RFP: Audit Firm

The NYIC (New York Immigration Coalition), a non-profit coalition of immigrant serving organizations, envisions a New York state that is stronger because all people are welcome, treated fairly, and given the chance to pursue their dreams.

The NYIC seeks proposals for the preparation of its yearly audited financial statements and related filings for a three-year period beginning with its fiscal year ending July 31, 2022. The NYIC is a 501(c)(3) organization with an annual budget of roughly $10 Million. We receive NYS and NYC government funding. The audit of our nonprofit’s financial statements must be performed in accordance with generally accepted auditing standards. We outsource accounting and some reporting functions to NCheng, a leading financial advisory and services firm.

Overview

The NYIC requires the following services:

  1. Annual financial statement audit
  2. Preparation of IRS Form 990
  3. Preparation of Charitable Organization Annual Report for the New York State Attorney General
  4. Management letter, if needed

The Audited Financial statement must be completed by January 31st, in order for our Board to review it prior to its submission to the appropriate recipients. Our deadline for completion of our 990 is more flexible; please suggest the earliest convenient date. In addition, the NYIC requires three virtual meetings of the auditors: one with each of the Board of Directors’ Audit Committee and the full Board of Directors to discuss and review the audited financial statements and one with the Board of Directors’ Audit Committee to discuss and review the IRS Form 990. The NYIC requires our auditors to conduct their work remotely, including remote fieldwork and accepting electronic copies of documents.

How to apply:

All proposals must include:

  1. Evidence of the firm’s qualifications to provide the above services;
  2. Background and experience in auditing nonprofit clients, including clients with NYS and
    NYC government funding;
  3. The size and organizational structure of the auditor’s firm;
  4. Statement of the firm’s understanding of work to be performed, including tax and non-audit services;
  5. A proposed timeline for year-end audit fieldwork and final reporting;
  6. Description of the anticipated audit approach;
  7. Proposed fee structure for each of the three years of the proposal period, including whatever guarantees can be given regarding increases in future years, and the maximum fee that would be charged;
  8. Description of 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;
  9. Names of the partner, audit manager, and field staff who will be assigned to our audit and provide biographies.
  10. A copy of your firm’s most recent peer review report, the related letter of comments, and the firm’s response to the letter of comments; and
  11. References and contact information from 3 comparable nonprofit audit clients.

Your proposal must be received by April 8. Please send your proposal to Sara Stuart, Vice President of Operations at sstuart@nyic.org. Any inquiries should be directed to the same email address.

The staff and audit committee will review proposals at its April meeting and will invite finalists for an interview with the committee in May.

The NYIC is not obligated in any manner to reimburse firms for costs incurred in connection with responding to the RFP.