The vendor is required to provide from a licensed certified public accounting firm and sole proprietor to perform annual financial audits and tax services.
- All work will be in the realm of external auditing and tax services.
- The time of audit, the contractor will be expected to deal with college staff as necessary for administrative support, including arranging for computer time, preparation of detailed transaction listings, assembly of documentation, etc.
- Services to include but not limited to the following:
• Express an opinion on the college’s financial statements in accordance with generally accepted
auditing standards
• Express an opinion on the foundation’s annual financial statements in accordance with generally
accepted auditing standards
• Report on internal control and compliance in accordance with government auditing standards
• Express an opinion on compliance related to federal funds in accordance with uniform guidance
• Express an opinion on state higher education commission (mhec-cc-4) report
• Provide all required communications per current accounting standards for public institution of
higher education
• Perform single audit of the college
• Perform financial statement audits for the college and foundation
• Perform limited procedures on required supplementary information (RSI) and other supplementary schedules that supports the audited statements such as, management’s discussion and analysis, GASB required supplementary pension and OPEB information, schedule of expenditures and federal awards
• Tax consultation
• Preparation of annual federal and state tax returns for tax-exempt non-profit and 501(c) corporation where applicable.
- Project understanding and approach: to include but not limited to the following:
• Approach to scoping and conducting the project; efforts that may be needed to ensure a successful project; work and management methodology; activity coordination methodology and consideration of areas not addressed, but deemed essential to the effective conduct of the project.
• Sample schedules and work plans indicating the tasks and time needed for each task to complete
the scope of services; any assumptions made in the development of the schedule and work plan.
• List any cost effective and innovative ideas for delivering the project, and any other pertinent information relevant for consideration.
- Audit period
• Audits will cover the following fiscal periods. fy2025 (July 1, 2024 – June 30, 2025), fy2026 (July 1, 2025 – June 30, 2026), and fy2027 (July 1, 2026 – June 30, 2027), optional years 4 & 5: fy2028 (July 1, 2027 – June 30, 2028, fy2029 (July 1, 2028 – July 1, 2029).
- College finance and accounting system
• The college utilizes workday, a cloud SaaS solution, as its administrative ERP solution.
• The finance module within workday provides an integrated functionality of finance, general ledger accounting and budgeting.
• Access to this solution is maintained by a layer of security features, connected to our identity and access management system and internal workday security that segments access to information based on roles and responsibilities.
• Workday is managed by a team of workday certified staff members working in collaboration with external consultants.
• Our student and accounts receivable functionalities are in Ellucian banner, whereas advancement module in advance CRM by Ellucian, in the cloud.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 13, 2025