I. Introduction

This Request for Proposals (“RFP”) is issued by the Finance Authority of Maine (“FAME” or the “Authority”) for the purpose of soliciting proposals from qualified investment consulting firms interested in providing investment advisory services for FAME.  
 
The Finance Authority of Maine (FAME or the Authority) was created in 1983 by the Finance Authority of Maine Act (the Act), Title 10, Chapter 110, of the Maine Revised Statutes, as amended, as a body corporate and politic, and a public (tax exempt) instrumentality of the State of Maine. In 1989, the Act was amended to authorize the Authority’s administration of educational finance programs found in Title 20-A, Chapters 417-E through 430-B (with the exceptions of Chapters 417-A and 418, which are not administered by the Authority, and 417E – 417F which are administered by the Authority and were enacted in 1998 and 2003, respectively).  The Authority provides commercial financing and loan insurance to Maine businesses. The Authority is also authorized to carry out various programs to provide financial and other assistance to Maine residents
and families to finance costs of attendance at institutions of higher education.
 
FAME seeks an experienced individual, team or firm to provide advisory and investment management services for a portfolio currently valued at approximately $180 million. Currently the investments are divided into 2 portfolios, the Growth Fund and the Reserve Fund.  The Growth Fund is currently invested in Vanguard diversified among 3 mutual funds-Total International Stock, Total Stock, and Total Bond.  The Reserve Fund is invested with the State of Maine Treasurer’s Cash Pool.  As of October 31, 2025, the fair market value of FAME’s investment with Vanguard totaled $120 million and approximately $60 million in the State of Maine Treasurer’s Cash Pool.

The Authority’s Board of Directors, Risk Management & Audit Committee and FAME staff provide management and oversight of the investment portfolio and its functions.

II. Solicitation for Proposals

FAME intends to hire a qualified investment advisory firm to provide the following investment consulting services:

1. Monitor and evaluate portfolio securities and investment manager performance.
   • Compile ‘big picture’ relevant reports, combining investment details and outcomes of various portfolios maintained by multiple custodians and/or money managers;
   • Provide quarterly, and as needed, asset allocation reviews, reviews of portfolio compliance and adherence to investment policy, and provide reports that state specific forecasts of return, risk, and correlations for all asset classes;
   • Conduct due diligence and annual review meetings at the Authority with investment manager(s) and FAME staff;
   • Evaluate costs associated with asset management, including consulting, custody, securities lending, transaction fees, brokerage fees, commissions and any other costs to ensure efficiencies and return while safeguarding securities;
   • Review procedures and business practices of all parties involved in portfolio transactions to make recommendations that will attain best execution
   • Review and propose changes to FAME’s investment policy and procedures
2. Provide and analyze reports and statements.
   • Provide details of investment holdings by asset class and investment security, including individual and overall performance analysis and comparisons to benchmarks. Reports are to be provided on a quarterly basis (including both fiscal and calendar year-end reports);
   • Evaluate and convey credit quality and risk management review of investments on an ongoing basis but no less than quarterly;
   • Provide Government Accounting Standards Board compliant investment statements on an amortized cost and fair market value basis for the portfolio;
3. Other services as Required
   • Assign a qualified Primary Advisor to serve as FAME’s consistent point of contact and portal to investment consultant services within your firm. A qualified designee will also be assigned to serve as backup for the Primary Advisor in their absence;
   • Provide research of special investment and financial-related trending topics;
   • Provide educational sessions for the Board of Directors, Risk Management & Audit Committee, and FAME staff as considered necessary by FAME but no less than one session annually;
   • Attend FAME Board of Directors and quarterly Risk Management & Audit Committee meetings as needed.

The contract will be for a five-year period.  However, consistent with Securities and Exchange Commission (SEC) guidance, this investment consulting services engagement may be terminated by the Authority at any time, with not less than thirty (30) days’ written notice to the qualified investment advisory firm.

III. Minimum Requirements

To be considered for the role of investment advisor, the firm must meet the following minimum requirements:

• The investment advisory firm must be a registered investment advisor with the SEC under the Investment Company Act of 1940;
• The investment advisory firm must have at least $2.5 billion under advisement;
• The investment advisory firm must have provided at least five (5) years of investment management services comparable to the scope of services contained in this RFP to at least one governmental entity with at least $100 million in assets under advisement;
• The investment advisory firm must be able to maintain an efficient and secure data processing interface with FAME’s custodian at the firm’s expense, for the purposes of compiling all required performance reviews and reports;
• The investment advisory firm must agree to continually disclose all potential conflicts of interest as such exist or occur, and annually disclose all sources of revenue and all affiliations;
• The individual assigned to FAME as primary advisor must have a minimum of five (5) years of combined experience as (a) the Primary Advisor to, and/or (b) the Chief Investment Officer of at least one government entity with at least $100 million in assets, whether that experience was included in or in addition to the five year requirement above.  The term “Primary Advisor” shall refer to the lead, most senior consultant assigned to regularly provide direct investment management services in a advisory relationship.  If in an emergency situation the Primary Advisor is not immediately available, a substitute advisor who also meets these criteria must be available.
• The investment advisory firm must carry at least $10 million in fiduciary liability insurance and $10 million in errors & omissions insurance and must maintain a Notice of Cancellation to the FAME agreement with the insurer.

IV. Criteria for Selection

The following factors and weighted percentages will be utilized to determine selection.

• Qualifications and experience of the applicant (25%)
• Applicant’s ability to provide the requested services. (25%)
• Quality of applicant’s previous service to government entities (25%)
• Applicant’s proposed fees (25%)

V. Format for Proposals

Please format your response to this RFP to align in the following order to facilitate comparisons between respondents. 

1. Organization

1.  Is the firm currently able to provide the full scope of services listed in section II?
2. Is the firm able to fully meet the minimum requirements as outlined in section III?
3. Is there any reason or pending circumstance to suggest that the firm will not be able to provide the full scope of services throughout the contract term?  Briefly describe any currently pending claims or litigation involving your firm?  Describe any claims anticipated at this time.
4. Has your firm, its principals, any primary employees, or any affiliate ever:
   • been the focus of a non-routine SEC inquiry or investigation or a similar inquiry or investigation from any similar federal, state or self-regulatory body or organization,
   • been involved in litigation or other legal proceeding or government investigation involving fraud, negligence, criminal activity or breach of fiduciary duty relating to service provided to any clients, or
   • submitted a claim to your errors & omissions, fiduciary liability and/or fidelity bond insurance carrier(s)?
     • If yes, please provide details.
5. Is the firm a registered investment advisor under the Investment Company Act of 1940? If yes, please provide the firm’s SEC File Number (e.g. 801-xxxxx).
6. Describe your firm: date founded, ownership, number of employees, major divisions, services provided, and any subsidiaries and affiliates relevant to your proposal.  Define the primary area of expertise and specific service(s) each entity may provide.
7. Fully disclose and describe any relationships with financial institutions, investment managers or securities brokerage firms that may affect, or appear to affect, investment advice provided.
8. Describe any other business affiliations (e.g., subsidiaries, joint ventures, “soft dollar” arrangements with investment managers or brokers, payment or collection of finder’s fees or for referrals) that would affect investment performance of FAME’s portfolio.
9. How will your firm disclose all actual or potential conflicts of interest, or appearances of actual or potential conflicts of interest, that may exist or that may arise from time to time?
10. Identify any potential conflicts of interest that could exist between FAME and a) other client interests, or b) that may result from other investment products or services provided by your firm or affiliated organizations.  Describe your firm’s policies and procedures designed to prevent conflicts from occurring.  Please provide a copy of the firm’s conflict of interest policy and Code of Ethics.
11. Describe the primary sources of revenue for your firm.
12. What was the date of your last audit?   Please provide an electronic link or copy.
13. Provide a summarized listing of the insurance carrier and coverage amounts, accompanied by evidence of insurance, for the following:
    • Fiduciary liability insurance
    • Errors and Omissions insurance
    • Fidelity Bond insurance
    • Any other applicable insurance
14. Is it the firm’s policy to impose any limitation on liability through your contract with clients?  If yes, please describe.
15. Describe how the investment advisory firm will be able to maintain a satisfactory and secure data processing interface with FAME’s custodian at the firm’s expense, for the purpose of investment trades and reporting.
16. Please describe the types of services your firm provides to clients and the fee arrangements that typically apply.
17. Does your firm receive revenues from money management firms for their attendance at conferences or meetings sponsored by the firm? Does your firm or a related company receive any form of compensation or revenue from money managers that your firm recommends, considers for recommendation, or otherwise mentions to clients? Does the firm receive any revenues from custodian banks? If yes to any of the above, please describe the types of services provided and the fee arrangements that typically apply.
18. Has your firm ever received loans from any money management firm, their subsidiaries, or principals?  If yes, please explain.
19. Does your firm, its principals, or any affiliate, own any part of a money management firm, broker-dealer, or other organization that sells services to institutional investors and/or SEC registered investment advisors?  If so, identify the firm(s) and describe the service and relationship to the advisory group.
20. Briefly describe your firm’s disaster recovery plan.
21. Describe the firm’s information security management practices/methodology. What security controls are in place to protect the firm’s computer infrastructure and FAME data? How often are these controls audited? Please provide a summary of results from the last security assessment performed.
22. Please provide the firm’s most recently filed Form ADV-Part II.

B. Personnel

1. Provide the name of the individual that will be the Primary Advisor, and the name of the individual who will stand in for the Primary Advisor in the event of an emergency.
2. Provide biographies of the personnel that will be assigned to FAME’s investments relationship.  The following information must be included:
   • Full name
   • Title
   • Current duties-describe current duties at the firm
   • Total years investment experience
   • Total years investment advisory and/or management experience
   • Total years with the firm
   • Total current number of assigned accounts for which this person has Primary Consultant responsibilities
   • Total current number of assigned accounts for which this person has support of back-up responsibilities
   • Name, account type, length of relationship, and size of each assigned client account for which this person serves as a Primary Advisor
   • Name, account type, length of relationship, and size of each assigned client account for which this person serves in a support or back-up capacity
   • Education-List all post-secondary degrees, professional designations, licenses, etc., the issuing institutions, and year awarded
   • Employment history- List employers, dates of employment, and functions performed as it relates to the scope of services specified herein.
3. Provide biographies of the firm’s other key investment advisory personnel (defined as any position including and above the senior associate level).  Provide the following information:
   • Full name
   • Title
   • Current duties-Describe current duties at the firm
   • Total years of investment experience
   • Total years of investment advisory and/or management experience
   • Total years with the firm
4. Describe the firm’s back-up procedures in the event the key staff assigned to this account should leave the firm or will be unavailable for an extended period of time (i.e., vacation, illness).
5. Identify the number of key personnel currently committed to the public sector, along with their credentials.  What is the average length of employment within the department?
6. Describe the affirmative action programs undertaken by your firm and the number of minorities and women in key managerial positions?

C. Services

1. Explain how the team dedicated to the FAME portfolio would function.  Describe how knowledge transfer will flow on an ongoing basis between FAME’s Primary Advisor and his/her backup. Who will perform the analytical work on the relationship?
2. Explain why your recommendations would achieve the investment objective of attaining higher rates of return, while managing inherent investment risks (i.e., loss of capital and cash flow shortfalls).
3. Describe any experience individuals who would be assigned to this account have had in reviewing the cash flow and investment parameters associated with the operations of FAME’s portfolio, including the assessment of appropriate risk levels to achieve market returns.
4. How do you work with clients to ensure adequate liquidity, while at the same time, maximizing the benefit of an upward or downward yield curve?
5. What is your firm’s experience in developing investment policies, performance benchmarks, and portfolio management guidelines for governmental entities? Please list state and local government officials who have received assistance from your firm.  Provide examples of recommendations made by your firm and briefly describe the benefits achieved based on your advice.
6. How many clients has your firm gained in the last 24 months? How many clients have you lost in the last 24 months and why? In addition to the number of clients gained and lost, please include the assets associated for each.
7. How would your firm help to keep FAME’s investment policy current?
8. How frequently does your firm formulate and review its investment strategy?  How is that carried out and who is involved?
9. Describe the methodology used by your firm to determine the optimal asset allocation, taking into consideration the risk, actuarial return assumption, projected liabilities and required cash flows. Describe your firm’s methodology for analyzing investment management structure, the mix and type of managers, and discuss the determinants in deriving the optimal number of managers for government portfolios.
10. Describe how you arrive at assumptions for expected returns, volatility, and correlations for purposes of your asset allocation models. For each type of assumption please clearly indicate whether your approach relies primarily on historical data, a fundamental analysis/building block approach, surveys, judgement, a combination of the above, or some other approach.
11. Describe your firm’s philosophy on:
    • Tactical asset allocation
    • Securities lending programs
12. What are your primary strategies for adding value to FAME’s portfolios? Please provide relevant performance statistics compared to stated benchmarks?
13. How many asset allocation studies did your firm complete in each of the last three calendar years?
14. What training programs do you offer clients?  What services and subscriptions does your firm provide to clients?
15. Provide an example of education your firm has provided to a public client relating to asset allocation.
16. What is your capacity to analyze corporate governance issues?
17. How do you ensure securities transactions receive best execution?
18. Describe how your firm organizes its investment advisory practice? What oversight is provided to investment managers?
19. How would due diligence of investment fund managers, sub-advisors and broker/dealers for FAME be performed and monitored on an ongoing basis?  What approach is used in managing such relationships? How are new investment opportunities communicated to FAME?
20. Describe your firm’s research capabilities and resources.
21. How is credit quality research conducted? Who reviews portfolio lists for credit approval, and how often is it done?  How is the credit quality of investments monitored?
22. How reliant are you upon rating agency credit quality analyses?
23. Describe the investment manager database used by your firm.  What fees and/or other considerations does your firm receive from investment managers who wish to be maintained on your firm’s database?
24. Describe your firm’s investment manager search process.
25. What conditions would lead your firm to recommend terminating a manager? Please provide an example policy.
26. Please provide a sample of your reporting capabilities and a brief description of the system used to generate such reports.  What reconciliation procedures would you establish between our third-party custodian and your reporting system to ensure reporting integrity?
27. What quality controls are in effect to assure the accuracy of client reports?
28. How much time does it take to prepare quarterly reports for client after quarter-end?
29. How is the meaning of the information conveyed from reports (personal meetings, mail, conference calls)?  Frequency?
30. How does your firm assign benchmarks and peer groups?
31. How will your firm handle uncertain cash flows and the cash flow forecasting process?
32. Describe any educational and informational programs your firm provides for government clients.
33. What are your firm’s strengths and limitations?
34. What differentiates your firm from your competitors?

D. References

1. Please demonstrate that your firm has at least $2.5 billion under advisement and has provided investment consulting services comparable to the scope of services contained in this RFP to at least one governmental entity with at least $100 million in assets under advisement.  Provide the name, address, telephone number, dates and length of service, and other contact information for government clients for whom you have provided investment management services.
2. Please provide three current references with contact information, including at least one from a government client, which can attest to the ability of the respective individual(s) assigned to the account. 

E. Proposed Fee Structure

Please submit a fee proposal in accordance with the services requested.

The Authority will consider all costs associated with the products and services to be provided.  The proposed fee must be inclusive of all fees for services contained within this RFP.  The full fee structure must be guaranteed for the full term of the contract.

Unless specifically disclosed, all minor expenses such as travel, phone, fax and reporting costs, will be included in the fees.

F. Requirements for Submitting Proposals

The purpose of this section is to identify the information that should be submitted in response to this RFP and the order in which it would appear in the proposal. 

Cover Letter

The proposal should contain a cover letter and introduction, including the company name, address, and the name and telephone number of the person or persons authorized to represent the proposer regarding all matters related to the proposal.  The letter should also contain the following statement:

We have read FAME’s Request for Proposals (RFP) for investment advisory services and fully understand its intent.  We certify that we have adequate personnel, equipment and facilities to provide FAME’s requested services that we have indicated we can meet.  We understand that our ability to meet the criteria and provide the required services will be judged solely by FAME.

In addition, we certify that we have thoroughly examined the RFP to all requirements and our proposed fees cover all the services that we have indicated we can meet, and we acknowledge and accept all terms and conditions included in the RFP. 

A person authorized to bind the firm to a contract and authorized to bind the firm to all commitments made in this proposal shall sign this letter.  All proposals shall have a statement that the proposer has read and understands all conditions as outlined in this RFP.

Notwithstanding any other provision of the RFP, FAME reserves the right to reject all proposals, and to waive any irregularity or informality in a proposal.  It is further within the right of FAME to reject proposals that do not contain all elements and information requested in this document. 

Written Questions and Answers

Questions about this RFP may be directed in writing to:

Tushima Sims, Accounting Manager
Finance Authority of Maine
PO Box 949
Augusta, ME 04332-0949
Or e-mail: tsims@famemaine.com

The deadline for written questions is December 19, 2025.   FAME will respond in writing to these questions on or before January 9, 2026.  The questions and answers will be forwarded to all potential bidders who have requested a copy of the RFP.  Only those answers received in writing will be considered binding. 

Deadline for submitting proposals

Please email your response to this RFP in electronic format to tsims@famemaine.com. Or, alternatively, please provide four (4) printed copies of your response to this RFP to:

Investment Advisory Services
Finance Authority of Maine
c/o Tushima Sims, Accounting Manager
PO Box 949
Augusta, Maine 04332-0949

In either case your response to this RFP must be received by 2:00 pm local time on January 23, 2026.

FAME may invite finalists to make oral presentations at its office; however, the final determination as to conducting such will not be determined until the written proposals have been reviewed.  If oral presentations are desired, we will want to meet with the team that will actively work on this engagement as set forth in this RFP.

Schedule of Events Timetable

The schedule of events timetable will be as follows:

FAME will not be liable for any costs incurred in the preparation and production of a response to this RFP.

FAME reserves the right to adjust the timetable as necessary.

Revision of Request for Proposal:  FAME alone may elect to amend this RFP prior to the proposal due date.  If it is necessary to revise any part of this RFP, an amendment will be provided to all vendors of record.  Acknowledgement of the receipt of all issued amendments is required in all proposals.  In no case will the RFP be amended within seven (7) days of the proposal due date, unless the amendment includes an extension of time to allow seven days between the amendment and the proposal due date.  FAME will not be responsible for any additional costs incurred as a result of said changes in the RFP.

Disclosure of Data:  According to law, the content of all proposals, correspondence, addenda, memoranda, working papers, or any other medium which discloses any aspect of the request for proposals process will be considered public information when the award decision is announced.  This includes all proposals received in response to this RFP, both the selected proposal and the proposal(s) not selected, and includes information in those proposals which a bidder may consider to be proprietary in nature.  Therefore, FAME makes no representation that it can or will maintain in confidentiality such information.

Cyber-risk Assessment – Successful bidder(s) may be required, at FAME’s discretion, to successfully complete a Vendor Cyber-risk Assessment in a manner acceptable to FAME, before the execution of any contract. Failure to comply at a level satisfactory to FAME may result in recission of award.

FAME reserves the right to reject any and all bids.

 Attachments

• FAME Investment Portfolio holdings as of October 31, 2025 (excluding State of Maine Treasurer’s Cash Pool)
• FAME Investment Policy

Project Overview

One-year contract in the amount of $73,000 to be awarded in one installment by the Finance Authority of Maine (FAME) to help market the Job Creation Through Educational Opportunity Program, formerly known as the Educational Opportunity Tax Credit and now known as the Student Loan Repayment Tax Credit. Vendor will be expected to use all funds to help market the program and/or reimburse costs for so doing. Vendor must report annually in writing to FAME on specific actions taken, expenses incurred, and outcomes achieved in promoting awareness of the tax credit.

Background

The 126^th Maine Legislature enacted PL 2013, Ch. 417 which directed FAME to contract with a private nonprofit corporation annually to market the Job Creation Through Educational Opportunity Program throughout the state. The program was subsequently amended by the 130^th Maine Legislature to simplify its terms and increase marketing funds. It is now known as the Student Loan Repayment Tax Credit. More information on the new program may be found at 20-A M.R.S.A. § 12541 et seq.; 36 M.R.S.A. § 5217-E et seq; and at Student Loan Repayment Tax Credit | Maine Revenue Services.

Project Scope

The selected vendorwill be expected to help market the tax credit statewide and, if funds permit, outside the state over a one-year period to potentially eligible and/or relevant audiences, including remote workers, employers, high schools, postsecondary educational institutions, organizations of parents, teachers, and other relevant audiences. Marketing efforts can include printed and/or electronic materials, online information, and in-person and remote promotional efforts. The vendor must submit an annual report to FAME detailing their efforts and experiences in promoting awareness of the credit, including itemized expenses incurred.

Proposals due to FAME: Friday, December 26, 2025 by 4:30 p.m. EST

Evaluation and Selection Criteria

Responses will be evaluated on: responsiveness to the requirements, experience of the organization and individuals, cost, and such other criteria as FAME determines to be relevant.  FAME expressly reserves the right not to accept the least costly response.

Delivery delays or other logistical failures are the responsibility of the respondent. FAME reserves the right to reject any and all responses submitted. Responses received after the required date and time may, at the option of FAME, be rejected as non-responsive to this Request for Proposals.

Application Questions

Responses to the following questions are requested in writing by electronic or USPS mail by Friday, December 26, 2025 by 4:30 p.m. to:

William Norbert, Esq.
Governmental Affairs Manager
FAME
P.O. Box 949
5 Community Drive
Augusta, ME  04332-0949
wnorbert@FAMEmaine.com

Please limit responses to all questions to no more than 750 words total.

1. How does your organization propose to utilize the requested funds?
2. What makes your organization the best choice to administer the contract?
3. What thoughts do you have to help better publicize awareness of the tax credit?
4. Is your organization willing and able to comply with the above and below terms of the contract, including submitting timely and accurate reports, a detailed budget of expenses incurred, and recitation of efforts made to promote the credit, and, if necessary, appearing before the Maine Legislature to respond to questions about the program and your marketing efforts?

The Finance Authority of Maine is a public authority, and its records, including the information to be submitted as provided herein, are public records, unless specifically exempted under 1 M.R.S.A. §401 et seq. or 10 M.R.S.A. §975-A. Any information which you believe should be confidential must be clearly marked as such and be accompanied by your request for confidential treatment and will only be so treated to the extent permitted by Maine law.

The Finance Authority of Maine (FAME) will be seeking proposals from interested and qualified parties to act as the third-party servicer for the Maine Loan, an alternative credit-based student loan program.

A copy of the RFP can be found here, as well as the Question & Answer Summary and all amendments related to the RFP. Or, you may request a copy from jlanphear@famemaine.com.

Proposals must be submitted to the RFP Coordinator, via e-mail, at: jlanphear@famemaine.com. Proposal submissions must be received no later than 5:00 p.m. EST on Friday, December 19, 2025.

Proposals will be opened the following business day. Proposals not submitted to the RFP Coordinator’s e-mail address by the deadline, both noted above, will not be considered for the contract award. 

FAME is embarking on a technology modernization initiative to design and implement a Target State Architecture that will streamline business operations, improve customer experience, and position the organization for long-term agility.  

Through this Request for Proposal (RFP), FAME is seeking a consulting partner to design the future-state enterprise architecture.