HomeMy WebLinkAboutGovInvest General Contract for ServicesLake Elsinore, CA
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GENERAL CONTRACT FOR SERVICES
This Contract for Services ("Contract" is made effective as of February 10, 2025, by and between CITY
("CITY") of Lake Elsinore, and GovInvest Inc. ("GovInvest") of 8605 Santa Monica Blvd. PMB 52465,
West Hollywood, CA 90069.
1. DESCRIPTION OF SERVICES: Beginning on February 10th, 2025, GovInvest will provide to
CITY the following services (collectively, the "Services"):
(1) GASB 75 Full Actuarial Valuation
(1) GASB 75 Roll-Forward Actuarial Valuation
(2) GASB 68 Accounting Valuations
2. PAYMENT: Payment shall be made to GovInvest of 8605 Santa Monica Blvd. PMB 52465, West
Hollywood, CA 90069.
CITY agrees to pay for the services as follows:
GASB 75 Full Valuation Report Fee: $9,500 due upon engagement.
GASB 75 Roll-Forward Actuarial Valuation Fee: $4,750 due upon engagement.
GASB 68 Accounting Valuation Fee: $3,000 per report and due upon engagement.
CITY shall pay all costs of collection, including without limitation, reasonable attorney fees. In
addition to any other right or remedy provided by law, if CITY fails to pay for the Services when due,
GovInvest has the option to treat such failure to pay as a material breach of this Contract, and may
cancel this Contract and/or seek legal remedies.
3. TERM: This Contract will remain in effect for a period of two years.
4. WORK PRODUCT OWNERSHIP: Any copyrightable works, ideas, discoveries, inventions,
patents, products, or other information (collectively the "Work Product") developed in whole or in
part by GovInvest in connection with the Services will be the exclusive property of GovInvest. Upon
request, CITY will execute all documents necessary to confirm or perfect the exclusive ownership of
GovInvest to the Work Product.
5. WARRANTY: GovInvest shall provide its services and meet its obligations under this Contract in a
workmanlike manner, using knowledge and recommendations for performing the services which meet
generally acceptable standards in GovInvest community and region.
6. DEFAULT: The occurrence of any of the following shall constitute a material default under this
Contract:
a. The failure to make a required payment when due.
b. The insolvency or bankruptcy of either party.
c. The subjection of any of either party's property to any levy, seizure, general assignment for
the benefit of creditors, application or sale for or by any creditor or government agency.
7. REMEDIES: In addition to any and all other rights a party may have available according to law, if a
party defaults by failing to substantially perform any provision, term or condition of this Contract
Docusign Envelope ID: 60AD3C16-E279-4017-B895-5019DD4F0D79
Lake Elsinore, CA
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2
(including without limitation the failure to make a monetary payment when due), the other party may
terminate the Contract by providing written notice to the defaulting party. This notice shall describe
with sufficient detail the nature of the default. The party receiving such notice shall have ten days
from the effective date of such notice to cure the defaults). Unless waived in writing by the party
providing notice, the failure to cure the defaults) within such time period shall result in the automatic
termination of this Contract.
8. FORCE MAJEURE, If performance of this Contract or any obligation under this Contract is
prevented, restricted, or interfered with by causes beyond either party's reasonable control ("Force
Majeure"), and if the party unable to carry out its obligations gives the other party prompt written
notice of such event, then the obligations of the party invoking this provision shall be suspended to
the extent necessary by such event. The term Force Majeure shall include, without limitation, acts of
God, fire, explosion, vandalism, storm or other similar occurrence, orders or acts of military or civil
authority, or by national emergencies, insurrections, riots, or wars, or strikes, lock-outs, work
stoppages. The excused party shall use reasonable efforts under the circumstances to avoid or remove
such causes of non-performance and shall proceed to perform with reasonable dispatch whenever
such causes are removed or ceased. An act or omission shall be deemed within the reasonable control
of a party if committed, omitted, or caused by such party, or its employees, officers, agents or
affiliates.
9. ENTIRE AGREEMENT: This Contract contains the entire agreement of the parties, and there are
no other promises or conditions in any other agreement whether oral or written concerning the subject
matter of this Contract. This Contract supersedes any prior written or oral agreements between the
parties.
10. SEVERABILITY: If any provision of this Contract is held to be invalid or unenforceable for any
reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any
provision of this Contract is invalid or unenforceable, but that by limiting such provision it would
become valid and enforceable, then such provision will be deemed to be written, construed, and
enforced as so limited.
11. AMENDMENT: This Contract may be modified or amended in writing by mutual agreement
between the parties, if the writing is signed by both parties.
12. GOVERNING LAW: This Contract shall be construed in accordance with the laws of the State of
California and adjudicated exclusively in the State of California.
13. NOTICE: Any notice or communication required or permitted under this Contract shall be
sufficiently given if delivered in person or by certified mail, return receipt requested, to the address
set forth in the opening paragraph or to such other address as one party may have furnished to the
other in writing.
14. WAIVER OF CONTRACTUAL RIGHT: The failure of either party to enforce any provision of
this Contract shall not be construed as a waiver or limitation of that party's right to subsequently
enforce and compel strict compliance with every provision of this Contract.
Docusign Envelope ID: 60AD3C16-E279-4017-B895-5019DD4F0D79
Lake Elsinore, CA
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15. LIMITATION OF LIABILITY. GOVINVEST IS A PASSIVE CONDUIT THAT CONNECTS CITY
WITH SUBCONTRACTERS WHO PERFORM THE SERVICES AND PROVIDE THE WORK
PRODUCT HEREIN. ACCORDINGLY, UNDER NO CIRCUMSTANCES WILL GOVINVEST
HAVE ANY LIABILITY FOR THE ACTIONS AND/OR INACTIONS OF SUCH PARTIES. THE
SOLE WHICH, IN THE AGGREGATE, EXCEED THE AMOUNT OF CHARGES PAID BY CITY
FOR THE SERVICES WHICH GAVE RISE TO SUCH DAMAGES AND NOTWITHSTANDING
THE FAILURE OF ESSENTIAL PURPOSE OF ANY REMEDY. IN ADDITION, IN NO EVENT
SHALL GOVINVEST BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT,
EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND AND HOWEVER
CAUSED, INCLUDING BUT NOT LIMITED TO BUSINESS INTERRUPTION OR LOSS OF
PROFITS, BUSINESS OPPORTUNITIES, OR GOOD WILL EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGE, AND NOTWITHSTANDING THE FAILURE OF
ESSENTIAL PURPOSE OF ANY REMEDY.
16. CONSTRUCTION AND INTERPRETATION: The rule requiring construction or interpretation
against the drafter is waived. The document shall be deemed as if it were drafted by both parties in a
mutual effort
17. ASSIGNMENT: Neither party may assign or transfer this Contract without the prior written consent
of the non-assigning party, which approval shall not be unreasonably withheld.
IN WITNESS WHEREOF, the parties hereto have caused this Contract to be executed by their duly
authorized representatives as of the date first above written.
Service Recipient:
By:
Name:
Lake Elsinore, CA
Date:
Service Provider:
By:
Name: Nick Martin
GovInvest Inc.
Date:
Docusign Envelope ID: 60AD3C16-E279-4017-B895-5019DD4F0D79
4/8/2025
4/8/2025
Shannon Buckly
Nick Martin
02/23/2023
PURCHASE ORDER
04/19/2023
ISSUED TO:
Date:
Vendor #:01868
GOVINVEST INC.
8605 SANTA MONICA BLVD.
PMB 52465
WEST HOLLYWOOD, CA 90069-4109
SHIP TO:CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CA 92530
FY23-00664PO Number:
Requisition #:REQ2300803
130 South Main Street
Lake Elsinore, CA 92530
PH: (951) 674-3124
FAX: (951) 471-0052
CITY OF LAKE ELSINORE
UNITS DESCRIPTION AMOUNTGL ACCT #ITEM PRICEPROJ ACCT #
1 0
79257117-b2fc-4181-811c-afe900d7ba10
FY23 GASB 75 ROLL-FORWARD VALUATION FEE
79257117-b2fc-4181-811c-afe900d7ba10
100-1410-5201 4,750.000.00
79257117-b2fc-4181-811c-afe900d7ba1079257117-b2fc-4181-811c-afe900d7ba10
4,750.00TOTAL
SUBTOTAL:
0.00
4,750.00
SHIPPING:
Authorized by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Original invoice with remittance slip must be sent to: City of Lake Elsinore, 130 South Main Street, Lake Elsinore, CA 92530.
Payment may be expected within 30 days of receipt of goods and invoice.
C.O.D. shipment will not be accepted.
Purchase Order numbers must appear on all shipping containers, packing slips and invoices. Failure to comply with the above request may delay payment.
All goods are to be shipped F.O.B. Destination unless otherwise stated.
All materials and services are subject to approval based on the description on the face of the purchase order or appendages thereof. Substitutions are not permitted without approval of the
Requesting Department. Material not approved will be returned at no cost to the City.
All goods and equipment must meet or exceed all necessary city, state and federal standards and regulations.
Vendor or manufacturer bears risk of loss or damage until property received and/or installed.
Seller acknowledges that the buyer is an equal opportunity employer. Seller will comply with all equal opportunity laws and regulations that are applicable to it as a supplier of the buyer.
The City is exempt from all federal excise and state tax
TOTAL TAX:0.00
PURCHASE ORDER
07/01/2023
ISSUED TO:
Date:
Vendor #:01868
GOVINVEST INC.
8605 SANTA MONICA BLVD.
PMB 52465
WEST HOLLYWOOD, CA 90069-4109
SHIP TO:CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CA 92530
FY24-00390PO Number:
Requisition #:REQ2400454
130 South Main Street
Lake Elsinore, CA 92530
PH: (951) 674-3124
FAX: (951) 471-0052
CITY OF LAKE ELSINORE
UNITS DESCRIPTION AMOUNTGL ACCT #ITEM PRICEPROJ ACCT #
1 0
0adf80c9-15ac-4417-bebe-b09d0099fb4e
FY23-24 GASB 68 ACCOUNTING VALUATION FEE
0adf80c9-15ac-4417-bebe-b09d0099fb4e
100-1410-5201 3,000.000.00
0adf80c9-15ac-4417-bebe-b09d0099fb4e0adf80c9-15ac-4417-bebe-b09d0099fb4e
3,000.00TOTAL
SUBTOTAL:
0.00
3,000.00
SHIPPING:
Authorized by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Original invoice with remittance slip must be sent to: City of Lake Elsinore, 130 South Main Street, Lake Elsinore, CA 92530.
Payment may be expected within 30 days of receipt of goods and invoice.
C.O.D. shipment will not be accepted.
Purchase Order numbers must appear on all shipping containers, packing slips and invoices. Failure to comply with the above request may delay payment.
All goods are to be shipped F.O.B. Destination unless otherwise stated.
All materials and services are subject to approval based on the description on the face of the purchase order or appendages thereof. Substitutions are not permitted without approval of the
Requesting Department. Material not approved will be returned at no cost to the City.
All goods and equipment must meet or exceed all necessary city, state and federal standards and regulations.
Vendor or manufacturer bears risk of loss or damage until property received and/or installed.
Seller acknowledges that the buyer is an equal opportunity employer. Seller will comply with all equal opportunity laws and regulations that are applicable to it as a supplier of the buyer.
The City is exempt from all federal excise and state tax
TOTAL TAX:0.00
PURCHASE ORDER
07/01/2024
ISSUED TO:
Date:
Vendor #:01868
GOVINVEST INC.
8605 SANTA MONICA BLVD.
PMB 52465
WEST HOLLYWOOD, CA 90069-4109
SHIP TO:CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CA 92530
FY25-00375PO Number:
Requisition #:REQ2500452
130 South Main Street
Lake Elsinore, CA 92530
PH: (951) 674-3124
FAX: (951) 471-0052
CITY OF LAKE ELSINORE
UNITS DESCRIPTION AMOUNTGL ACCT #ITEM PRICEPROJ ACCT #
1 0
0e0e46d0-5edc-4f6a-a50a-b1fb00804899
GASB 68 ACCOUNTING VALUATION FEE
0e0e46d0-5edc-4f6a-a50a-b1fb00804899
100-1410-5201 3,000.000.00
0e0e46d0-5edc-4f6a-a50a-b1fb008048990e0e46d0-5edc-4f6a-a50a-b1fb0080489920
13e9fb58-2964-4e58-9cac-b1fb00804899
GASB 75 FULL VALUATION FEE
13e9fb58-2964-4e58-9cac-b1fb00804899
100-1410-5201 9,500.000.00
13e9fb58-2964-4e58-9cac-b1fb0080489913e9fb58-2964-4e58-9cac-b1fb00804899
12,500.00TOTAL
SUBTOTAL:
0.00
12,500.00
SHIPPING:
Authorized by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Original invoice with remittance slip must be sent to: City of Lake Elsinore, 130 South Main Street, Lake Elsinore, CA 92530.
Payment may be expected within 30 days of receipt of goods and invoice.
C.O.D. shipment will not be accepted.
Purchase Order numbers must appear on all shipping containers, packing slips and invoices. Failure to comply with the above request may delay payment.
All goods are to be shipped F.O.B. Destination unless otherwise stated.
All materials and services are subject to approval based on the description on the face of the purchase order or appendages thereof. Substitutions are not permitted without approval of the
Requesting Department. Material not approved will be returned at no cost to the City.
All goods and equipment must meet or exceed all necessary city, state and federal standards and regulations.
Vendor or manufacturer bears risk of loss or damage until property received and/or installed.
Seller acknowledges that the buyer is an equal opportunity employer. Seller will comply with all equal opportunity laws and regulations that are applicable to it as a supplier of the buyer.
The City is exempt from all federal excise and state tax
TOTAL TAX:0.00
PURCHASE ORDER
07/01/2025
ISSUED TO:
Date:
Vendor #:01868
GOVINVEST INC.
8605 SANTA MONICA BLVD.
PMB 52465
WEST HOLLYWOOD, CA 90069-4109
SHIP TO:CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CA 92530
FY26-00341PO Number:
Requisition #:REQ2600404
130 South Main Street
Lake Elsinore, CA 92530
PH: (951) 674-3124
FAX: (951) 471-0052
CITY OF LAKE ELSINORE
UNITS DESCRIPTION AMOUNTGL ACCT #ITEM PRICEPROJ ACCT #
1 0
acce5e29-1766-4cfa-9ac9-b36100e34341
FY25-26 GASB 68 ACCOUNTING VALUATION FEE
acce5e29-1766-4cfa-9ac9-b36100e34341
100-1410-5201 3,000.000.00
acce5e29-1766-4cfa-9ac9-b36100e34341acce5e29-1766-4cfa-9ac9-b36100e34341
3,000.00TOTAL
SUBTOTAL:
0.00
3,000.00
SHIPPING:
Authorized by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Original invoice with remittance slip must be sent to: City of Lake Elsinore, 130 South Main Street, Lake Elsinore, CA 92530.
Payment may be expected within 30 days of receipt of goods and invoice.
C.O.D. shipment will not be accepted.
Purchase Order numbers must appear on all shipping containers, packing slips and invoices. Failure to comply with the above request may delay payment.
All goods are to be shipped F.O.B. Destination unless otherwise stated.
All materials and services are subject to approval based on the description on the face of the purchase order or appendages thereof. Substitutions are not permitted without approval of the
Requesting Department. Material not approved will be returned at no cost to the City.
All goods and equipment must meet or exceed all necessary city, state and federal standards and regulations.
Vendor or manufacturer bears risk of loss or damage until property received and/or installed.
Seller acknowledges that the buyer is an equal opportunity employer. Seller will comply with all equal opportunity laws and regulations that are applicable to it as a supplier of the buyer.
The City is exempt from all federal excise and state tax
TOTAL TAX:0.00
PURCHASE ORDER
07/01/2025
ISSUED TO:
Date:
Vendor #:01868
GOVINVEST INC.
8605 SANTA MONICA BLVD.
PMB 52465
WEST HOLLYWOOD, CA 90069-4109
SHIP TO:CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CA 92530
FY26-00390PO Number:
Requisition #:REQ2600457
130 South Main Street
Lake Elsinore, CA 92530
PH: (951) 674-3124
FAX: (951) 471-0052
CITY OF LAKE ELSINORE
UNITS DESCRIPTION AMOUNTGL ACCT #ITEM PRICEPROJ ACCT #
1 0
83d92ec5-99d5-4223-ad0b-b3840086af23
FY25-26 GASB 75 ROLL-FORWARD VALUATION FEE
83d92ec5-99d5-4223-ad0b-b3840086af23
100-1410-5201 4,750.000.00
83d92ec5-99d5-4223-ad0b-b3840086af2383d92ec5-99d5-4223-ad0b-b3840086af23
4,750.00TOTAL
SUBTOTAL:
0.00
4,750.00
SHIPPING:
Authorized by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Original invoice with remittance slip must be sent to: City of Lake Elsinore, 130 South Main Street, Lake Elsinore, CA 92530.
Payment may be expected within 30 days of receipt of goods and invoice.
C.O.D. shipment will not be accepted.
Purchase Order numbers must appear on all shipping containers, packing slips and invoices. Failure to comply with the above request may delay payment.
All goods are to be shipped F.O.B. Destination unless otherwise stated.
All materials and services are subject to approval based on the description on the face of the purchase order or appendages thereof. Substitutions are not permitted without approval of the
Requesting Department. Material not approved will be returned at no cost to the City.
All goods and equipment must meet or exceed all necessary city, state and federal standards and regulations.
Vendor or manufacturer bears risk of loss or damage until property received and/or installed.
Seller acknowledges that the buyer is an equal opportunity employer. Seller will comply with all equal opportunity laws and regulations that are applicable to it as a supplier of the buyer.
The City is exempt from all federal excise and state tax
TOTAL TAX:0.00
1/14/2026 8:23:56 AM Page 1 of 1
Vendor History Report
City of Lake Elsinore, CA By Vendor Name
Posting Date Range 01/01/2023 - 01/01/2026
Payment Date Range -
Payable Number Post Date 1099 Payment Number Payment Date Shipping Tax NetDescriptionAmount PaymentDiscount
Item Description Account NameAccount NumberUnitsPriceAmount Dist Amount
Vendor Set: 01 - Vendor Set 01
01868 - GOVINVEST INC.0.00 0.00 28,000.0028,000.00 28,000.000.00
2023-4449 4/20/2023 APA23003841 4/20/2023 0.00 0.00 4,750.00FY23 GASB 75 ROLL-FORWARD VALUATION FEE 4,750.00 4,750.000.00
OTHER OUTSIDE SERVICES 4,750.00100-1410-5201FY23 GASB 75 ROLL-FORWARD VALUATION FEE0.00 0.00 4,750.00
2023-4854 10/26/2023 APA24001032 10/26/2023 0.00 0.00 3,000.00FY23-24 GASB 68 ACCOUNTING VALUATION FEE 3,000.00 3,000.000.00
OTHER OUTSIDE SERVICES 3,000.00100-1410-5201FY23-24 GASB 68 ACCOUNTING VALUATION FEE0.00 0.00 3,000.00
2023-4881 10/17/2024 7849 10/17/2024 0.00 0.00 12,500.00FY24-25 GASB 68 & 75 VALUATION FEE 12,500.00 12,500.000.00
OTHER OUTSIDE SERVICES 9,500.00100-1410-5201GASB 75 FULL VALUATION FEE 0.00 0.00 9,500.00
OTHER OUTSIDE SERVICES 3,000.00100-1410-5201GASB 68 ACCOUNTING VALUATION FEE0.00 0.00 3,000.00
2025-6274 10/30/2025 10358 10/30/2025 0.00 0.00 4,750.00FY25-26 GASB 75 ROLL-FORWARD VALUATION FEE 4,750.00 4,750.000.00
OTHER OUTSIDE SERVICES 4,750.00100-1410-5201FY25-26 GASB 75 ROLL-FORWARD VALUATION FEE0.00 0.00 4,750.00
2025-6454 9/25/2025 10043 9/25/2025 0.00 0.00 3,000.00FY25-26 GASB 68 ACCOUNTING VALUATION FEE 3,000.00 3,000.000.00
OTHER OUTSIDE SERVICES 3,000.00100-1410-5201FY25-26 GASB 68 ACCOUNTING VALUATION FEE0.00 0.00 3,000.00
Vendors: (1) Total 01 - Vendor Set 01:0.00 0.00 28,000.0028,000.00 28,000.000.00
Vendors: (1) Report Total:0.00 0.00 28,000.0028,000.00 28,000.000.00