RFP 25-0502JMC Financial Process Review.pdf

REQUEST FOR PROPOSALS

(“RFP”)

RFP NO. 25-0502JMC

PROJECT TITLE: Financial Reporting Process Review for Washington State University

WSU Department: Washington State University, Office of the Controller

PROPOSAL DUE DATE: May 30, 2025, at 3:00 pm Pacific Time

RESPONDENT ELIGIBILITY: This procurement is open to those Respondents that satisfy the minimum qualifications stated herein and that are available for work in the state of Washington.

REQUEST FOR PROPOSALS (“RFP”)

1. INTRODUCTION

2. GENERAL INFORMATION FOR BIDDERS

3. CONTENTS OF THE PROPOSAL

4. EVALUATION AND CONTRACT AWARD

1. INTRODUCTION

1.1. PURPOSE

Washington State University (hereafter “University” or “WSU”) is initiating this Request for Proposals (“RFP”) to solicit proposals from audit firms (the “Consultant”, “Respondent,” the “Vendor,” the “Bidder” or, post-award, the “Contractor”) qualified to assist the University (WSU) in reviewing and recommending best practices for its financial reporting processes to ensure compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards (GASB).

1.2. ABOUT WASHINGTON STATE UNIVERSITY

University Overview

Founded in 1890 in Pullman, WSU is Washington’s land-grant university with a mission of improving the quality of life for all citizens -- locally, nationally, and globally. As a comprehensive leading land-grant institution, WSU is committed to excellence in each of its research, teaching and outreach missions. WSU’s mission is to drive education and innovation into Washington’s communities to support and grow the state’s economy.

Office of the Controller The Office of the Controller is responsible for overseeing and maintaining the integrity of WSU’s financial operations. The Office is charged with ensuring accurate and timely financial reports, compliance with state and federal regulations, and safeguarding assets to support WSU’s mission and strategic goals.

1.3. OBJECTIVES

The objective of this RFP is to obtain proposals from qualified audit firms to assist WSU in reviewing and recommending best practices for its financial reporting processes to ensure compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards (GASB).

The audit firm will focus on key areas such as revenue recognition, deferred revenue, expense accruals, subsequent review of cash receipts and payables, and elimination of internal revenues and expenses. Additionally, the firm will evaluate other commonly audited items in public higher education to ensure the thoroughness and completeness of financial data presented in audited financial reports. The firm will also assess university accounting staffing levels and capabilities to ensure the team has sufficient capacity, capability, and talent to ensure compliance with internal controls and accurate financial reporting in a streamlined fashion.

1.4. SCOPE OF WORK

Attachment 1 to this RFP provides the details of the project purpose and tasks that comprise the Scope of Work along with the required deliverables.

1.5. PERIOD OF PERFORMANCE

The period of performance for any contract resulting from this RFP will be approximately three months from the start date. The successful bidder will develop a detailed project timeline in consultation with WSU.

1.6. MINIMUM BIDDER QUALIFICATIONS

1.6.1. Eligible to enter into a contract with a state of Washington agency.

1.6.2. Licensed or capable of being licensed in the state of Washington.

1.6.3. At least two (2) years’ experience in conducting financial statement audits.

1.7. BIDDER PREFERRED QUALIFICATIONS

1.7.1. Demonstrated experience conducting financial statement audits of multi-campus R1 public universities.

1.7.2. Proven expertise in conducting Single Audits.

1.7.3. In-depth knowledge and application of Office of Management and Budget (OMB) guidance.

1.7.4. Ability to use effective project management practices to create a Plan of Approach for this project.

1.7.5. Demonstrated track record of providing deliverables on schedule and within budget.

1.7.6. Availability to meet this project’s timeframe.

1.8. RESPONSIBLE BIDDER

The University reserves the right to make reasonable inquiry to determine the responsibility of any bidder.

2. GENERAL INFORMATION FOR BIDDERS

2.1. RFP COORDINATOR

The RFP Coordinator is the sole point of contact in the University for this procurement. Unless otherwise provided herein, all communication between the Respondent and the University upon release of this RFP shall be with the RFP Coordinator, as follows:

Name JoAnne Costa

Address Washington State University 1815 Wilson Road Pullman, WA 99163 Attn: RFP# 25-0502JMC

E-Mail Address joanne.costa@wsu.edu

Phone Number 509-335-3695

Only communication in writing between the Respondents and the RFP Coordinator will be binding.

Communication regarding the RFP directed to parties other than the RFP Coordinator may result in disqualification of the Respondent.

2.2. ESTIMATED SCHEDULE FOR PROCUREMENT ACTIVITITIES

Issue Request for Proposals May 2, 2025

Question & answer period Ends May 9, 2025 at 3:00 pm Pacific Time

Issue last addendum to RFP May 13, 2025

Proposals due to joanne.costa@wsu.edu May 30, 2025, at 3:00 pm Pacific Time

The University reserves the right to revise the above schedule.

2.3. SUBMISSION OF PROPOSALS

Proposals must be received by the RFP Coordinator no later than May 30, 2025, at 3:00 pm Pacific Time in Washington. Proposals received after this deadline will be late and may be deemed ineligible for consideration. Following the deadline, the names of those responding to the RFP may be made available upon request. All other information will remain confidential, to the extent allowed by law.

Proposals must be submitted electronically as an attachment to an e-mail sent to joanne.costa@wsu.edu. The email subject line must include the WSU RFP number and the name of the bidder. All attachments to the e-mail must be in PDF or Excel format. Zipped files cannot be received by WSU and cannot be used for submission of proposals. The cover submittal letter and the Certifications and Assurances form need a scanned or verified digital signature of the individual within the organization authorized to bind the Contractor to the offer. Respondents will receive an email from the RFP Coordinator confirming receipt of their proposal. If an email is not received within two business days, the bidder may call 509-335-3695 to confirm receipt.

Bidders submitting proposals should allow adequate delivery time to ensure timely receipt of their responses by the RFP Coordinator. Bidders assume the risk for the method of delivery chosen.

Washington State University assumes no responsibility for delays caused by any delivery service or transmission errors that may result from firewalls and/or security filters.

2.4. REVISIONS TO THE RFP

In the event it becomes necessary to revise any part of this RFP, addenda will be published on https://fortress.wa.gov/ga/webs/. For this purpose, the published questions and answers and any other pertinent information shall be provided as an addendum to the RFP and will be placed on the website.

The University also reserves the right to cancel or to reissue the RFP in whole or in part, prior to execution of a contract.

2.5. ACCEPTANCE PERIOD

Proposals must provide for acceptance by the University for at least 180 calendar days after the due date for this RFP.

2.6. MODEL CONTRACT

The Apparent Successful Contractor will be expected to enter into a contract including terms and conditions legally consistent with the Model Contract available here . The Respondent may submit exceptions to the Model Contract as allowed in the Certifications and Assurances form, Exhibit A to this RFP available here. The Respondent should provide alternate language for any exceptions taken to WSU’s Model Contract. All exceptions to the contract terms and conditions must be submitted as an attachment to Exhibit A, Certifications and Assurances form. The University will review any properly requested exceptions and accept or reject the same at its sole discretion. Blanket exceptions to the Model Contract, or the inclusion of any other template agreement, will not be reviewed by WSU and may result in a bid being designated as non-responsive.

2.7. INSURANCE COVERAGE

The Apparent Successful Contractor is to furnish the University with a certificate(s) of insurance executed by a duly authorized representative of each insurer, showing compliance with the insurance requirements set forth in the General Terms and Conditions to the Model Contract available here.

2.8. ADDITIONAL TERMS INCORPORATED BY REFERENCE

The WSU “RFP General Terms and Conditions” (dated April 2025) are incorporated into this RFP by reference and are available here.

https://fortress.wa.gov/ga/webs/ https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-Exhibit-D-Model-Contract.pdf https://purchasing.wsu.edu/personal-services-contracts/ https://s3.wp.wsu.edu/uploads/sites/1305/2024/01/General-Terms-and-Conditions-1.8.2024.pdf https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-General-Terms-and-Conditions-April-2025.pdf

3. CONTENTS OF THE PROPOSAL

Proposals are limited to 30 pages, excluding Exhibits A, B, C, and D, and must include the information indicated below. Incomplete responses may be disqualified from further consideration.

TITLE DESCRIPTION

INTRODUCTION Letter of introduction requesting consideration for this opportunity and demonstrating an understanding of the Scope of Work.

QUALIFICATIONS

Provide responses to Bidder Qualification outlined in 1.6 and 1.7 above.

Describe experience with similar projects, Single Audits, application of OMB guidance or items included in the Scope of Work.

PLAN OF APPROACH Include a Plan of Approach and timeline for this project.

COST

Provide a detailed budget proposal including a breakdown for each phase included in the Plan of Approach. Include periodic rate with estimated units and estimate total or not-to-exceed amount; state if overall flat fee or flat fee per deliverable. Provide a breakdown for any additional costs or expenses.

NOTE: Billing terms must not require any prepayment in advance for services.

Progress billings are acceptable.

REFERENCES Provide a list of clients which required services similar to those described in the Scope of Work. Include contact information for at least two that may be contacted if deemed a finalist.

OPTIONAL SERVICE If Response includes Optional Services, provide above (Qualifications, Plan of Approach, Cost and References) for those services.

SECTION 8

WSU FORMS

Attachment 1 – Scope of Work Exhibit A Certification and Assurances and Model Contract Exceptions Exhibit B Contractor Information Exhibit C Fee Worksheet Excel file (Posted on WEBS if appropriate) Exhibit D Model Contract

4. EVALUATION AND CONTRACT AWARD

4.1 EVALUATION PROCEDURE

Responsive proposals will be evaluated strictly in accordance with the requirements stated in this solicitation and any addenda issued. The evaluation of proposals shall be accomplished by an evaluation team(s), to be designated by the University, which will determine the scoring of the proposals.

The University, at its sole discretion, may elect to select the top-scoring firms as finalists for oral interviews and may adjust scoring based on an evaluation thereof. See 4.3 below.

The RFP Coordinator may contact the Respondent for clarification of any portion of the Respondent’s proposal.

https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-Exhibit-A-Certifications-and-Assurances-Fillable.pdf https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-Exhibit-B-Contractor-Information-Fillable.pdf

4.2 EVALUATION WEIGHTING AND SCORING

All Proposals will be initially reviewed for administrative compliance with the requirements set forth in this RFP. Your proposal may be deemed not responsive if you fail to follow the instructions provided, fail to provide an introduction, fail to provide a detailed cost proposal, fail to meet minimum qualifications, or are not deemed a responsible bidder.

All responsive proposals will be evaluated as follows:

TITLE DESCRIPTION MAXIMUM POINTS

QUALIFICATIONS Bidder qualifications 40 points max

PLAN OF APPROACH Plan of Approach and timeline 25 points max COST Cost factors 35 points max

OPTIONAL SERVICES Optional proposal to support implementation of the recommended changes with rate card. Not scored

The University reserves the right to award the contract to the Respondent whose proposal is deemed to be in the best interest of the University and the state of Washington.

4.3 ORAL PRESENTATIONS MAY BE REQUIRED

Written proposals and oral presentations, if considered necessary, will be utilized in selecting the winning proposal. The University, at its sole discretion, may elect to select the top scoring finalists from the written evaluation for an oral presentation and final determination of contract award.

Should the University elect to hold oral presentations, it will contact the top-scoring firm(s) to schedule a date and time. Commitments made by the Contractor at the oral interview, if any, will be considered binding. The score from the oral presentation will be considered independently and will determine the apparently successful bidder.

4.4 NOTIFICATION TO RESPONDENTS

Upon completion of the evaluation process, the University will notify its selected bidder (“Apparent Successful Contractor”), subject to completion of contract negotiations and execution of a written contract. Bidders whose proposals were not selected for further negotiation or award will be notified separately by e-mail.

4.5 RFP EXHIBITS

Attachment 1 – Scope of Work Exhibit A Certification and Assurances and Model Contract Exceptions Exhibit B Contractor Information Exhibit C Fee Worksheet – Excel file (If appropriate) Exhibit D Model Contract

------ END OF RFP ------

https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-Exhibit-A-Certifications-and-Assurances-Fillable.pdf https://wpcdn.web.wsu.edu/wp-fais/uploads/sites/3309/2025/04/RFP-Exhibit-B-Contractor-Information-Fillable.pdf

RFP# 25-0502JMC

TITLE: FINANCIAL REPORTING PROCESS REVIEW FOR WASHINGTON STATE UNIVERSITY

Attachment 1 – Scope of Work

Project Purpose:

The purpose of this project is to engage an audit firm to assist Washington State University (WSU) in reviewing and recommending best practices for its financial reporting processes to ensure compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards (GASB). The audit firm will focus on key areas such as revenue recognition, deferred revenue, expense accruals, subsequent review of cash receipts and payables, and elimination of internal revenues and expenses.

Additionally, the firm will evaluate other commonly audited items in public higher education to ensure the thoroughness and completeness of financial data presented in audited financial reports. The firm will also assess university accounting staffing levels and capabilities to ensure the team has sufficient capacity, capability, and talent to ensure compliance with internal controls and accurate financial reporting in a streamlined fashion.

Objectives:

1. Review and assess current financial reporting processes and procedures.

2. Ensure compliance with GAAP and GASB standards.

3. Identify and recommend best practices for financial statement preparation.

4. Ensure thoroughness and completeness of financial data presented in the financial report.

5. Assess and recommend improvements for university accounting staffing levels and capabilities.

6. Assess and recommend improvements to connect budget to financial statements and actual results.

Responsibilities:

1. Financial Reporting Process Review

a. Conduct a comprehensive review of current financial processes and procedures.

b. Identify gaps, redundancies, and areas for improvement.

c. Review the detailed processes and mechanics used to formulate, track, and properly account for budget allocations and reconcile to actual results. Recommend process improvements with budget mechanics and how to better connect the budget to financial statements and actual results and to improve how university accounting, finance, and budget office functions work more seamlessly together to foster integrated financial planning, analysis, and reporting and developing a fully budgeted financial statement.

2. Compliance Assessment

a. Ensure compliance with GAAP and GASB standards in financial statement preparation.

b. Review key areas such as revenue recognition, deferred revenue, expenditure and expense management, subsequent review of cash receipts and payables for accruals, accounting estimates, capitalization of assets, and elimination of internal revenues and expenses.

c. Evaluate other commonly audited items in public higher education to ensure thoroughness and completeness of financial data.

3. Best Practices Research

a. Research and identify best practices from other universities and relevant organizations.

b. Evaluate the applicability of these best practices to WSU.

4. Staffing Assessment

a. Assess current university accounting staffing levels and capabilities within the university accounting department against benchmark best practice recommendations.

b. Ensure the team has sufficient capacity, capability, and talent to comply with internal controls and ensure accurate financial reporting.

5. Policy/Procedure Development

a. Develop updated policies and procedures based on the findings from the financial process review, compliance assessment, and best practices research.

b. Ensure the new policies promote efficiency, streamlined operations, and compliance with GAAP and GASB standards.

Deliverables:

1. Regular progress reports will be submitted to WSU.

2. Draft updated policies and procedures.

3. Compliance assessment report.

4. Best practices report.

5. Evaluation report of commonly audited items.

6. University accounting staffing assessment report.

7. Comprehensive report on the review of existing financial processes and procedures.

8. Final report and presentation to university leadership upon project completion.

OPTIONAL SERVICE:

Optional proposal to support implementation of the recommended changes with rate card.