HVL has released a Request for Proposals regarding Professional Accounting Services.
The RFP can be found attached. All relevant details can be found in the PDF.
The deadline for Questions is Friday, November, 15th. Responses will be posted on Tuesday, November 19th. The RFP is due Friday, November 22nd.
Any questions asked will be posted here with their answers.
- In reference to audit assistance, is this assistance in preparing for the audit and is the audit performed by another entity?
Correct, this would be assistance with preparing audit schedules or pulling financial reports as requested by our independent auditors. Our internal accounting team would handle the majority of the audit requests but there may be requests where assistance would be needed. For example, we may want assistance with writing up any financial statement disclosures. We would also want the firm to review the financial statements prepared by the auditors before they are finalized.
- In reference to preparing a monthly cash flow statement, is the format to be used the indirect format which beings with the net income or loss or is a different format desired? and in total or by grant or class?
Our current firm has been using their own format and it is for the entire organization, not broken down by grant or class, which would be provided to the new firm. We would be open to any suggestions from the new firm on making the preparation of the cash flow statement more streamlined and any other suggestions that may help our organization.
- How are grants identified in Quickbooks?
Our grants are identified as ‘Donors’ in QBO and a new donor is created for each grant year.
- How many 1099s were issued at the prior year end and approximately how many vendors have been added during the current year? Is it anticipated that the AP function will obtain necessary 1099 information as vendors are added? Do the services need to include obtaining 1099 information?
We issued only eleven 1099’s in 2018. We try our best to collect the W-9’s as vendors are added but in the case that information was needed, we would request you provide a list of the vendors that are missing information and then we would reach out to get the information for you.
- Are there monthly deadlines for deliverables, such as board meetings?
We do have monthly deadlines including board meetings for which we would need the cash flow statement prepared (third week of the month) and then grant reporting deadlines both monthly and quarterly typically on the 15th of each month for which we would prepare the accounting and reporting and would like you to review our workpapers for prior to us submitting to the grantors.