Aeris seeks qualified consultants to analyze and rate community development financial institution (CDFI) loan funds.
Aeris was established in 2004 and has grown into the performance standard used by investors to assess CDFI loan fund performance. Aeris applies its proprietary ratings methodology to assess a CDFI’s impact performance and financial strength. The CARS® Impact Performance Rating assesses alignment of the CDFI’s programs and products with its mission; how effectively the CDFI uses its resources—both on-and off-balance sheet; the appropriateness of output and outcome data and how such data is used by the CDFI to determine the effectiveness of its products and strategies relative to its mission. The Financial Strength and Performance Rating assesses overall creditworthiness from the perspective of an unsecured investor with a 3-5 year investment horizon based on an in-depth analysis of capital strength, asset quality, management capacity, earnings, and liquidity (CAMEL).
Aeris analysts are part of a team of finance professionals, both staff and external consultants, that prepare ratings analyses and annual assessments, provide quality control review, participate as a voting member of the ratings committee, and, from time to time, contribute to modifications and adjustments to the CARS® methodology. Aeris analysts are among the most experienced and sought after CDFI advisors and underwriters in the field.
Qualified consultants will have extensive experience underwriting CDFI loan funds or other financial institutions for investment. Experience with nonprofit financial statements is a plus. In addition to strong analytical skills, Aeris analysts must have excellent written and verbal communication skills, working knowledge of financial statements (both nonprofit and for-profit), and proficiency in MS Office products, especially Excel and Word.
Submission of Qualifications
Aeris. will accept statements of qualifications until Aeris’ contract needs are met. Send one electronic copy of your technical qualifications to:
Director of Ratings
Experience. Provide examples of prior underwriting experience, with particular attention to underwriting CDFIs and/or nonprofit entities. Note generally the size and type of entities underwritten, the purpose of the underwriting (grant, loan, or investment), and whether underwriting experience was for an investor(s) in CDFI loan funds.
Examples. Provide at least two writing samples demonstrating expertise in both financial analysis and written communication.
Biography. Provide a resume, CV, or brief biography.
Scope of Work
Prepare Aeris Ratings Reports™. Aeris rates CDFIs based upon a rigorous and comprehensive due diligence process culminating in a detailed written analysis. Analysts typically work in teams of two, one of whom is responsible for the impact and management sections of the report, and the other for the capital, asset quality, earnings, and liquidity analysis. Preparation of the report requires constructive collaboration, clear communication, and a concise and thorough narrative that addresses strengths and areas of risk.
The process involves a) analysis of five years of financial information, including audits and portfolio performance reports, along with review of written policies and narrative documents relating to impact, financial performance, and management; b) two days of on-site interviews with management and board members; c) writing the draft Ratings Report, averaging 45 pages in length including numerous tables and charts; and d) presentation and recommendation to the Aeris rating committee.
Prepare Aeris Annual Review reports. CARS®-Rated CDFIs receive an Annual Review in each of the two years following the ratings decision. Annual reviews are desk reviews conducted by one analyst, and focus on significant changes in performance since the date of the full ratings report. The reports are prepared using documents submitted by the CDFI, the most recent fiscal year-end audit, and phone interviews. Annual review reports average 15 pages in length, including numerous tables and charts.
Aeris Ratings Committee. Aeris Analysts participate on ratings committees for both annual reviews and full ratings. Committee meetings are held via conference call. Using the ratings report, committee members score a CDFI based on codified ratings guidelines. Ratings are finalized based on committee discussion and questioning the analysts who prepared the analysis.
Type of Contract
Aeris seeks to enter into a retainer agreement with qualified consultants for a specified quantity of work over a defined period of time.