6-SPECS RFP 26-552.pdf

SPECIFICATIONS FOR RFP 26-552

INDEPENDENT AUDITING SERVICES

SECTION A – STATEMENT OF PUPROSE

Hudson Valley Community College is seeking proposals for independent auditing services.

SECTION B – INTRODUCTION

Founded in 1953, Hudson Valley Community College is the largest community college in upstate New York and offers degree and certificate programs in three schools: Business and Liberal Arts; Health Sciences; and Science, Technology, Engineering and Math (STEM); and also administers the Educational Opportunity Center for academic and career training at no cost to those who qualify. One of 30 community colleges in the SUNY system, Hudson Valley enrolls more than 19,000 students in credit and non-credit courses and is a recognized leader in distance learning and workforce development. The college has more than 90,000 alumni.

Hudson Valley Community College is a 110-acre community college located in Troy, New York. The facilities consist of 24 buildings with an approximate square footage of 1,600,000.

SECTION C – PROJECT OBJECTIVES

Hudson Valley Community College (HVCC) is soliciting requests for proposals for Independent Auditing Services from a licensed public accounting firm.

SECTION D - SCOPE OF WORK

The annual audit will be made in accordance with the following standards as they currently exist or are modified during the term of the contract, as well as any and all other applicable regulations.

1) Hudson Valley Community College (HVCC) and SUNY Capital District Educational Opportunity Center (EOC)

A. Generally accepted auditing principles and standards and will include tests of accounting records and other procedures as considered necessary to express such an opinion.

B. Applicable standards promulgated by the New York State Comptroller in accordance with the Uniform System of Accounts for Community Colleges.

C. Government Auditing Standards issued by the Comptroller General of the United States.

D. Applicable General Municipal Law standards and provisions and the Rensselaer County Purchasing Procedures.

E. New York State Education Law.

F. Applicable standards promulgated by the Office of Management and Budget, Circular A-133.

G. The Code of Standards and Procedures for the Administration and Operation of Community Colleges under the program of the State University of New York.

2) Faculty Student Association (FSA)

A. Generally accepted auditing principles and standards and will include tests of accounting records and other procedures as considered necessary to express such an opinion.

B. Applicable standards promulgated by the New York State Comptroller.

C. Applicable General Municipal Law standards and provisions.

D. Applicable standards promulgated by the Office of Management and Budget under Circular A-133.

E. Applicable New York State not-for-profit corporation laws and provisions.

3) Hudson Valley Community College Foundation (Foundation)

A. Generally accepted auditing principles and standards and will include tests of accounting records and other procedures as considered necessary to express such an opinion.

B. Applicable standards promulgated by the New York State Comptroller.

C. Applicable New York State not-for-profit corporation laws and provisions.

D. Specialized advisory services as requested.

4) Reporting Requirements for Hudson Valley Community College and EOC

A. Independent auditor’s report and financial statement to include comparative information with respect to Current Funds (restricted and unrestricted) and Plant Funds; and state aid/enrollment/fund balance reconciliation statements.

B. The EOC maintains a different fiscal year from the College; their financial activity during the College’s fiscal year is included in the College’s financial statements.

C. Compliance report based on financial audit and performed in accordance with Government Auditing Standards in compliance with specific requirements applicable to major federal financial assistance programs and OMB Circular A-133 and/or other applicable OMB regulations.

D. Certification report of the College’s employee benefit rate computations (only needed in the absence of federal approval of fringe benefit rate).

E. Review the College’s Annual Report prior to its submission to the State Comptroller’s Office.

F. Provide work papers that trace HVCC and EOC general ledger accounts to financial statements.

G. A management letter, which will include a summation statement of audit findings and description of any material weaknesses in internal control and recommendations for financial management improvement.

H. All working papers associated with this engagement shall be retained for a minimum of ten years from the date of the audit report.

I. Other related information, calculations, and/or reports pertaining to local, state and federal requirements.

The College may request an Internal Control review during the contract period.

5) Reporting Requirements for the Faculty Student Association

A. Independent auditor’s report and financial statements to include comparative information with respect to Current Funds (restricted and unrestricted), Plant Funds, Intercollegiate Athletics Fund, and Student Activities Fund.

B. Compliance report based on audit of financial statements performed in accordance with generally accepted auditing standards in compliance with specific requirements applicable to the receipt of federal funds and OMB Circular A-133 and/or other applicable OMB regulations.

C. A management letter, which will include a summation statement of audit findings and a description of any material weaknesses in internal control and recommendations for financial management improvement.

D. Preparation of the annual forms 990, 990T, and New York Form CT-13.

E. A presentation to the FSA Board of Directors at their September meeting.

F. Written responses to questions as requested by the President and/or Treasurer and the FSA Executive Director.

6) Reporting Requirements for the Foundation

A. Independent auditor’s report and financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, shall include comparative information with respect to all funds (with or without donor restrictions) and investment portfolio.

B. Compliance reports based on the audit of financial statements, if any, shall be prepared in accordance with all state and federal government auditing standards.

C. Tax services preparation to include but not limited to Form 990, 990T and CT-13.

D. A management letter, which will include a summation statement of audit findings and a description of any material weaknesses in internal controls and recommendations for financial management improvements.

E. Preparation of annual filings with the IRS and the NYS Bureau of Charities.

F. A presentation of the audit findings and financial statements to the Foundation’s Audit Committee.

G. A presentation of the audit and financial statements to the Foundation Board of Directors and to the College’s

Board of Trustees.

H. Responses to questions as requested by the Foundation President and/or the Foundation Executive Director and/or the Foundation Finance Manager.

I. Specialized advisory services as requested.

SECTION E – SCHEDULE

1) Applicable Schedule of Activities – HVCC

A. The College fiscal year is September 1st through August 31st.

B. The College is required to complete an annual financial report that must be filed with the State Comptroller’s

Office within sixty days of the college’s fiscal year end. The independent auditing firm will be required to be available mid-October for preliminary field work and questions related to this report.

C. Report requirements as documented in Section 4 shall be provided to the President and Vice President for Administration and Chief Financial Officer in draft form by December 15th and in final form by January 10th.

D. A presentation to the President and Board of Trustees at a date identified by the President and Vice President for Administration and Chief Financial Officer.

2) Applicable Schedule of Activities – FSA

A. The FSA fiscal year is June 1st through May 31st. The annual audit is to be scheduled no later than the second week in July.

B. A draft of the audited financial statements and the management letter is to be submitted to the FSA Executive Director no later than August 14th.

C. An audit review meeting is to be scheduled at least three weeks prior to the September meeting of the FSA Board of Directors. The final audit report shall be presented at the September meeting of the FSA Board of Directors.

D. Five (5) copies of the final audit report shall be delivered at least two weeks prior to the FSA Board of Directors meeting in September.

3) Applicable Schedule of Activities – Foundation

A. The Foundation’s fiscal year is July 1st through June 30th. The annual audit is to be scheduled no later than the second week of September.

B. Drafts of the audited financial statements and the management letter are to be submitted to the Audit Committee of the Board of Directors no later than November 15.

C. An audit review meeting is to be scheduled for the Audit Committee and the Executive Committee of the Board of Directors at least two weeks prior to the regularly scheduled board meeting in November.

D. Forty (40) copies of the complete audit report shall be delivered at least one week prior to the Board of Directors meeting in November.

E. Thirty (30) copies of the complete audit reports (final) shall be delivered at least one week after the Board of Trustees of the College accepts the audited financial statement of the Foundation.

SECTION F – VENDOR QUALIFICATIONS

Submissions by Prospective Independent Auditing Firms

1. The Preferred Independent Auditing Firm will have at least ten years of experience auditing Higher Ed. Institutions in New York State with operating budgets in excess of $ 75,000,000, and Single Audit experiences Title IV federal aid, and total federal expenditures in excess of $10,000,000.

2. The firm must be licensed in the State of New York.

3. A listing of New York State Higher Ed. Institutions should be provided to include FTE size, operating budget amounts, single audit dollar level, and contact person including phone number.

4. A listing of Educational Opportunity Centers in New York State that have been audited by the independent auditing firm in the last ten years.

5. A listing of Faculty Student Associations and Foundations that have been audited by the independent auditing firm in the last ten years.

6. Provide names and resumes of personnel to be assigned to this audit for fiscal year 2026-2027, including the partner(s) in charge. At the discretion of the College/FSA/Foundation, the successful auditing firm may be required to change assigned principles and auditors after 3 years. Certified Public Accountant certification preferred for all personnel assigned to the audit team.

7. Provide information concerning your approach to the audit, i.e. audit programs, the organization and composition of the audit team, the type of management letter used, and the statistical sampling methods used.

8. Provide assurances that there are no conflicts of interest between the audit firm and Hudson Valley Community College.

9. Provide the address of the office of the accounting firm that will assume responsibility for the audit. Response to inquiries should be available within 24 hours of request if required. In-person fieldwork is required to be available.

10. Provide information regarding the expertise and experience in providing ancillary services relating to employee benefits, tax law, cash management, and cash investments.

11. Provide at least five references, in addition to those of the community colleges, that the independent auditing firm feels are applicable to the scope of audit described in this request for proposal.

12. Completion of the fee proposal schedule for all years for HVCC, the Faculty Student Association and the Foundation.

Specify whether routine questions throughout the year will be covered under this fee schedule.

3. Detailed cost breakdown, including hourly rates, projected hours, and all associated expenses.

14. Indication of additional costs for travel, special projects or consultation.

Failure to comply with all requirements listed here will be grounds for rejection of your proposal. The college reserves the right to determine that a vendor has substantially met the proposal requirements and/or to ask for additional information, to interview vendor and/or to visit vendor’s office(s) and disposal sites.

SECTION G – CONTRACTORS RESPONSIBILITIES

Vendor must receive purchase order prior to performing services.

Vendor must receive permission from the college to enter into any agreements with sub-contractors.

SECTION H – EVALUATION CRITERIA

Firms submitting proposals are advised that all responsive documents will be evaluated to determine each firm’s ability to best meet the needs of the College, Foundation, and FSA. This evaluation will include, but is not limited to, a consideration of the following criteria:

(1) Qualifications and Experience 35 points

(a) Experience providing audit services to higher education/community colleges and their affiliated entities

(b) Qualifications of audit team

(c) Feedback from provided references

(2) Technical Experience and Approach 30 points

(a) Quality, efficiency, and clarity of the proposed approach

(3) Fee Structure 30 points

(a) Reasonableness and transparency of proposed costs, including additional costs for special projects or consultation outside of normal audit scope consultations

(4) Other considerations 5 points

(a) Responsiveness to RFP requirements

(b) Value-added services or unique qualifications

(c) Location of assigned staff to the college

All pricing should be submitted on the provided bid form.

SECTION I – TERM OF CONTRACT

Hudson Valley Community College is requesting fee proposals for the five fiscal years endings August 31, 2026, August 31, 2027, August 31, 2028, August 31, 2029, and August 31, 2030; and four fiscal years for the FSA and Foundation, beginning with fiscal years ending May 31, 2027 and June 30, 2027 respectively. Fee proposals shall be all inclusive with respect to the requirements as described in Sections 1 through Section 10. It is the intent to award the RFP for all entities to one auditing firm, but reserves the right to award separately.

SECTION J - TERMS & CONDITIONS

HVCC may make such an investigation as it deems necessary to determine the responsibility of any bidder or to determine the ability of any bidder to perform the work. The College reserves the right to disqualify any prospective bidder or reject any bid if evidence required by the College from the bidder is not submitted or if the evidence submitted or investigation of any such bidder fails to satisfy the College that any budder is responsible, able, or qualified to carry out the obligations of the contract or to complete the work as contemplated therein.

The successful vendor must complete and sign the Service and Supply Agreement located on the purchasing website.

Vendor Agrees to have read and complied with all terms and conditions of the specification and bid legal terms

Awarded contractors may not enter into any subcontracts without prior written consent from Hudson Valley Community College.

Evaluations for awards shall be completed within 30 days of bid submission deadline.

SECTION K – SUBMISSION INFORMATION

1) There will be no question/answer conference conducted for auditing firms. All questions should be entered into the procurement portal. Responses will be within five (5) working days. No questions will be responded to after August 21st, 2026. Audited Financial Statements 2024/25 are available on the portal.

Copies of additional recent year-end financial statements for all entities will be provided electronically by request in the portal. No copies will be provided after August 21st, 2026.

2) Hudson Valley Community College reserves the right to negotiate with representatives of independent auditing firms that have submitted proposals in response to this request for proposal. In addition, HVCC reserves the right to reject any and all proposals received in response to their RFP, select a proposal other than the proposal offering the lowest price and/or waive or modify irregularities in proposals received after notification to the solicitor.

HVCC prefers proposals be submitted using our online application system, Euna Solutions (Bonfire), located at:

https://hvcc.bonfirehub.com no later than the Submission Deadline. Requests for extensions will not be granted; late applications will not be accepted. Vendors are strongly encouraged to submit at least a few days prior to the deadline given the potential for high website traffic on the due date. HVCC cannot guarantee availability of Online Application System technical assistance on the deadline date. For assistance in using Bonfire, please email support@gobonfire.com or call 1-800-354-8010. If email confirmation is not received within two business days, please contact the Purchasing office:

Proposals can also be mailed or hand delivered must be sealed and have the RFP name and number on the envelope:

Tabitha D’Attilio Director of Procurement Address: Hudson Valley Community College Administration Building, Room 240 80 Vandenburgh Ave Troy, NY 12180

SECTION L – CONTACTS

Issuing Office Administration and Finance v.paull@hvcc.edu https://hvcc.bonfirehub.com/ mailto:support@gobonfire.com