The Northern Kentucky Area Development District (NKADD), a local government public agency, is accepting proposals for General Accounting Services. Proposal packet is listed below. Sealed proposals are due by 4:30pm on May 30, 2025. NKADD reserves the right to reject all proposals.
Questions / Answers
- Can this work be performed remotely?
Yes, the work may be performed remotely. - Is NKADD open to working with a non-local out of state firm that meets all of the qualifications criteria?
While tasks may be performed remotely, NKADD seeks a firm that can be available for synchronous work and virtual or in-person discussions on occasionally complex tasks during the working hours of 8-4:30pm EST. - Is this work currently being performed by a consultant? If so, can you provide an estimate of their hours and their rates?
Yes, this work is currently being performed by a consultant. For FY24 the consultant spent 875 hours on the compilation, booking assistant, & year end audit assistance, 36 hours respond to IRS notices, 25 hours preparing the 990, & 4 hours preparing 1096/1099s. For a total of about 940 hours. We have improved our internal systems that will greatly reduce the number of hours required for the compilation & bookkeeping assistance. We also experienced turnover in the Finance Director role towards the end of FY24, this led to increased reliance on our consultant. The rate the consultant charges is in line with the rate typically charged for these services in the NKADDs area of operation. - Can you provide more detail on the consultant’s role in the preparation of the annual compilation? Will the consultant be responsible for making any adjustments to the trial balance to compile the financial statements and footnotes?
The consultant has historically been very hands on in the preparation of the annual compilation and has made adjustment recommendations to the NKADD for our trial balance. The consultant had historically worked with the Director of Finance & Administration in closing the books at year end before preparation of the compilation began. We have made strides to reduce the hands on time that the consultant will be involved with closing of the year end before the compilation begins. - Will NKADD provide all information to the consultant for preparation of the 990?
Yes NKADD will provide all information needed to complete the 990. - Is it permissible for the selected firm to perform some or all of the required services remotely, provided that all communication, coordination, and accessibility needs are met? If so, are there any specific requirements or limitations regarding remote work that we should address in our proposal?
While tasks may be performed remotely, NKADD seeks a firm that can be available for synchronous work and virtual or in-person discussions on occasionally complex tasks during the working hours of 8-4:30pm EST. - Does NKADD have a preference for engaging a firm based within the Northern Kentucky region, or are proposals from out-of-region firms given equal consideration, assuming all other criteria are met?
Assuming all other criteria are met firms will be given equal consideration. - Could you please share if there is a set budget or a budget range allocated for these requested accounting services? This information will help us tailor our proposal and fee structure appropriately.
Part of this exercise for us is to get a good assessment of what the market rate is for the services that we require for our operations