RFP: Yearly Audited Financial Statement

AgeWays is requesting proposals from CPA firms for the preparation of its yearly audited financial statements and related filings for a five-year period beginning with the 2022 fiscal year ending 9/30/22.  Our organization does require a federal single audit. We invite your firm to submit a proposal to us by May 25, 2022, for consideration. The audit of our nonprofit’s financial statements must be performed in accordance with Government Auditing Standards. A description of our organization, the services needed, and other pertinent information follows:

Background

AgeWays is a non-profit organization dedicated to enhancing the lives of older adults and adults with disabilities residing in southeast Michigan. AgeWays was established in 1974 under the federal Older American Act and is part of a national network of agencies that: 1) allocate federal and state funding; 2) plan/coordinate supportive services; 3) ensure access to home and community based long term care services; and 4) advocate on behalf of constituents. AgeWays receives more than $55 million per year in federal, state, and local funding to advance its mission. The agency also participates in fund raising efforts and receives private donations. For more information, please visit our website at AgeWays.org

Services to Be Performed

Your proposal is expected to cover the following services:

1. Annual financial statement audit and meetings with management and the Board of Directors.
2. Availability throughout the year to provide advice and guidance on financial and reporting issues.
3. Federal Single Audit
4. Preparation of Retirement Plan Statements
5. Preparation of IRS form 990
6. Schedule of Expenditures of Federal Award
7. Management letter

Time Frame

All of the above must be completed within four months of the end of each fiscal year, in order for our Finance sub-committee and Board to review each document prior to its submission to the appropriate recipients.

Proposal Content

In order to simply the proposal process and obtain maximum comparability, the Area Agency on Aging requires that responses to the RFP be organized in the format described below:

Executive Summary

Describe your understanding of the work to be performed and your overall audit philosophy and how this will benefit our agency.  Also, describe and your firm’s philosophy on communications with clients throughout the year.

Service Approach and Timeline

Describe your transition plan with our previous auditors and what you will require of our staff in this process. Describe the specific audit approach that will be used to ensure that your auditors cover all pertinent areas. Explain your approach to educating our staff on how to prepare for the audit and the completeness of your pre-audit documentation requests. Provide a detailed timetable by phase for the audit to show how you plan to meet the deliverables within the time frame allotted.

Professional Experience

Describe how and why your firm is the best choice for our audit; this should include your background and experience in auditing nonprofit clients, your size, location, and your structure. Include a list of comparable nonprofit clients your firm has served in the last three years and provide names and telephone numbers of at least three for reference.

Team Qualifications

Identify the specific partners and staff to be assigned to the engagement and provide biographies of their relevant experience as it pertains to this audit. Discuss your commitment to staff continuity and include your staff turnover in the last five years.

Fees

Proposed fee structure for each of the five years of the proposal period, including whatever guarantees can be given regarding increases in future years, and the maximum fee that would be charged; these need to be broken down by service and staff hours to include professional fees and out of pocket expenses. Describe your billing rates and procedures for technical questions that may come up during the year, or whether these occasional services are covered in the proposed fee structure. Additionally, if the pricing maybe impacted by the timing of the audit, please provide alternative pricing.

Additional Questions & Information

Describe which offices with be servicing our audit and how your will coordinate these efforts. Provide standard billing rates for each class of personnel for the last three years. Discuss your firm’s independence in regard to AgeWays. Provide a copy of your firm’s most recent peer review report, the related letter of comments, and your firm’s response letter to the comments. Please provide any additional information, not specifically requested, but which you believe would be useful in evaluating this proposal

Evaluation of Proposals

While price is an important factor, AgeWays will evaluate proposals on price and the following criteria:

• Prior experience auditing similar organizations
• Qualifications of staff to be assigned to the audit
• CPA firm’s understanding of the work to be performed
• References
• Completeness and timeliness of the proposal

Response

The Finance committee will review all proposals at their June 13, 2022, meeting and make a recommendation regarding the choice of auditors to the full board of directors on June 24, 2022.

Key Contacts

Laura Gruczelak, CFO, 248-727-3823, lgruczelak@AgeWays.org

Craig Beickelman, Accounting Manager, 248-262-1292, cbeickelman@AgeWays.org

Requests for additional information, questions, and coordinating visits to our office should be coordinated through our CFO, Laura Gruczelak. You may reach her at the number listed above. Please submit the complete proposal to either my email, or to my attention at the address provided below:

AgeWays
29100 Northwestern Hwy, Suite 400
Southfield, MI 48034

Key Documents
2021 AgeWays Single Audit Reporting Package
2021 AgeWays Financial Statements
AAA1B 2021 Budget Presentation