The Fund’s goal for this RFP is to replace the existing financial management system with cloud-based financial management ERP software, featuring budgeting, to award of service and good projects which may include multi-year projects with milestones. The Fund prefers a cloud-based, turn-key application for its municipal financial software package. Proposals submitted to the Fund must provide comprehensive information on the system’s backup solutions, including cloud-based redundancy, on-premises server backups, continuous data imaging, and/or encrypted physical media storage. Additionally, proposals should address data retention policies, disaster recovery protocols, and security measures to ensure uninterrupted operations. The proposed solution must enable the Fund to securely access and utilize its data in the event of unforeseen circumstances, such as power outages, cyberattacks, internet or Wi-Fi disruptions, or disasters that affect the Fund's physical offices. Furthermore, the disaster recovery plan should outline specific Recovery Time Objectives (“RTOs”) and Recovery Point Objectives (“RPOs”) to minimize data loss and downtime. Proposals must also include provisions for secure remote access, allowing staff to continue full operational functionality from any location during a crisis, ensuring business continuity. Security protocols should adhere to industry best practices, including encryption of data both at rest and in transit, multi-factor authentication, and compliance with relevant data protection standards. Modules specific to the Fund’s requirements of the software suite are listed below, in no order of priority: 1. General Ledger 2. Accounts Payable / Accounts Receivable 3. Encumbrances and Purchase Orders 4. Cash Receipts 5. Payroll 6. Financial Reporting 7. Budgeting and Forecasting (“PS & OTPS”) 8. Bank Reconciliation 9. Fixed Assets and Inventory Control 10. Allocation Management 11. Accruals 12. Multi-Year Tracking of Contracts 13. Dashboard for Executive Review of Processes 14. Customer Service Support for Technical Troubleshooting
