Investment Management and Advisory Services
San Miguel Authority For Regional Transportation (SMART)
07/24/2026
Investment Management and Advisory Services
Issued by:
San Miguel Authority for Regional Transportation (SMART)
137 Society Drive, Unit B
Telluride, CO 81435
Phone: (970) 239-6034
KEY RFP DATES
•
Issue Date: June 24th, 2026
• Questions Due: July 8th, 2026
•
RFP Submission Deadline: July 24th, 2026, 5PM
1. COVER LETTER
Dear Interested Parties,
The San Miguel Authority for Regional Transportation (SMART) is requesting proposals from qualified firms to provide Investment Management and Advisory Services as described in this Request for Proposal (RFP).
A copy of this RFP is available at: smarttelluride.com
Point of Contact
All communication regarding this RFP must be directed to:
TJ Burr
Business Manager
Email: [email protected]
Respondents are asked not to contact other SMART staff or representatives regarding this RFP.
Proposal Submission
All proposals and inquiries must be submitted electronically to:
[email protected]
Submission Deadline
Proposals must be received no later than the specified deadline. Late submissions will not be
accepted.
All submitted materials become the property of SMART and will not be returned.
Licensing Requirements
The selected consultant must maintain all required licenses, permits, and professional
qualifications throughout the duration of the contract.
Sincerely,
TJ Burr
Business Manager
2. PROJECT INFORMATION
2.1 Introduction
SMART is seeking qualified firms to provide professional investment management and advisory services to manage its operating portfolio in compliance with SMART's Investment Policy and all applicable laws.
2.2 Background
SMART provides regional commuter transit services between Norwood, Telluride, Rico, Montrose, and surrounding areas. The organization is committed to safe, reliable, and efficient
multi-modal transportation. SMART seeks an investment advisor emphasizing capital preservation, liquidity, transparent low-cost structures and strong net-of-fee returns.
Respondents must provide current SEC form ADV parts 1, 2A and 2B. Quarterly reports shall
clearly disclose all advisory fees, transaction costs, custodial expenses and fund-level expenses.
3. PROJECT OBJECTIVES
The selected firm will support SMART in achieving the following objectives:
1. Preserving principal and maintaining adequate liquidity
2. Achieving a competitive market rate of return
3. Ensuring compliance with all applicable policies and regulations
4. Providing accurate and timely reporting
5. Promoting transparency and accountability in fund management
4. SCOPE OF WORK
The selected consultant will provide comprehensive investment advisory services, including but
not limited to:
Cash flow and maturity analysis
• Portfolio credit analysis and rebalancing
Market research and yield curve analysis
• Monthly, quarterly, and annual reporting
Attendance at quarterly meetings
Risk assessment and mitigation strategies
Compliance monitoring
Investment policy review and recommendations
Independent broker/dealer evaluation and due diligence designed to ensure best
execution and minimize transaction costs
Creditworthiness monitoring
Audit support and reporting assistance
Staff training in investment topics
Additional advisory services as required
Full fee transparency and ongoing disclosure of all direct and indirect investment costs
Benchmark development and performance evaluation relative to appropriate peer and
market benchmarks.
Liquidity planning and stress testing.
Written annual review of investment strategy, fee efficiency and risk management
Respondents must describe their investment strategy, risk management approach, and fee structure in plain language understandable to non-investment professionals. All services must
adhere to the Prudent Expert Standard. The selected consultant must act as a fiduciary at all
times. Respondents shall submit a signed statement acknowledging fiduciary responsibility and affirming that all recommendations will be made solely in the best interest of SMART.
5. PROJECT DELIVERABLES
5.1 Reporting Requirements
The consultant shall provide reports in compliance with GAAP and GASB standards (Statements 31 and 40), including:
• Portfolio holdings summary
• Investment performance reports
• Duration and maturity metrics
Transaction summaries
Mark-to-market valuations
Market commentary
Reporting Timeline: Within 30 days of each reporting period.
5.2 Meetings
Attendance at regular and as-needed meetings with SMART staff and advisory committees.
5.3 Brokerage Allocation
All transactions must prioritize SMART's best interests. No soft-dollar arrangements,
revenue-sharing agreements, commissions, referral compensation, or other indirect compensation may be accepted without prior written disclosure and approval.
6. INSTRUCTIONS AND CONDITIONS
6.1 Proposal Submission
Proposals must be submitted electronically by the deadline to: [email protected]
6.2 RFP Schedule
RFP Issued: [Insert Date]
Questions Due: [Insert Date]
Responses Posted: [Insert Date]
Submission Deadline: [Insert Date]
Interviews (if applicable): [Insert Date]
Anticipated Award: [Insert Date]
Schedule subject to change.
6.3 Pre-Contractual Expenses
SMART is not responsible for any costs incurred in proposal preparation or negotiations.
6.4 Authority to Reject or Withdraw
SMART reserves the right to:
Reject any or all proposals
Withdraw the RFP
Postpone award decisions
7. EVALUATION CRITERIA
Proposals will be evaluated based on:
Responsiveness to RFP requirements
Firm experience and qualifications
Project methodology and approach
• Proposed timeline
Cost and value
8. WEIGHTED CRITERIA, FEE DISCLOSURES & HISTORICAL PERFORMANCE
8.1 Criterion
Criterion
Total cost transparency & fee competitiveness
Historical investment performance relative to benchmarks
Public sector investment experience
Risk management and capital preservation approach
• Fiduciary/Conflict-of-interest profile
Reporting and responsiveness
8.2 Fee Disclosures and Conflicts
Respondents must disclose all direct and indirect compensation associated with proposed services, including but not limited to:
• Advisory Fees
Custodial Fees
Transaction Costs
Fund Expense Ratios
Revenue Sharing Agreements
Soft Dollar Benefits
Commissions or Referral Fees
Compensation from Affiliated Entities or Proprietary Products
Respondents must disclose whether they recommend proprietary products or receive
compensation from investment vehicles.
Respondents must provide a complete 'all-in' estimate of annual costs based on a hypothetical $20 million portfolio, including advisory fees, custody costs, trading costs, embedded fund expenses, and any indirect compensation. This format will be required for amounts and basis
points:
Cost Type
Advisory Fee
Amount
BPS
Trading Costs
Fund/Internal Expenses
Custody
Other Fees
Total Estimate Annual Cost
8.3 Historical Performance
Please provide historical performance for comparable public sector portfolios over 1-, 3-, 5- and
10-year periods, relative to relative benchmarks, net of fees. Please describe investment performance during periods of rising rates and market volatility.
9. COMPLIANCE REQUIREMENTS
9.1 Meetings
Quarterly and as-needed attendance required
9.2 Reporting
Full compliance with GAAP and GASB standards. Respondent will provide a sample quarterly
report.
9.3 Nondiscrimination
The consultant must not discriminate based on protected characteristics in any aspect of service
delivery.
9.4 Termination Protection
SMART may terminate the agreement without penalty upon 30 days written notice
10. ATTACHMENTS
Attachment A: Investment Policy
Tj Burr
(970) 239-6034
