NOTICE TO ALL PROPOSERS. Please note the following are answers to questions submitted for the Banking and Related Services RFP:

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1 NOTICE TO ALL PROPOSERS Purchasing Department 333 Seventh Ave., 15 th Floor New York, NY Purchasing Dept. Tel Purchasing Dept. Fax Date: June 22, 2015 To: From: All Prospective Proposers Lorraine Prasad Purchasing Director, Acting Re: Addendum Number 2 RFP # C1271 Banking and Related Services Please note the following are answers to questions submitted for the Banking and Related Services RFP: Would the College consider extending the July 7th Proposal Due Date? FIT Response: The College will not extend the July 7 th due date. PAGE 8 Scope of Services Operating and Payroll Accounts The FIT "Foundation" Operating and Payroll accounts are not-for profits. Please confirm that the not-for profits are not subject to collateralization? FIT Response: All accounts, including Foundation accounts, are subject to collateralization. Can the services required and activity volumes be provided separately for the Foundation so we can entertain a separate proposal for the Foundation FIT Response: The College will not accept a separate proposal for the Foundation. For the accounts listed, would you provide a three month analysis report to identify the volumes and activity of current services provided for each of the FIT accounts? FIT Response: The volumes and activity as presented in the RFP are representative. No further detail is available at this time. Page 1 of 5 Pages

2 PAGE 10 Collateralization of Deposits: PAGE 12 Merchant Services Will FIT accept FHLB L/C for collateralizing deposits? FIT Response: No. Please provide details on how the Fashion Institute of Technology currently process credit card transactions. What is your annual volume and transactions broken down by merchant account with entity listed? FIT Response: The activity volumes presented in Appendix V to the RFP is the extent of the information available at this time. Can monthly statements be furnished? FIT Response: Monthly statements will be provided to the winning bidder. Please detail the equipment, software or gateways used by merchant account. Please detail card present, card not present and any ecommerce credit card processing. FIT Response: Not available at this time. If using terminals are they owned or leased? What is the make and model of the terminals? FIT Response: The terminals are owned. Make and model information not available at this time. Do they connect via IP, dial or wireless? FIT Response: Connection is vis IP. Do you use pin pads? If yes what is the make, model and encryption? FIT Response: Pin pads are being used. Make, model and encryption information not available at this time. Does the Fashion Institute of Technology use an IVR system for any card payments? FIT response: No. Are any leased lines or frame relays currently used? If yes, please detail number, which merchant entity is using it, and which floor of the building the frame relay is located on. FIT response: Not at this time. What is the breakdown between card present and card not present transactions? FIT Response: Not available at this time. Does the Fashion Institute of Technology use a convenience fee solution? If yes please detail items like vendor, convenience fee percentage, software used, types of payments accepted, entity using program, number of transactions and volume processed annually. If not, is it a requirement for your processing? FIT Response: Not at this time. How often do you perform security scans and who do you use? FIT Response: Information not available at this time. Who performs your PCI compliance? FIT Response: TouchNet and First Data. Page 2 of 5 Pages

3 PAGE 13 Please provide a funds flow chart. FIT Response: We do not understand the nature of this request. Therefore, we are unable to respond. F. Bank Statements, Deposits, and Cancelled Checks Is the college currently using a check scanner to deposit checks? If so, what are the make and model(s) of the machine(s)? How many scanners? Are the scanner(s) connected to Windows or Mac computers? FIT Response: The College has approximately six scanners connected to Widows-based PCs installed and operating. The make and model of the scanners is not available at this time. G. Positive Pay Is the Positive Pay service including Payee verification? H. Check Cashing Services What is the volume of non-customers cashing checks on average? PAGE 14 FIT Response: We are unable to estimate the volume of non-customer check cashing activity. I Armored Car Service 1. Address of pickup(s) Is 227 West 27 th Street the only location for pick up of courier 2. Which service days per week is service needed. FIT Response: As stated in the RFP, Armored car service will be required on a bi-weekly basis on a day and time to be agreed between the College and the Financial Institution excepting the months of August and January when the armored car service will be required on a weekly basis on a day and time to be agreed between the College and the Financial Institution. 3. Approximate overall value of daily pickup FIT Response: Daily pickup is not requested. As stated in the RFP, Armored car service will be required on a bi-weekly basis on a day and time to be agreed between the College and the Financial Institution excepting the months of August and January when the armored car service will be required on a weekly basis on a day and time to be agreed between the College and the Financial Institution. Page 3 of 5 Pages

4 4. Approximate number of pieces being picked up (coin & currency bags) FIT Response: Unable to estimate at this time. 5. Do deposits go to third party vault or branch? FIT Response: Branch. 6. If branch, address and branch #. FIT response: The branch location will be the branch at which the FIT accounts reside. J. Automated Clearing House Transactions Dose the College currently process ACH transactions thru a Direct Transmission or are they processed thru an online banking set up with the current Financial Institution? FIT Response: Online setup with the current financial institution. Coin/Currency 1. Who is the contracted armored carrier today? Does the customer contract directly with the vendor? FIT Response: Dunbar is the current service provide contracted by the financial institution. 2. Are deposits delivered to a local Bank store/branch? FIT Response: Deposits are delivered to the local branch. 3. Are the deposits processed in a Money Room environment? Who is the Money Room and where are they located that processes the deposits? Is it a vendor operated Money Room, or a Bank run Money Room? FIT Response: FIT does not maintain a Money Room. Deposits are prepared by and collected from the Office of the Bursar. 4. If vendor operated money room how is the customer charged for deposited currency? Per $100, per $1,000. If Dunbar is to be used we will need an approximate breakdown of the notes deposited. FIT Response: Not applicable. 5. What is the average deposit value? FIT Response: We estimate the average dollar amount to be less than $50, What are the monthly cash deposit dollars? FIT Response: Average deposit information and frequencies have been provided. 7. How does the customer prepare its deposit? FIT Response: Deposits are sealed in bags for delivery to the branch. 8. What is the composition of the deposit? Does the customer send checks along with cash and coin? If so, do they separate their deposits checks from cash in separate bags on separate deposit tickets? FIT Response: As a general rule, all checks are deposited through the remote deposit service scanners. However, there may be an occasion where a check may fail remote deposit and need to be deposited through the armored car service. Page 4 of 5 Pages

5 9. Will there be bagged coin for deposit? How are the bags prepared for deposit? FIT Response: Coins may be included in the deposit amount. We are unable to estimate the amount of coin deposit at this time. 10. Does the customer need change orders? FIT Response: We do not anticipate requiring change orders. 11. Does the customer deposit checks? 12. How are the checks handled today, branch processing or vault processing? FIT Response: As a general rule, all checks are deposited through the remote deposit service scanners. However, there may be an occasion where a check may fail remote deposit and need to be deposited through the armored car service. Page 15 N. Automated Teller Machines ATMS Please provide the current volumes for each of the 3 requested ATMs for the past 12 month period. FIT Response: The ATM volumes for the past six months are presented in response to Addendum #1/Question #6. What is the current surcharge, if any, on the existing ATMs? FIT Response: $1.00 THIS ADDENDUM IS PART OF THE CONTRACT DOCUMENT AND SHALL BE INCLUDED WITH YOUR REQUEST FOR PROPOSAL SUBMITTAL. YOUR SIGNATURE BELOW WARRANTS THAT YOU UNDERSTAND THIS ADDENDUM AND THAT YOU HAVE MADE THE APPRORIATE ADJUSTMENTS IN YOUR PROPOSAL AND CALCULATIONS. Signature Print Name and Title of Authorized Representative Print Name of Company/Partnership/Individual Date Page 5 of 5 Pages