The purpose of this Request for Proposal (RFP) is to obtain, from appropriately qualified banking and financial institutions, detailed proposals for a full-service cultural events and festivals grant fiscal agent award partner for the City of Lowell. The successful proposer will become the sub-recipient that the City of Lowell partners with for U.S. American Rescue Plan Act (hereinafter referred to as ARPA) grant recipients, as well as other local, state, and federal grants awarded by the City to both public and private sector recipients, as required by the City. The Contractor will maintain the services required to administer the appropriate financial and reporting requirements of grants post award, including maintaining comprehensive financial and reporting records in compliance with all applicable federal, state, and local laws, as well as to fulfill the City’s recording requirements. The Contractor’s primary objective will be to act as a fiscal agent for the City, receiving funds from the City, and administering these funds to organizations as the City so approves. To assist the City in this effort, the City is issuing this Request for Proposals (RFP) to solicit responses from qualified Bidders who can meet the project requirements stated herein. This Scope of Work is a general guide to the work the City expects the Contractor to perform, and is not a complete listing of all services that may be required or desired. The Contractor shall conduct the following project in a satisfactory and proper manner as determined by the City: A. Description of Services. The Contractor shall develop, administer, and service, as the fiscal agent, a program to fund grants awarded to organizations at the direction of the City, so as to provide the capital needed for these organizations to receive post-award funding directly. The Contractor shall provide fiscal administration and documentation services, on behalf of the City of Lowell, including: Issue payments to organizations as agreed upon and authorized in writing by the City; and Maintain on behalf of the City and submit to the City all financial records relating to disbursements made, including maintaining detailed records of: a. All issued grant funds; b. Any other remittance; c. All expenses paid by the Contractor to fulfill the contract; d. All revenue received; and e. Sum of all grant funds issued monthly and annually per fiscal year of the City. The Contractor shall provide technical assistance to applicant organizations as needed for them to receive grant funding post-award in an expeditious manner. Recipient organizations are first approved by the City’s own processes. The Contractor shall provide any other related needs of the City upon request
