New York State Gaming Commission Custodial Banking Services IFB 1007 2025
NY-State-Gaming CommissionState · Schenectady, NY- Due
- Apr 24, 2025
- Deadline passed
- Posted
- Mar 21, 2025
- Contract term
- 5 years
- Primary contact
- Seth Stark
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THE 30-SECOND BRIEF
The New York State Gaming Commission (the Commission), operator of the New York Lottery program, is issuing this Invitation for Bids (IFB 1007) to seek quotes from qualified vendors to provide Custodial Banking Services. The Successful Bidder will provide custody services for securities, cash, and other property (Assets), including investment and reinvestment of deposits and income collection. As of February 28, 2025, the par value of the Lottery's holdings is $1.083 billion. Minimum qualifications include being a state or federally chartered commercial bank authorized to do business in New York, at least five years of experience in institutional custodial services, a minimum of $50 billion of assets under custody, and a SOC 1 Type II report. The contract term is five years, from June 4, 2025, through June 3, 2030. Bids are due by 3:00 pm ET on April 24, 2025, with questions due by April 11, 2025.
Monthly account statements, Monthly holdings reports, Annual SOC 1 Type II report, Bridge or gap letters
Lowest total monthly cost from a responsive and responsible bidder
SUMMARY
The New York State Gaming Commission (the Commission), operator of the New York Lottery program, is issuing this Invitation for Bids (IFB 1007) to seek quotes from qualified vendors to provide Custodial Banking Services.
The Successful Bidder will provide custody services for securities, cash, and other property (Assets), including investment and reinvestment of deposits and income collection. As of February 28, 2025, the par value of the Lottery's holdings is $1.083 billion. Minimum qualifications include being a state or federally chartered commercial bank authorized to do business in New York, at least five years of experience in institutional custodial services, a minimum of $50 billion of assets under custody, and a SOC 1 Type II report. The contract term is five years, from June 4, 2025, through June 3, 2030. Bids are due by 3:00 pm ET on April 24, 2025, with questions due by April 11, 2025.
EVALUATION CRITERIA
Lowest total monthly cost from a responsive and responsible bidder
REQUIRED DELIVERABLES
4- Monthly account statements
- Monthly holdings reports
- Annual SOC 1 Type II report
- Bridge or gap letters
REQUIRED ATTACHMENTS
19- Appendix A
- Appendix B
- Appendix C
- Appendix D
- Appendix E
- Appendix F
- Appendix G
- Appendix H
- Appendix I
- Appendix J
- Appendix K
- Appendix L
- Appendix M
- Appendix N
- Appendix O
- Attachment 1
- Attachment 2
- Attachment 3
- Attachment 4
- Submit to
- Schenectady, NY
- Scope location
- Schenectady, NY
- Reported agency
- New York State Gaming Commission
Questions about this RFP
How do I respond to this IFB from NY-State-Gaming Commission?
Review the full solicitation document for submission requirements, evaluation criteria, and deadlines. The submission deadline is April 24, 2025. The solicitation specifies required deliverables that must be addressed in your response. Be sure to include all required attachments as outlined in the solicitation. Submissions should be delivered to: Schenectady, NY. For questions, contact Seth Stark.
Can small businesses or minority-owned firms bid on this IFB?
Most government agencies, including NY-State-Gaming Commission in NY, encourage participation from small businesses, minority-owned, women-owned, and disadvantaged business enterprises (MBE/WBE/DBE). Check the full solicitation for any small business participation goals.
What happens after the IFB submission deadline?
After the deadline, the issuing agency reviews all submissions against the stated evaluation criteria. This typically includes a compliance check, technical evaluation, cost analysis, and may involve oral presentations with shortlisted vendors.
Can I ask questions about this solicitation before submitting?
Yes, most solicitations allow vendors to submit questions during a designated period. The primary contact is Seth Stark. Questions and answers are typically shared with all prospective bidders.
What are the key deliverables?
The solicitation specifies the following deliverables: Monthly account statements, Monthly holdings reports, Annual SOC 1 Type II report, Bridge or gap letters. Proposals should clearly address how each deliverable will be met.
Can I search IFBs like this in ChatGPT or Claude?
Yes. Civic IQ has an MCP server that connects ChatGPT, Claude and other AI assistants to live Civic IQ data: open RFPs, pre-RFP signals from public meetings, awarded contracts and agency decision-makers across 100,000+ US public agencies. Add https://beta.mcp.civiciq.com/mcp as a connector (in ChatGPT under Settings > Apps & Connectors, in Claude under Settings > Connectors) and sign in with a free Civic IQ account at civiciq.com/mcp.
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What are the evaluation criteria for this solicitation?
This solicitation includes specific evaluation criteria that will be used to score proposals. The criteria include: "Lowest total monthly cost from a responsive and responsible bidder" Vendors should carefully align their proposals with each criterion to maximize their score.
Where can I find more RFPs from NY-State-Gaming Commission?
All active and historical solicitations from NY-State-Gaming Commission are tracked and searchable. As a state agency, NY-State-Gaming Commission regularly publishes solicitations. Visit the agency profile to see current open bids, past contracts, vendor relationships, and decision-maker contacts.
What is the contract term for this solicitation?
The anticipated contract term is 5 years. Contract terms may include renewal options.
What documents are required to bid on this IFB?
Requirements vary by solicitation, but common documents include a technical proposal, cost/price proposal, proof of insurance, relevant certifications, past performance references, and any forms specified in the solicitation. This solicitation specifically requires the following attachments: Appendix A, Appendix B, Appendix C, Appendix D, Appendix E, Appendix F, Appendix G, Appendix H, Appendix I, Appendix J, Appendix K, Appendix L, Appendix M, Appendix N, Appendix O, Attachment 1, Attach. Review the full document from NY-State-Gaming Commission for the complete list.
What is the scope of this project?
This solicitation defines a specific project scope. The scope covers the following locations: Schenectady, NY. Review the full solicitation for detailed scope requirements.