Request for Proposals

Audit and Tax Services

RFP Questions

Note: We had several requests to see our recent audit. If you have not already received a link, please email audit@downtowndurham.com. 

We understand there may be additional questions after your review, so we are allowing a second round of questions. Please email those to audit@downtowndurham.com with the subject line “Additional Questions Audit RFP”. We will take those questions through Wednesday 1/31 at 12:00 noon. and will post answers here by 5 pm on 1/31. The proposal deadline will still be 2/12.

QUESTION 1

• Would it be possible to review prior year financial statements? 
• I would like to request copies of the previous 2 years audits if available.
• If we are able to get a copy of the financial statements to date for the current fiscal year, that would be helpful.
• Can you send the audited financial statements for June 30, 2023?
• Can you also send any other communications received at the conclusion of the 2023 audit?  This would include the management letter and SAS letters.
• Could you please provide a copy of your most recent audited financial statements along with any accompanying letters. 
• Can we get a copy of the prior year audit?
• Thank you for reaching out to our firm for your audit and tax needs. Could we get a copy of the most recently audited financial statements and completed tax returns for DDI and the most recently completed tax return for ReDD?

Answer 1

The most recent audit is available by request. If you have not already received a link, please email audit@downtowndurham.com. 

QUESTION 2

Would it be possible to have a call to learn more about organization.

Answer 2

We are not able to do this prior to the proposal deadline. We plan to meet with two or more firms during the selection process. More information about the organization can be found on our website downtowndurham.com.

QUESTION 3

I am able to pull the June 30, 2022 Form 990 from Guidestar for DDI but can you send the 2023 Form 990?

Answer 3

The FY22 990 is the most recent form. The FY23 990 is in progress.

QUESTION 4

I am not able to see the Form 990 for ReDD on Guidestar.  Can you also send the 2023 Form 990 for this entity?

Answer 4

ReDD filed the 990-N for 2022 and 2023. We anticipate needing to file a 990 for FY24.

QUESTION 5

Was our firm referred to you by someone, if so, who?

Answer 5

All firms who received the RFP were either referred to us, either by one of your current clients or from the NC Center for Nonprofit listing.

QUESTION 6

• Do you utilize an outsourced accountant/bookkeeper for any support or is all your bookkeeping done internally?
• Is the accounting function internal or external?

Answer 6

Most of the work is handled internally. We have a contracted finance manager who serves in some specific ways as part of our financial controls.

QUESTION 7

Is your bid request part of a due diligence process, or is your prior auditor no longer able to provide these services?

Answer 7

Our Board of Directors Finance Committee determined that we should bid out these services. While we did include our current firm in the bidding process, we have since learned they will not be submitting a proposal.

QUESTION 8

Can we get an understanding of the accounting function? What software is used?

Answer 8

We use Quickbooks Online, Quickbooks Payroll, and Lease Crunch.

QUESTION 9

What does the organization require from an audit?

Answer 9

The most recent audit is available by request. If you have not already received a link, please email audit@downtowndurham.com. We will be looking for a similar level of service.

Additional RFP Questions 

QUESTION 1

Is there a preference to how fieldwork is conducted?  I.e. Virtual vs. onsite?

Answer 1

Virtual

QUESTION 2

Are you able to share any fee or hours information regarding audit and tax services?

Answer 2

The Board of Directors requested these services be bid out in part because of rising costs. For this last audit, the estimated fees were about $22,000 for all services.

QUESTION 3

Who will prepare the financial statements? 

Answer 3

The audited statements were prepared by the audit firm.

QUESTION 4

You’ve indicated that ReDD will need to file a Form 990 (not a 990-N).  Do you have an estimate of the activity for FY24 for ReDD or have you evaluated whether a Form 990-EZ could be filed instead of the Form 990? 

Answer 4

ReDD received a grant for $100,000 in FY24. We have not looked into whether the organization can file the 990-EZ.