RFP for Services Related to Heartland Regional Investment Fund CDE and Sub-CDE Administration and Compliance

RFP for Services Related to Heartland Regional Investment Fund CDE and Sub-CDE Administration and Compliance

Scope of Services
The successful firm will work with HRIF staff to provide the Services for up to a period of up to three (3) years (2022, 2023, and 2024). The Services to be provided pursuant to this RFP include, but are not limited to, the following:

NMTC Software:
• Automatic upload of transactional data to CDFI Fund’s system;
• Automatic alerts for CDFI and IRS compliance issues;
• Ability to manage multiple sub-CDEs and multiple allocation years, including transfers of allocations to sub-CDEs;
• Board member module with Low-Income Community (“LIC”) accountability tests and email alerts for annual LIC accountability verification;
• Investor module with claimant and proceed tracing, date stamping, system alerts for deadlines, and commitment management features;
• Qualified Active Low-Income Community Business (“QALICB”) module with multiple project formats to handle various investment types, draws, and qualification data;
• Project cash management and direct tracing;
• Tracking for QALICB loan and equity repayments, including date stamp and automatic deadline alerts;
• Automated email notifications for investors, board members, and QALICBs;
• Various reporting options for all required NMTC oversight; and
• Document management and data storage system.

NMTC Compliance:
• Develop internal checklists for project intake;
• Assist with CDFI Fund’s allocation tracking system for reporting investment information;
• Prepare any required investor notification letters or IRS forms;
• Review sections of any documents relevant to NMTC compliance;
• Gather transactional level data for CDFI Fund’s reporting requirements;
• Assist with data gathering and completion of an annual CDE institutional-level report for CDFI Fund’s online system;
• Record and maintain data for CDE, sub-CDE, investors, QALICBs, cash receipts, cash disbursements, and other required information;
• Complete an annual CDE transactional-level report for CDFI Fund’s online system;
• Calculate and document semi-annual substantially-all tests for each sub-CDE and each qualified equity investment;
• Perform semi-annual review of the CDE’s closed investment transactions to verify compliance with the redemption test;
• Perform semi-annual review of LIC advisory board members’ qualifications; and
• Assist with timely compliance reporting to financial institutions, as needed.

Sub-CDE Administration:
• Review and compile accounting information from various sources, to include CDE closing documents, operating agreements, loan agreements, promissory notes, financial projections, memorandums, bank statements;
• Document accounting and cash transactions for each sub-CDE;
• Provide quarterly financial statements, general ledger detail, adjusted journal entries, and year-end adjustments;
• Prepare wire transfer authorizations for banks to transfer funds between accounts for the CDE and sub-CDEs;
• Prepare semi-annual compliance certificates for investors;
• Prepare various financial documents, as needed;
• To ensure compliance with NMTC, CDFI, and IRS regulations, review substantially-all tests, LIC board accountability tests, operating income, and distribution limitations;
• Provide year-end financials and coordinate with third-party accounting firm to prepare annual audit and tax returns;
• Provide ongoing maintenance for certified, unused sub-CDEs; and
• Advise HRIF staff on additional sub-CDE administration inquiries, as needed.

View full RFP here.

Responses Due By:
3:00 PM on Thursday, December 2, 2021
Heartland Regional Investment Fund, L.L.C.
c/o St. Louis Economic Development Partnership
Attn: Howl Bean II
7733 Forsyth Blvd., Suite 2200
Clayton, Missouri 63105
(314) 615-7663
[email protected]