Lindbergh Schools Sealed Solicitation
Title: Bank Depositary Services
Deadline: 3/16/2023 10:00 AM (UTC-06:00) Central Time (US & Canada)
Status: Deadline Expired
Description: Lindbergh Schools will receive sealed Proposals from qualified financial institutions for providing Bank Depositary Services to the District for a period of five (5) years, beginning July 1, 2023.
Documents:
| Documents as of 2/16/2023 |
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Question 1
Posted: 2/28/2023
Question: Can you please describe how cash deposits are handled today?
Response: Our building food service cashiers and building administrative assistants send their deposits to the District's Central Office. The accounts receivable person deposits the checks remotely and deposits the cash at the bank location closest to our office. Our high school bookkeeper deposits her checks remotely and has the security guard take her cash deposits to the bank.
Question 2
Posted: 2/28/2023
Question: Does the District use an armored car service to pick-up deposits from the schools? If not, would the District consider armored car services and deposits at a remote vault?
Response: We do not use an armored car service for pick up. We would consider it if it is cost effective.
Question 3
Posted: 2/28/2023
Question: Where are cash deposits deposited? Are deposits made by the individual schools or are they consolidated at the District offices?
Response: Cash deposits are handled at the District's Central Office. All buildings send their deposits to one location and they are consolidated into one deposit. The high school bookkeeper handles the high school deposits.
Question 4
Posted: 2/28/2023
Question: What is the nature (special events, lunch services) of the cash deposits?
Response: The cash deposits are for student lunches, field trips, fundraisers and special events.
Question 5
Posted: 2/28/2023
Question: What is the make-up of the 45,000 cash deposits? Are these units or dollar amounts?
Response: The 45,000 is units.
Question 6
Posted: 2/28/2023
Question: Who is the District’s current operating bank? How long?
Response: Commerce Bank, approximately 15 years
Question 7
Posted: 2/28/2023
Question: What is the District’s ERP system?
Response: It is software that is designed for school districts. It is called School Information Systems - Financial or SISFin.
Question 8
Posted: 3/6/2023
Question: What is the average balance in the sweep account?
Response: Operating - $3,800,000 Medical - $400,000
Question 9
Posted: 3/6/2023
Question: Will the School District accept alternative collateral for deposits - ie. Federal Home Loan Bank letter of credit?
Response: Please see the State Statute § 30.270, RSMo for a list of approved alternative forms of collateral.
Question 10
Posted: 3/6/2023
Question: What is the 12 month average balance of each of the 5 accts. For the 2 accts that are tied to a sweep, please include the sweep balances in the averages of those accts.
Response: Operating - $4,000,000 Food Service - $16,000 Medical Self Ins - $700,000 Dental Self Ins - $335,000 Flex Spending - $29,000
Question 11
Posted: 3/6/2023
Question: Of the $45,000 cash/coin deposited monthly...How much of the $45k is currency vs coin? How frequently is coin deposited and what is the typical dollar amount of a coin deposit?
Response: The majority of the cash deposits are currency. For the deposits that have coin, the amount is typically under $20
Question 12
Posted: 3/9/2023
Question: Could you please clarify how many branch deposits are made on a monthly basis? And how frequently coin deposits are made?
Response: Approximately 15 branch deposits are made per month. The branch deposits don't always contain coins, but when they do it is typically under $20.
Posted: 2/28/2023
Question: Can you please describe how cash deposits are handled today?
Response: Our building food service cashiers and building administrative assistants send their deposits to the District's Central Office. The accounts receivable person deposits the checks remotely and deposits the cash at the bank location closest to our office. Our high school bookkeeper deposits her checks remotely and has the security guard take her cash deposits to the bank.
Posted: 2/28/2023
Question: Does the District use an armored car service to pick-up deposits from the schools? If not, would the District consider armored car services and deposits at a remote vault?
Response: We do not use an armored car service for pick up. We would consider it if it is cost effective.
Posted: 2/28/2023
Question: Where are cash deposits deposited? Are deposits made by the individual schools or are they consolidated at the District offices?
Response: Cash deposits are handled at the District's Central Office. All buildings send their deposits to one location and they are consolidated into one deposit. The high school bookkeeper handles the high school deposits.
Posted: 2/28/2023
Question: What is the nature (special events, lunch services) of the cash deposits?
Response: The cash deposits are for student lunches, field trips, fundraisers and special events.
Posted: 2/28/2023
Question: What is the make-up of the 45,000 cash deposits? Are these units or dollar amounts?
Response: The 45,000 is units.
Posted: 2/28/2023
Question: Who is the District’s current operating bank? How long?
Response: Commerce Bank, approximately 15 years
Posted: 2/28/2023
Question: What is the District’s ERP system?
Response: It is software that is designed for school districts. It is called School Information Systems - Financial or SISFin.
Posted: 3/6/2023
Question: What is the average balance in the sweep account?
Response: Operating - $3,800,000 Medical - $400,000
Posted: 3/6/2023
Question: Will the School District accept alternative collateral for deposits - ie. Federal Home Loan Bank letter of credit?
Response: Please see the State Statute § 30.270, RSMo for a list of approved alternative forms of collateral.
Posted: 3/6/2023
Question: What is the 12 month average balance of each of the 5 accts. For the 2 accts that are tied to a sweep, please include the sweep balances in the averages of those accts.
Response: Operating - $4,000,000 Food Service - $16,000 Medical Self Ins - $700,000 Dental Self Ins - $335,000 Flex Spending - $29,000
Posted: 3/6/2023
Question: Of the $45,000 cash/coin deposited monthly...How much of the $45k is currency vs coin? How frequently is coin deposited and what is the typical dollar amount of a coin deposit?
Response: The majority of the cash deposits are currency. For the deposits that have coin, the amount is typically under $20
Posted: 3/9/2023
Question: Could you please clarify how many branch deposits are made on a monthly basis? And how frequently coin deposits are made?
Response: Approximately 15 branch deposits are made per month. The branch deposits don't always contain coins, but when they do it is typically under $20.