Guiding Your Nonprofit Through a Request for Proposal

A well-crafted RFP is a crucial tool for finding an investment management partner that can help you achieve your mission.

When—and Why—to Issue an RFP

Working with the right investment consultant gives your nonprofit a vital partner in fulfilling your mission. It helps your leaders meet their fiduciary duty and ensures that your organization’s assets are managed responsibly and provide steady funding for vital programs.

A document known as a request for proposal, or RFP, can systematize your search and help you compare prospective investment firms so that you can find the ideal partner for your nonprofit. As the name suggests, an RFP is designed to solicit detailed responses that can help you understand the expertise, experience and resources a firm might provide.

An RFP can be distributed to firms you already use as well as those you’re considering. Your organization’s leaders and board members may be able to suggest possible candidates to receive the RFP, and you can also ask other nonprofits for their recommendations.

Here are four potential benefits of creating an RFP:

  1. Formalizes the Process. Issuing an RFP ensures that you’re getting all the necessary information from each firm, formalized in a written document.
  2. Defines the Scope of Services. An RFP requires your organization’s stakeholders to reach consensus about what your goals and needs are and to commit them to paper.
  3. Compares Apples to Apples. An RFP helps you readily compare prospects side by side using criteria that are important to your organization.
  4. Helps Fulfill Fiduciary Responsibility. Formalizing and documenting your search for an investment management partner can help your board fulfill its duty to provide oversight of investments.

Where to Start?

If your organization is new to the RFP process, you might be wondering how to start the process. What elements do you need to include in the RFP? How long is the process? Who from your organization should be involved—and how should you vet candidates?

To find the answers to these questions, read our new article “Guiding Your Nonprofit Through a Request for Proposal” by Kevin Phillips, Senior Vice President, Endowments and Foundations, Regions Bank.

Download the full article here.

If you would like additional guidance on creating an RFP for your organization, visit


This information is general education or marketing in nature and is not intended to be accounting, legal, tax, investment or financial advice. Although Regions believes this information to be accurate as of the date written, it cannot ensure that it will remain up to date. Statements of individuals are their own—not Regions’. Consult an appropriate professional concerning your specific situation and for current tax rules. This information should not be construed as a recommendation or suggestion as to the advisability of acquiring, holding or disposing of a particular investment, nor should it be construed as a suggestion or indication that the particular investment or investment course of action described herein is appropriate for any specific investor. In providing this communication, Regions is not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity.