As an integral part of its fiduciary responsibilities, the Board of Trustees deems it important that the University, as a public entity, review periodically to determine that its best interests continue to be served relative to pricing and quality of its financial or banking services. In an effort to insure effective periodic reviews of these important relationships, Auburn University will seek formal proposals every five years from qualified financial institutions in accordance with the following guidelines:

1. Obtain the Budget Committee's approval for a plan to seek proposals for the financial or banking services.
   
   
2. President will identify six to nine members of a selection team.
   
   
3. Draft a request for Statement of Qualifications (SOQ).
   
   
4. Identify the financial institutions to whom the request for SOQ will be sent.
   
   
5. Evaluate SOQs and select the institutions to receive a Request for Proposals (RFP).
   
   
6. Draft the RFP and evaluation criteria.
   
   
7. Mail FRP and information about the University to the selected financial institutions.
   
   
8. Allow each institution to perform a scope visit so that their proposal can address University needs.
   
   
9. Proposals will be opened in the presence of the Selection Committee.
   
   
10. Hold interviews and oral proposal presentations.
    
    
11. Evaluate proposals and selection finalist(s) to recommend to the Budget Committee.
    
    
12. Decisions made by Budget Committee and notification provided to financial institutions.
    

REVISED: 10/9/97