REQUEST FOR PROPOSAL

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1 COLORADO HOUSING AND FINANCE AUTHORITY REQUEST FOR PROPOSAL (RFP) COLORADO HOUSING AND FINANCE AUTHORITY 1981 BLAKE STREET DENVER, CO REQUEST FOR PROPOSAL [COMPENSATION STUDY] POSTED: March 2, 2018 PROPOSALS DUE: April 2, 2018 The (CHFA) is a corporate and political subdivision of the State of Colorado, established by the Colorado General Assembly for the purpose of increasing the supply of decent, safe and sanitary housing for low and moderate income families; and to promote sound economic development by supporting business enterprises. More information on CHFA may be found at the CHFA website, Background CHFA has approximately 165 full-time employees who are primarily located in Denver, CO. CHFA s current compensation philosophy is to view compensation from a total rewards perspective. This means base salary is part of a larger sum, which includes PERA, 401(k), health benefits, dental, disability, life insurance, paid time off, holidays, wellness, educational assistance, community involvement opportunities, flexibility, a healthy work environment and a mission-driven business. There are multiple reward and recognition programs (monetary rewards included) to acknowledge performance that exceeds expectations throughout the year. In terms of annual base pay and incentive opportunities, CHFA s current compensation philosophy is below: PAY FOR PERFORMANCE CHFA rewards performance through salary and (if applicable) incentive actions that are competitive and based on pre-determined performance guidelines. Salaries and incentive compensation will be benchmarked according to a formal policy adopted by CHFA s Board. 1 Template 03/11.v1

2 Annual Salary Adjustments Executives and all staff are eligible for annual salary adjustments based on the achievement of predetermined goals and objectives that support the direction and values of CHFA. Over time, salary adjustments are the primary determinant of one s salary placement within the established competitive range for the position. Annual Incentive Opportunity CHFA believes that incentive compensation helps align the actions with the organizational priorities judged by the Board to be most important to CHFA s financial soundness and mission. For this reason, CHFA maintains a management incentive plan (MIP) for the Executive Director/CEO (ED). The ED offers a similar incentive opportunity framework to other members of Leadership and staff that is reflective of the ED MIP. The objective of the incentive plan is to reward for the successful achievement of CHFA s mission with a targeted incentive opportunity. This incentive opportunity will be stated as a percentage of base salary and the actual amount of this opportunity earned depends on organizational performance. Performance primarily reflects annual, organizational-level success in the execution of CHFA s strategy. Measures reflect results achieved and are reviewed annually for relevance. Performance goals for each measure are established for each year and reflect an appropriate degree of difficulty or stretch. Incentive payments will not be made in any year in which CHFA s net income is negative. There is a very limited degree of discretion in adjusting the incentive payment up or down based on assessment of one s individual performance. The ED MIP plan is a discretionary plan and as such the Board will retain full authority to modify the terms of the plan as it sees fit and the Board approves the MIP annually. The ED has full authority to modify the terms of the staff plan as he sees fit. COMPENSATION BENCHMARKING CHFA will benchmark its compensation levels against organizations with which it competes for talent (primary) and quasi-governmental organizations with which CHFA s compensation may be compared by Colorado regulators, legislators and other external stakeholders (secondary). Historically, three sectors compose this comparison framework for the Executive Director and Senior Management Team: state housing finance authorities (HFAs), non-governmental organizations (NGOs), and Colorado quasi-governmental agencies (CQGAs). Each sector is given a relative weight to appropriately reflect CHFA s stated benchmarking policy. Explicit criteria will guide the organizations to be included in each sector. The criteria define the types of organizations and their size. Organization type will reflect corporate form, business purpose and operational attributes. Size will reflect quantitative measures of the scope and complexity of managing CHFA s organization: assets/bonds, operating budget and number of full-time equivalent employees. Organizations comparable to CHFA s size will be included in the NGO and HFA sectors. In instances where compensation data are obtained 2

3 from a defined peer group, organizations will be from half to twice CHFA s size. Size will not be considered for CQGAs because this sector does not reflect a talent market for CHFA executive talent. Compensation will be targeted at the median of the weighted average of the three sectors. CHFA s Board will consider a range of plus or minus 20 percent of the median as competitive. The Board will determine where within this range the Executive Director s salary should be set by considering factors such as the executive s experience and performance. Benchmark data is collected every three years. In alternating years, it is updated to reflect the local market (economic indicators) movement in off years. Scope of Services CHFA is seeking proposals from firms who specialize in compensation. The scope of services will involve: Executive Director Compensation (reportable to the CHFA Board of Directors Compensation Committee): Reviewing and refining CHFA s executive compensation strategy and overall compensation philosophy Defining the competitive market for talent (including defining or confirming CHFA s peer group companies) Benchmarking CEO total compensation CHFA Staff Compensation: Benchmarking the senior management team total compensation (Senior Management includes 13 positions C Suite and Director level.) Confirming incentive plan framework and targets (currently the incentive targets are a percentage of salary) Reviewing CHFA s compensation methodology for all staff, to include: o Current salary grade structure and approach o Reward and recognition programs Proposal Requirements: To assist in the evaluation of each proposal, please provide the following information: Firm overview: Describe the background, focus, size, diversity of firm and approach to inclusion, client base, etc. Team introduction: Describe and name who will be the key consultants including information such as their roles, background and experience. Resources: Include compensation data availability, including technical and supplemental resources like tax and accounting advice. Methodology: Describe overall methodology and philosophy for this type of engagement and how the team will approach the scope of services. Please include if there are any known differentiation from other firms. References: Provide 3 references (including contact information) for similar entities, including the timing when the services were provided. Fees: Provide the method and description on how the services will be compensated. Please include any indirect expenses, overhead charges, load or other fees and timing. Please include all vendor obligations and responsibilities, project specifics, timelines, anticipated costs, term and termination, security and confidentiality, limitation of liability, indemnity, and requirements related to quality of the product or services. 3

4 Evaluation Criteria: Reponses to the RFP will be evaluated based on the following criteria, as weighted below: 1. Qualifications, experience, and resources to carry out the described work 20% 2. Proposed methodologies and processes to accomplish the work - 40% 3. Fees 10% 4. References 20% 5. Other 10% Submission Requirements Posting of Request for Proposal: March 2, 2018 Deadline for Proposal Submission: April 2, 2018 Due Diligence with Finalists: Week of April 16, 2018 Anticipated Decision Date: April 27, 2018 Electronic responses to this request for proposal must be received by CHFA no later than 9:00pm, Mountain Time, on April 2, 2018 at the following address: Debbie Herrera, HR Director Dherrera@chfainfo.com Note: The Subject line must be RFP, with the RFP Title above. Requests for additional information and/or questions and requests for clarification may be sent, via , to dherrera@chfainfo.com. All such communications must be received by 6:00pm on March 15, All questions, as well as responses, will be posted in the Requests for Proposal section of CHFA s website, 1. CHFA and the selected vendor will enter into a contract, describing the terms and conditions of the services to be performed, including vendor compensation. 2. All submitted proposals become the sole and exclusive property of CHFA. 3. As a political subdivision of the State of Colorado, CHFA is subject to the Colorado Open Records Act (CORA) C.R.S , et seq., which requires CHFA to permit inspection and copying of certain public records. Responders to this RFP (each a Respondent ) acknowledge and agree that documents submitted to CHFA pursuant to this RFP are not considered confidential or proprietary and may be subject to inspection by the public. 4. CHFA is subject to C.R.S , which provides that, unless there is an applicable exclusion, Colorado state agencies and political subdivisions may not enter into, or renew, a contract for services (labor, time or effort, not involving a specific product) with a contractor who knowingly employs or contracts with an illegal alien to perform work under the contract or who knowingly contracts with a subcontractor who knowingly employs or contracts with an illegal 4

5 alien. Therefore, if a contract is a public contract for services, the vendor must certify that the vendor does not knowingly employ or contract with an illegal alien; and that the vendor participates in either the Department of Homeland Security/Social Security Administration E-Verify Program or the State of Colorado Department of Labor and Employment Program. Further, there are required contract provisions relating to the vendor s agreement to not knowingly employ or contract with any illegal aliens. 5. Additional information that is reasonably necessary for CHFA to fairly and comprehensively evaluate proposals may be enclosed with a proposal, as long as such information clarifies or substantiates written responses. 6. During the evaluation and decision process, CHFA may request additional information or clarifications from responders. At its discretion, CHFA may request certain responders to make oral presentations. 7. CHFA shall not be liable for any expenses, including travel expenses related to preparation of the proposal, any due diligence by the responder and/or CHFA, and the contract negotiation process. 8. CHFA reserves the right to reject any or all proposals after reviewing all responses to this RFP. CHFA is not required by law to conduct this RFP and reserves the right to cancel or withdraw this RFP at any time and for any reason. CHFA reserves the right to reissue a new RFP for the same or similar services or to postpone proposal deadlines for its own convenience. 9. CHFA is committed to diversity and inclusion with its suppliers to meet the growing needs of its customer base. CHFA staff understands that the purchasing decisions that we, and our vendors make, can impact the community we serve through People, Planet, Purpose, and Price. The four- P (4P) procurement standards are embedded in our vendor diversity standards to ensure we are reducing the environmental impact of our purchasing decisions and expanding our diversity outreach, while maximizing the purchasing value of our funds. 10. This RFP and the resulting contract shall be governed by the laws of the State of Colorado and venues for any actions shall lie exclusively in Denver, Colorado. By submitting a response to this RFP, Respondent irrevocably submits to the exclusive personal jurisdiction of the courts located in the City and County of Denver. 11. Written approval from CHFA must be obtained for any media releases regarding an award of the contract by CHFA. 12. By submitting a proposal, Respondent agrees to waive any claim(s) it has or may have against CHFA and/or any of the current or former CHFA directors, officers, board members, employees, or agents arising out of or in connection with (1) the administration, evaluation, or recommendation of any proposal (2) waiver of any requirement under this RFP, (3) acceptance or rejection of any proposal, and (4) award of the contract. 5

REQUEST FOR PROPOSAL

COLORADO HOUSING AND FINANCE AUTHORITY REQUEST FOR PROPOSAL (RFP) COLORADO HOUSING AND FINANCE AUTHORITY 1981 BLAKE STREET DENVER, CO 80202 REQUEST FOR PROPOSAL Hyperconverged Infrastructure Solution POSTED: