · Proposals marked “TRADE SECRETS,”...

Request For Proposals Real Estate Investments Audit Pool November 2017 of 5

Instructions and Critical Dates The deadline to submit a proposal is January 5, 2018, 5:00 p.m., PDT. Please review the RFP carefully and note the instructions and critical dates. For more information regarding the RFP process dates, see RFP–Section III, Bidding Process.

Critical Dates

Submit Written Questions December 8, 2017 Post Responses to Written Questions December 15, 2017 Intent to Bid December 22, 2017 Submit Proposals January 5, 2018 Notification of Auditor Selection January 19, 2018 Anticipated Start Date February 1, 2018

Proprietary Materials – Confidentiality of Proposal The Proposer may submit a proposal containing proprietary materials. LACERA will use reasonable means to protect and maintain the confidentiality of any of the Proposer’s materials which the Proposer identifies as proprietary, so long as: (i) Proposer clearly and prominently marks all such materials “CONFIDENTIAL;” and (ii) public disclosure of such material is not determined by LACERA to be required by law, including the California Public Records Act (California Government Code Section 6250 et seq., the “Act”), or by the order of any tribunal having jurisdiction. LACERA will not be liable, however, for disclosure of such material if deemed appropriate in LACERA’s sole discretion. LACERA retains the right to disclose all information provided by a Proposer. Please see RFP–Section III, Bidding Process for further information. Thank you for your interest in providing services for LACERA. Attachment RB: LC: lc File: RFP-RE Advisor Audit Pool

Request For Proposals Real Estate Investments Audit Pool November 2017 of 5

INTENT TO RESPOND

If you choose to respond to this RFP, please submit the following forms to Leisha Collins via facsimile, or email by 5:00 p.m., PST December 22, 2017. Failure to submit your Intent to Respond may disqualify your firm from submitting a proposal.

To: Leisha Collins From:

Co: LACERA – Internal Audit Title:

Fax: 626-685-4632 Company:

Phone: 626-564-6000 ext. 3516 Phone:

Email: [email protected] Email:

Re: Intent to Respond Date:

Our Firm intends to submit a proposal for LACERA’s Real Estate Investment Audit Pool as set forth in the Request for Proposal issued November 29, 2017. Our Firm has completed the attached Minimum Qualifications Certification (MQC) and certifies that it meets all the qualifications contained therein. Our Firm understands that LACERA reserves the right to verify any and all qualifications declared by our Firm. Please forward inquiries to the following contact:

Name

Title

Company

Mailing Address

Telephone

Email Address

RFP – Page 1 of 28

LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION

REQUEST FOR PROPOSALS

Real Estate Investments Audit Pool

Issued: November 29, 2017

LACERA REQUEST FOR PROPOSALS

REAL ESTATE INVESTMENT AUDIT POOL ISSUED: NOVEMBER 2017

TABLE OF CONTENTS


I

INTRODUCTION AND BACKGROUND…………………….

4

II

SCOPE OF SERVICES……………………………………….

8

III

BIDDING PROCESS………………………………………….

12

IV

PROPOSAL REQUIREMENTS……………………………..

16

V

EVALUATION AND SELECTION PROCEDURES………

22


SECTION II – SCOPE OF SERVICES




SECTION II – SCOPE OF WORK A. Scope of Services Firms may bid on any or all of the following services that the firm is qualified to perform

1. Real Estate Advisor Audits (“Advisor Audits”) The firms selected for the Audit Pool will provide compliance audits of real estate advisors relating to the management of LACERA real estate investments. These audits will be designed in a manner to assess the advisor’s internal business controls and compliance with contractual business policies and procedure established under the Master Real Estate Investment Advisor Agreement (Advisor Agreement). LACERA real estate portfolio includes the following property types: office, industrial, retail, hotel, and apartments.

The objectives of the Advisor Audits include but are not limited to assessing whether the advisor complies with:

The Advisor Agreement regarding activities within LACERA’s real estate

investment portfolio. LACERA investment policies relating to real estate assets and adequate

portfolio management. Applicable accounting requirements and financial reporting. Internal control processes and procedures as well as internal business

operations and practices. Proper acquisition, asset management, and disposition policies and

procedures. Proper measurement, accounting, and reporting of investment asset values

and liabilities. Proper accounting and collection of investment income and receivables. Appropriate establishment and use of bank accounts associated with real

estate investments. Accurate allocation and calculation of payment of fees. Accurate reporting of budget, performance, and financial information.

2. Property Management Audits

LACERA may also engage the Audit Pool to provide under separate engagement, property management audits, to review business operations, relating to properties held in LACERA separately owned Title Holding Companies (THC) and joint ventures (Property Management Audits”). These audits will be designed in a manner to assess the property management’s internal business controls and compliance with Property Management Agreements (Management Agreement).




The objectives of the property management audits include but are not limited to assessing whether the property manager complies with:

Proper accounting requirements and financial reporting as required in the Management Agreement.

Internal control processes and procedures as well as internal business operations and practices

Appropriate leasing guidelines as defined by the Advisor or Management Agreement.

Proper accounting and collection of investment income and receivables. Proper accounting and internal controls of property management expenses. Accurate reporting of budget, performance, and financial information. Appropriate policies and procedures for the hiring and monitoring of vendors. Accurate allocation and calculation of payment of management fees. Adequate oversight and management of construction projects

3. Audits of Debt Investment Program

The firms in the Audit Pool may also provide specialized compliance audits and consulting review services relating to LACERA’s Debt Investment Program under a separate engagement. The primary objectives of these audits include but are not limited to assessing if the Advisor complies with:

LACERA Debt Program policies and procedures.

Proper accounting requirements and financial reporting as required in the

Management Agreement.

Internal control processes and procedures as well as internal business

operations and practices

Proper accounting and collection of investment income and receivables.

Accurate reporting of budget, performance, and financial information.

B. Deliverables

Responsibilities required by the Audit Pool include: 1. One engagement letter for each audit engagement.

2. Conduct compliance and consulting reviews pursuant to Professional Standards

of the American Institute of Certified Public Accountants (AICPA). Prepare working paper documentation and reports consistent with professional standards of the AICPA.

3. Coordinate audit entrance and exit conferences with the auditees and notify the

LACERA Contract Manager and Investment Officers of these conferences.




4. Communicate with the CAE (or designee) and the Contract Manager concerning the proposed dates of fieldwork, the progress of review, any preliminary issues, and problems obtaining requested documents or data, and engagement results.

5. Prepare and transmit draft reports to LACERA on engagement results within thirty

(30) days of completion of fieldwork for review and approval, unless otherwise agreed with LACERA. Submit a draft report to auditee for responses and inclusion into the final report, if applicable.

6. Prepare and transmit final reports to LACERA on engagement results with the

inclusion of auditee responses to the audit findings, if applicable. The audit reports are organized as follows:

Table of contents Executive summary Objectives and audit scope Findings and recommendations Exhibit I –Responses to the findings from the auditee Exhibit II – Agreed Upon Procedures

7. Prepare and transmit a separate management letter to LACERA’s CAE for any

detected or identified internal control weaknesses in LACERA processes about the compliance audit work performed, if applicable.

8. Maintain all LACERA records and information in confidence.

C. Presentation to the Audit Committee

If requested by LACERA staff, the audit firm will appear before the Audit Committee, or the Board of Investment to answer questions about audit work and findings.


SECTION III – BIDDING PROCESS




SECTION III – BIDDING PROCESS A. RFP Process Dates

The table below includes dates to which all Proposers must adhere to throughout the bidding process.

RFP Process Dates

Task Due Date

Request For Proposal Issued November 29, 2017

Submit Written Questions December 8, 2017

Post Responses to Written Questions December 15, 2017

Intent to Respond and Minimum Qualifications Certification December 22, 2017

Submit Proposals January 5, 2017

Estimated – Notification of Firms Selected for Pool January 19, 2018

Estimated – Contract Commencement February 1, 2018

LACERA reserves the right to amend this schedule as necessary, including interviews and other additional requirements.

B. Intent to Respond and Minimum Qualifications

Any party interested in submitting a proposal must submit the Intent to Respond Form and Minimum Qualifications Certification Form attached to the cover letter of this RFP by December 22, 2017, 5:00 PM. PDT. Failure to do so may disqualify Proposer from submitting a proposal.

C. Proposer Questions

Any requests for clarification or additional information related to this RFP must be in writing (via email, facsimile, or U.S. Mail) and delivered by 5:00 p.m. PST, on December 8, 2017, to the contact person indicated below. LACERA’s will post responses to written questions on LACERA’s website (www.LACERA.com) by 5:00 p.m. PST, on December 15, 2017, under the “RFPs” link, without divulging the source of the inquiry. All written questions must identify the RFP section and page number to which the question refers. In all cases, verbal responses to inquiries will be declined, and will not override written communications. Submit questions to RFP Coordinator:

Leisha Collins Principal Internal Auditor LACERA – Gateway Plaza 300 N. Lake Avenue, Suite 840 Pasadena, CA 91101-4199 Email: [email protected]




D. Reimbursement for Proposal Preparation There is no expressed or implied obligation for LACERA to reimburse Proposer for any expenses incurred, including taxes, in preparing proposals in response to this RFP. LACERA reserves the right to retain all proposals submitted and to use any ideas in a proposal regardless of whether the Proposer submitting that proposal is selected.

E. Notice Regarding the California Public Records Act and Brown Act The information submitted in response to this RFP will be subject to public disclosure under the California Public Records Act (California Government Code Section 6250, et. seq.) and the Brown Act (California Government Code Section 54950, et seq.) (collectively, the "Acts"). The Acts provide that records relating to a public agency's business are open to public inspection and copying and that the subject matter of this RFP is a matter for public open session discussion by the Boards unless specifically exempted under one of the several exemptions set forth in the Acts. If a Proposer believes that any portion of its proposal is exempt from public disclosure or discussion under the Acts, the Proposer must provide a full explanation and mark such portion “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY,” and make it readily separable from the balance of the response. Proposals marked “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY” in their entirety will not be honored, and LACERA will not deny public disclosure of all or any portion of proposals so marked. By submitting a proposal with material marked “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY,” a Proposer represents it has a good faith belief that the material is exempt from disclosure under the Acts; however, such designations will not necessarily be conclusive, and a Proposer must justify in writing and provide statutory citation why such material should not be disclosed by LACERA under the Acts. LACERA will use reasonable means to ensure that material marked “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY” is safeguarded and held in confidence. LACERA will not be liable, however, for disclosure of such material if deemed appropriate in LACERA’s sole discretion. LACERA retains the right to disclose all information provided by a Proposer. If LACERA denies public disclosure of any materials designated as “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY”, the Proposer agrees to reimburse LACERA for, and to indemnify, defend and hold harmless LACERA, its Boards, officers, fiduciaries, employees and agents from and against:

1. Any and all claims, damages, losses, liabilities, suits, judgments, fines, penalties, costs and expenses, including without limitation attorneys’ fees, expenses and court costs of any nature whatsoever (collectively, "Claims") arising from or relating to LACERA’s non-disclosure of any such designated portions of a proposal; and




2. Any and all Claims arising from or relating to LACERA’s public disclosure of any such designated portions of a proposal if LACERA reasonably determines disclosure is deemed required by law, or if disclosure is ordered by a court of competent jurisdiction.

If a proposer makes material “TRADE SECRETS,” “CONFIDENTIAL,” or “PROPRIETARY,” then it must provide a redacted version of the response to LACERA at the same time the full response is submitted. If LACERA staff recommends any Proposer to the Boards for hiring, such recommendation, the reasons for the recommendation, and the relevant proposal(s) will appear on a publicly posted agenda and in supporting materials for public meetings of the Boards.

F. Submission of Proposals

The Proposer will submit five (5) copies of the proposal, attachments, and all related information, spiral bound (no hard binders) by 5:00 p.m. PDT, on January 5, 2018. Proposer will include one (1) electronic copy using Microsoft Word or Portable Document Format (PDF), on a CD-R (recordable compact disk). Proposals received after the submission deadline will be considered for evaluation solely at the discretion of LACERA if it is determined to be in the best interests of LACERA. Proposer will clearly indicate the following on the proposal packaging: “PROPOSAL – AUDIT CONSULTING POOL.” Proposer will submit proposals to RFP Coordinator specified in RFP Section III.C.

The Proposer may withdraw or modify its proposal at any time before the deadline for submission upon written request to LACERA. Any correction or resubmission of a proposal shall be submitted before the submission deadline. After the submission deadline, proposals shall be firm and may not be modified. This includes proposed fees as well as proposed Proposer staff.


SECTION IV – PROPOSAL REQUIREMENTS

LACERA REQUEST FOR PROPOSAL

ANNUAL AUDITS OF THE FINANCIAL STATEMENTS ISSUED: OCTOBER 2016


SECTION IV – PROPOSAL REQUIREMENTS A. Proposal Contents

Your response to this RFP must be prepared and submitted according to the specifications set forth below, both for content and sequence. The proposal must provide a straightforward and concise description of the Proposer's capabilities to satisfy the requirements indicated in this RFP. Failure to adhere to these specifications may be cause for rejection of the proposal.

Section Title

1. Cover Letter

2. Table of Contents

3. Organization and Key Personnel

4. Qualifications and Experience

5. Quality Control/Peer Review

6. Client References

7. Project Planning/Approach

8. Potential Conflict

9. Legal Situations

10. Fee Schedules

Each required section is listed below with a description of information that must be included in the proposal.

1. Cover Letter

a) Introduction and background of the Proposer. b) Name, title, telephone number, and email address of the Proper’s representative(s)

who is/are designated as the primary liaison(s) to LACERA.

c) Name, title, telephone number, and email address of the representative who is authorized to legally bind the Proposer.

d) A Statement indicating the Proposer’s understanding and commitment to providing

LACERA with the audit consulting services as described in the Scope of Work in this RFP.

e) A Statement that the Proposer’s proposal is an irrevocable offer, including proposed

fees and proposed assigned staff, for 120 days following the date of proposal.




2. Table of Contents Your proposal must include a table of contents identifying the proposal sections and corresponding page numbers.

3. Organization and Key Personnel

Please include the following information in this section:

a) Describe your organizational structure giving specific details about your parent, any affiliated companies, or joint ventures.

b) Identify the locations of the headquarters and branch office(s) that will be providing services under this LACERA contract.

c) Describe the areas of audit specialty that your firm provides and the number of years that your firm has been providing the services.

d) Please describe the levels of coverage for errors and omissions insurance and

any other fiduciary or professional liability insurance your firm carries for negligent acts or omissions. Attach proof of coverage (e.g., a certificate of insurance) for such insurance that apply to proposer’s actions under the contract.

4. Qualifications and Experience

a) Provide a detailed resume for each member of the professional staff who will provide services under this LA CE RA contract, including their experience in audits and reviews with large retirement systems and other relevant institutions. For key personnel (Partner, Manager/Supervisor) who will have planning and on-site supervisory responsibilities include a description of audit experience and services provided within the last five (5) years.

b) Provide a schedule of real estate audit and consulting services completed by your firm within the last (5) five years for each of the areas listed in this RFP for which your firm will submit a proposal. Please indicate the size of investment portfolios reviewed and describe the nature of compliance review or consulting reviews performed. Provide an example of audit report similar to services requested in this RFP

5. Quality Control/Peer Review

a) Please describe your firm’s quality control relating to audit planning, fieldwork, and reporting.

b) Please include an external quality control review report (Peer Review) within the last five (5) years.




6. Client References

The Proposer shall provide three clients for whom it has provided real estate audit services in the past five ( 5 ) years. For each client reference listed, please include:

Entity name, address, and key contact person Date of service(s) Nature of business Fund asset size and annual revenue Number of plan or program members Primary contact name, title, telephone number, and email address Nature and length of Proposer’s relationship with said entity Description of services provided by Proposer

LACERA reserves the right to contact any of the individuals/agencies provided above.

7. Project Planning and Approach

Describe the specific methodology used to accomplish the scope of work set forth in this RFP and describe all services necessary to accomplish the audit and compliance services for LACERA.

8. Potential Conflicts a) Describe in detail any potential conflicts of interest related to any other client

relationships if awarded the LACERA engagement.

b) Describe any services provided by your firm to any of LACERA’s Real Estate Advisors listed in Section 1. D., that have been conducted within the past three years.

c) Provide details of engagements with other agencies that involve audits or reviews of

LACERA’s Real Estate Advisors listed in Section 1. D. that have been conducted within the past three years.

d) List any perceived conflict of interest issues you anticipate if your firm is awarded this

LACERA engagement.

e) Provide details of any other affiliates offering services to LACERA that could represent conflicts of interest. Briefly describe your firm’s policies and procedures for doing business with these affiliates, while safeguarding against conflicts of interest.

f) Describe any known relationship your Firm or any staff have with any member of

LACERA’s Boards, management, staff, or plan sponsors (including, but not limited to, Los Angeles County), or any of LACERA’s Real Estate Advisors.




g) Describe the purpose and monetary value of any gifts, travel, expenses, entertainment, or meals given to any member of the LACERA Boards, management, or staff in the last two (2) years.

h) Describe your firm’s approach to resolving potential conflict issues that may be

encountered during the performance of audit or consulting services for LACERA and any special assistance that will be requested from LACERA.

9. Legal Situations a) Describe the circumstances and status of any investigation, non-routine examination,

complaint, disciplinary action, or other proceeding against your firm or any officer or principal of your firm commenced by any state or federal regulatory body or professional organization during the past five (5) years.

b) Describe any situation whereby your firm or any officer or principal of your firm was

censured or fined by any regulatory body within the last five (5) years. c) Describe any claims or litigation brought against your firm or any officer or principal

of your firm by any entity for fraud, malpractice, misrepresentation, negligence, or similar cause of action within the last five (5) years.

d) Describe each audit engagement with other clients, involving any member of the team

that would be assigned to the LACERA, which has been the subject of litigation, arbitration, mediation, or other dispute resolution mechanisms within the past five (5) years. Identify the individual(s) involved, and provide the case name and number, the damages sought, and the outcome.

e) Describe any situation within the last five (5) years, when your firm was notified, by

any actuarial consulting or actuarial auditing client, that your firm is in default of its contract, or that conditions exist jeopardizing the continuation of that contract. State the client’s name, the year the notice was received, reasons for the notice, and resolutions or current status of the relationship.

10. Terms and Conditions

If a Firm from the Audit Pool is selected for an engagement, the CAE will authorize staff to enter into negotiations with the approved firm(s) which will result in a formal Contract between the parties to perform audit services on an as-needed basis. LACERA may terminate negotiations, at its sole discretion, if it believes a satisfactory agreement cannot be negotiated. LACERA reserves the right to award a contract based upon proposals received; you should not rely upon the opportunity to alter your proposal (e.g., services to be provided, fees, etc.) during contract negotiations.




The final contract must allow LACERA to terminate (a) for its convenience upon not more than 30 days’ notice, (b) if funds are not appropriated for the services to be provided, and (c) for default. The contract must also include indemnity by your firm to LACERA from third party claims. 11. Terms and Conditions General Form Agreement

If the CAE so authorize(s), staff will enter into negotiations with the approved firm(s) to enter into an agreement to provide services as specified in this RFP on an as-needed basis for the term as specified in section I.A of this RFP. LACERA may terminate negotiations, at its sole discretion, if it believes a satisfactory agreement cannot be negotiated. LACERA reserves the right to award a contract based upon proposals received; you should not rely upon the opportunity to alter your proposal (e.g., services to be provided, fees, etc.) during contract negotiations. The General Form Agreement (Agreement) LACERA intends to use for this engagement is attached as Attachment B. By submitting a proposal without comment on the Agreement, the bidder agrees to each term in the contract, and will not seek any modifications to the Agreement. If a bidder objects to a terms in the Agreement or wishes to modify or add terms, the bidder’s proposal must identify each objection, and propose language for each modification and additional term sought, including the rationale for the change. LACERA reserves the right to make changes to the Agreement prior to execution, including material changes. Once a firm is selected to perform an audit engagement, The CAE, or designated staff, will negotiate terms of the services, included the fees. An Audit Engagement Letter, approved by LACERA, will serve as the formal contract of services for each audit engagement.

12. Fee Schedules

The Proposer must submit a Fee Proposal in the format prescribed in Attachment A. Provide fees that your firm would typically charge for each of the services included in the RFP. LACERA will use this schedule as an estimate of your fees.




SECTION V – EVALUATION AND SELECTION PROCEDURES




SECTION V – EVALUATION AND SELECTION PROCEDURES A. General Information

This section describes the guidelines LACERA will use to analyze and evaluate proposals. LACERA reserves the right to evaluate all factors deemed appropriate, whether or not such factors have been stated in this Section. This RFP is not an offer of agreement and will not bind LACERA. Acceptance of a proposal neither commits LACERA to award a contract to any Proposer, even if the Proposer has satisfied all requirements stated in this RFP. Publication of this RFP does not limit LACERA's right to negotiate for the services described in this RFP, including terms not mentions in this RFP. If deemed by LACERA to be in its best interests, LACERA may negotiate for the services described in this RFP with a party that did not submit a proposal. LACERA reserves the right to contract with a Proposer for reasons other than the lowest price.

B. Evaluation Committee An Evaluation Committee consisting of LACERA staff will evaluate the proposals.

C. Evaluation of Proposals

The Evaluation Committee will determine if Proposers meet the Mandatory Elements listed below and will evaluate and score the proposals for qualifications and experience, project planning and approach, and fees. Each member of the Evaluation Committee will evaluate each proposal using a defined scoring system. The Evaluation Committee will then convene to review and discuss their evaluations to arrive at a final combined score. Upon completion of the evaluation process, LACERA staff will submit to CAE a list of Proposers and their final score. The CAE will decide which Proposers, if any, to interview and select for hire.




The evaluation criteria to be used in the selection process will include, but may not be limited to, the following: 1. Mandatory Elements

a) Proposer follows all instructions indicated in this RFP. b) Proposer meets all of the qualifications set forth in the MQC c) Proposer completes and submits all required materials, information, and attachments

specified in this RFP by the proposal deadlines.

2. Qualifications, Approach, and Fees Below is a summarized list of factors that LACERA will use to evaluate the Proposer’s proposal. Each evaluation section will hold a designated weight relative to the overall score. LACERA reserves the right to modify the evaluation structure, including the weights, without notice in its sole discretion.

Evaluation Section Firm Qualifications and Experience

History and structure

Financial stability

Qualifications and resources

Experience relevant to services requested

Conflict of Interest Professional Staff Qualifications and Experience

Professional and academic qualifications

Professional experience

Experience relevant to services requested Project Planning and Approach

Project plan and methodology

Proposed resource allocation

Example reports Fees

Hourly rates




D. Right to Reject Proposals Notwithstanding anything contained in this RFP to the contrary, LACERA reserves the right without prejudice to 1. Cancel this RFP, in whole or in part, at any time.

2. Make such investigation as it deems necessary to determine the Proposer’s ability to furnish the required services, and the Proposer agrees to furnish all such information for this purpose as LACERA may request.

3. Reject the proposal of any Proposer who is not currently in a position to perform the

contract, or who has previously failed to perform similar contracts properly, promptly, or for any other reason in LACERA’s sole discretion.

4. Waive irregularities, to negotiate in any manner necessary to best serve the public interest,

and to make a whole award, multiple awards, a partial award, or no award.

5. Award a contract, if at all, to the firm which will provide the best match to the requirements of the RFP and the service needs of LACERA in LACERA’s sole discretion, which may not be the proposal offering the lowest fees.

6. Reject any or all proposals submitted in response to this RFP.

7. Determine the extent, without limitation, to which the services of a successful Proposer are or are not utilized.

E. Incomplete Proposals

If the information provided in a Proposer's proposal is deemed by the Evaluation Committee to be insufficient for evaluation, LACERA reserves the right to request additional information or to reject the proposal outright. False, incomplete, or unresponsive statements included in proposal may be sufficient cause for its rejection. The evaluation and determination of the fulfillment of the requirements will be determined by LACERA, and such judgment shall be final.

F. Ownership of Proposal

The information that a Proposer submits in response to this RFP becomes the exclusive property of LACERA. LACERA will not return any proposal or reimburse proposal preparation expenses.




G. Valid Period of Proposal

The pricing, terms, conditions, and other information stated in each proposal must remain valid for 120 days from the date of delivery of the proposal to LACERA

H. Cost of Proposal

LACERA shall not be liable for any costs Proposers incur in connection with the preparation or submission of a proposal.

I. Proposer Site Visits

LACERA may request a site visit to a Proposer’s main place of business to conduct additional due diligence to support the evaluation of the Proposer. LACERA will notify and schedule a date and time, if a site visit is deemed necessary.

J. Award Approval

LACERA reserves the right to award an agreement to the Proposer that best meets the needs of LACERA as determined by LACERA, which may not be the Proposer offering the lowest fees. The successful Proposer will be determined by the selection criteria described in Section V.C.2.

K. Agreement Negotiations

Once a firm has been selected to perform an audit, the CAE, or designated staff will initiate contract negotiations, which will result in an LACERA approved Audit Engagement Letter (contract). LACERA expects contract negotiations to be brief. If the contract cannot be negotiated quickly with the selected Proposer, LACERA may, in its sole discretion, terminate negotiations with the selected Proposer and commence contract negotiations with another party, whether or not that party submitted a proposal to this RFP.

L. Additional Requirements

LACERA may impose such additional requirements, including interviews, sample reports, and others, as it may deem necessary to evaluate Proposers.




ATTACHMENT A

FEE SCHEDULE – PROPOSED FEES

Hourly Rate

Egagement Hours Cost Hours Cost Hours Cost Hours Cost Hourly Cost

Advisor Audit

Property Mgmt Audit

Debt Audit

Total

Out of Poket Expense Mileage

Lodging

Subtotal

$ $ $ $

Partner Manager Supv/Snr Staff

Request For Proposals - LACERA - Los Angeles County ... · Proposals marked “TRADE SECRETS,”...

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