Wellesley Institute has decided to conduct a tender process for providing external audit services.
This document outlines the general principles of our Request for Proposal (RFP) and is being sent out to a select group of firms, including yours, for consideration.
Purpose of This RFP
We intend to retain a firm to prepare audited financial statements for Wellesley Institute; the first being for the year April 2023 to end March 2024. Preparation of interim unaudited statements will not be required.
Wellesley Institute is a not-for-profit charitable organization incorporated without share capital. It is committed to improving health and equity in health in the Greater Toronto Area. It acts as a leader and catalyst for change through applied research and public policy leveraging knowledge on the impact of social determinants on health. More information about Wellesley Institute can be found at www.wellesleyinstitute.com
Wellesley Institute is a charitable organization registered under the Income Tax Act (Canada).
There are 14 members of staff:
- 1 CEO
- 4 Directors
- 1 Communications staff
- 1 Policy Staff
- 2 Admin Staff
- 6 Research staff
In addition, a part-time accountant is retained to provide accounting services, a contractor offers web maintenance and design, a contractor of IT purposes, Legal contractor in human resources and a contractor for benefit administration.
Wellesley Institute’s investment portfolio had a total market value of approximately $30 Million in November 2022. The portfolio generates an annual payout rate sufficient to cover operational expenses. The investments are held in a balanced strategy across four mandates.
Wellesley Institute has an operating line of credit with the Royal Bank of Canada.
In addition to the portfolio, we receive grant funding for specific projects.
Proposal – Form and Content
Your proposal should be a maximum of ten pages and should address each of the following areas in the order below. You may also provide any other information items that you think would assist us in our selection process as appendices.
An executive summary:
- Include the reasons why selecting your firm as our external auditor would be the best decision we could make
Your firm’s credentials in providing services to not-for-profit entities:
- Examples of knowledge, experience and thought leadership that you bring to clients
- A list of your not-for-profit clients
- Reference contacts for two of your not-for-profit clients equivalent in size to Wellesley Institute
Proposed service team:
- Name and experience of the partner who would be responsible for the Wellesley Institute
- Capabilities and experience of other members of your client service team
- Outline of how you would conduct the annual audit
- Confirmation that you will be able to complete the audit in April / May each year
- Your requirements from Wellesley Institute staff
- Your interaction and communication with Wellesley Institute staff during the audit period
- Quality control procedures, confirmation of independence, and conflicts of interest
- Proposed transition approach taking over from the current auditor
Other advisory services:
- Services provided by your firm that could help us achieve our business objectives and manage risk
- Advice you might bring with respect to legislative and/or regulatory changes
- Your proposal should deal with the issue of indemnity and insurance
- Your fee for preparation of the Wellesley Institute Year End March 31, 2024, audited financial statements and for the next 3 subsequent years to YE March 31, 2027
- Any estimated additional administrative expenses and/or out-of-pocket costs
- Hourly rates for non-audit work
RFP Process and Timeline
May 8, 2023
- RFP is issued to the selected firms
By May 17, 2023
- RFP recipients will submit any questions or requests for clarification of the RFP via email to Tina Svensson (firstname.lastname@example.org)
- Where appropriate, questions and our responses will be circulated to all remaining participating firms to ensure full disclosure
By May 22, 2023
- Written confirmation via email that your firm will, or will not, submit a Proposal
By May 29, 2023
- Proposals to be received electronically by Wellesley Institute no later than 12:00 noon on May 29, 2023
- An electronic version of your Proposal shall be sent to email@example.com
By June 12, 2023
- Interviews will start to be held with selected firms
By July 10, 2023
- Selected firm will be advised, and Letter of Engagement executed
- Unsuccessful firms will be advised
Our evaluation criteria will include an overall rating of your responses to the information requested above. We will also evaluate the experience of the engagement partner and his/her team, the organizational fit with Wellesley Institute, the audit approach and value for fees. Please note that Wellesley Institute may interview all or some of the responding firms.
We look forward to hearing from you.