SPECIAL NOTICE

Subject: Professional Auditing Services/Consolidated Financial Statements; Tax Returns (990 & 990 T) and Separate Tax Return for PAC.
The RI Society of Certified Public Accountants (RISCPA) is requesting proposals from CPA firms to audit its consolidated financial statements for the fiscal years ending, April 30, 2011- 2013. We invite your firm to submit by April 19, 2011. RISCPA reserves the right to request additional information and/or clarification from proposers, or to allow for corrections of errors and omissions. At the discretion of the Executive Committee of the RISCPA Board, firms submitting proposals may be requested to make oral presentations as part of the evaluation process.
It is anticipated the selection of a firm will be completed by May 2, 2011.
BACKGROUND INFORMATION
Founded in 1905, RISCPA, is a non-profit organization under IRC Section 501 (c) 6, and currently serves a member population of approximately 1,800. The Society has a subsidiary, the RI Society of CPAs Political Action Committee (the PAC), organized under section 527 of the IRC. The Society’s most significant sources of revenue are from: 1) continuing professional education courses; and, 2) member dues. The PAC receives donations from individuals and, under the direction of the Society’s Government Relations Committee makes contributions to selected candidates.
The Society presently engages a CPA to perform month-end accounting and prepare monthly financial statements reporting utilizing QuickBooks with supporting schedules maintained in Excel and Access data bases. Approximately eighteen months ago, RISCPA began a substantial upgrading of its technology through the integration of new hardware, software and the installation of AM-NET, a central operational software program designed to synergize key functions critical to the Society’s operation; that is, member data (demographic breakout, updating and items related), CPE processing and reporting, dues tracking and to provide the generation of custom reporting (yet to be determined). Working through the final stages of implementation, this system is expected to be fully functional by April 30, 2011 and will replace Access data bases effective with the year ending April 30, 2012. QuickBooks will be used for general ledger and financial reporting.
A. Scope of Services:
Your proposal is expected to cover the following services for the years ending April 30, 2011, 2012 and 2013. Please provide a fee quote for each year and a summary of billing rates for out-of-scope projects.
Audit of the Society’s consolidated financial statements
Preparation of draft financial statements, including footnotes and supplemental schedules
Preparation of the following income tax returns:
Form 990 for the RI Society of CPAs
Form 990T for the RI Society of CPAs
Form 990 for the RI Society of CPAs Political Action Committee
Please note: A PDF of RISCPA’s audited financial statements for the year ended April 30, 2010 will be made available upon request.
B. Firm information:
Please provide information regarding the following:
1) A description of your practice, including number of partners and managers, services provided, and a summary of your firm’s involvement with the Society;
2) Discuss your firm’s audit and tax experience with non-profit organizations with profiles similar to the Society and its PAC ;
3) Describe your firm’s approach to staff continuity on the engagement and if applicable, policy regarding rotation of partners and managers;
4) Please provide names, qualifications and location of partners and managers that would be assigned to the engagement ;
5) Provide desired time line to issue draft of financial statements by August 20-31, 2011, in order for final approval at the RISCPA September Board meeting; filing by: November 15, 2011. Also describe your approach to data gathering and coordination of information required of the Society to conduct the audit and prepare the tax returns;
6) Include a copy of your firm’s most recent Peer Review Report and if applicable, Letter of Comments and Letter of Response;
　
7) Please provide references from at least three clients in Southern New England.
Confidentiality:
By accepting to take part in this process, you agree to keep confidential all information imparted to you by RISCPA, its employees, board members, agents and contractors during the process, not to disclose said information to third parties, and not to use said information for any purpose other than participation in the proposal process.
In closing, please direct all communications to the undersigned.
Respectively,
Robert A. Mancini
Executive Director
Rmancini@riscpa.org
401-331-5720