Florida State Board of Administration, Tallahassee, issued an RFQ to search for auditing firms to provide services for its internally managed real estate portfolio.
FSBA, which oversees $178.7 billion in assets, including the $143.2 billion of the Florida Retirement System defined benefit plan, previously sought to create a pool but withdrew in February a RFQ for auditing firms because of an insufficient number of responses.
“The RFQ issued last November was for a general pool of auditors to provide a variety of services,” John Kuczwanski, FSBA communications manager. “We came to the conclusion that a more targeted RFQ process may be a better approach and gain more competition. This RFQ is specifically for a pool of firms to provide real estate audit, tax and other agreed upon procedures services.”
“We have not previously had a pool of firms to provide real estate audit, tax, and other agreed upon procedures services.” Mr. Kuczwanski added.
FSBA would create a pool of auditing firms, which would be eligible to bid on services for the system’s internally managed properties. FRS has $8.4 billion in internally managed real estate assets. Its externally managed real estate totals $5.3 billion.
The RFQ is available on the board’s website.
Proposals are due Dec. 20. FSBA staff will interview candidates in January. A selection date was unavailable.