Financial, Accounting, and Advisory Services

Overview

This Request for Proposals (RFP) seeks proposals from qualified Certified Public Accounting (CPA) firms or accounting professionals to provide financial, accounting, reporting, tax, and advisory services.

The organization is a nonprofit dedicated to preserving and interpreting the history of electric railway transportation and operates a museum in Solano County, California.

The selected firm will work collaboratively with association staff, executive leadership, the Treasurer, Finance Committee, and Board of Directors to maintain accurate financial records, strengthen financial reporting and internal controls, support effective financial decision-making, and ensure applicable financial and regulatory obligations are met.

Scope of Services

The selected firm is expected to provide the following services.

A. Bookkeeping and General Ledger Management

• Maintain the general ledger on an accrual basis and provide ongoing bookkeeping and transaction oversight.
• Maintain the general ledger monthly.
• Record vendor bills and payments.
• Record deposits and other cash receipts.
• Record bank and credit card transactions.
• Record investment activity.
• Record other financial transactions based on documentation provided by the organization.
• Process authorized vendor payments on an established weekly schedule.
• Review transactions for proper account and fund classification.
• Maintain appropriate supporting documentation and schedules.
• Review the general ledger for completeness, accuracy, unusual activity, and proper classification.
• Prepare adjusting and reclassification entries when necessary.
• Maintain appropriate accruals, prepaid expenses, and other period-end adjustments.
• Ensure revenues and expenses are recorded in the appropriate accounting periods, including activity associated with special events.
• Perform monthly and annual closing procedures.

B. Bank, Credit Card, and Investment Reconciliations

• Reconcile all bank accounts monthly.
• Reconcile all organizational credit card accounts monthly.
• Reconcile investment accounts to applicable monthly statements.
• Research and resolve reconciling items.
• Identify unusual or outstanding transactions requiring management attention.
• Maintain supporting reconciliation documentation.

C. Revenue, Membership, and Donation Reconciliation

• Review and reconcile revenue activity to ensure accurate financial reporting.
• Review deposits and supporting documentation for appropriate revenue classification.
• Reconcile donation and membership activity recorded in the general ledger with DonorPerfect reports.
• Reconcile monthly and annual fundraising information, as appropriate.
• Properly account for special event revenue and expenses.
• Identify discrepancies between financial and donor-management records and work with staff to resolve them.

D. Fund Accounting and Grant Management

• Assist with nonprofit fund accounting practices.
• Track restricted and unrestricted funds.
• Track donor-restricted funds, as applicable.
• Track board-designated funds.
• Record authorized disbursements from designated or restricted funds.
• Provide monthly reporting showing fund balances and activity.
• Monitor grant budgets and expenditures.
• Assist with program- and grant-specific budgeting.
• Prepare financial information and reports required by grantors.
• Assist management in ensuring expenditures are appropriately classified and supported.

E. Financial Reporting

Following completion of monthly bookkeeping, reconciliations, and review procedures, prepare timely financial statements for management and Board use.

Reporting may include:

• Monthly financial statements.
• Quarterly financial reporting.
• Annual financial statements.
• Statement of Financial Position.
• Statement of Activities.
• Budget-to-Actual reports.
• Cash position and cash-flow information.
• Restricted and board-designated fund reports.
• Other management reports mutually agreed upon by the organization and the selected firm.

Requirements:

• Financial statements prepared on the accrual basis of accounting and in a format appropriate for nonprofit management and governance.
• Be prepared to explain material variances, unusual transactions, financial trends, and other matters requiring management or Board attention.

F. Budgeting, Forecasting, and Financial Planning

• Assist with annual and long-term financial planning processes.
• Possible services include:
  • Annual operating budget development.
  • Departmental and program budgeting.
  • Grant-specific budgeting.
  • Cash-flow forecasting.
  • Multi-year financial projections.
  • Scenario planning.
  • Financial sustainability analysis.
  • Budget-to-Actual monitoring.
  • Assistance evaluating the financial impact of significant operational or strategic decisions.
• Work collaboratively with executive leadership and the Finance Committee during development and monitoring of the organization’s annual budget.

G. Year-End Closing and Audit Coordination

• Perform comprehensive year-end closing procedures and prepare financial records for the organization’s annual independent audit, review, tax preparation, or other applicable accounting services.

Responsibilities include:

• Comprehensive year-end general ledger review.
• Review of qualifying expenditures for capitalization.
• Recording fixed assets.
• Updating fixed asset schedules.
• Recording depreciation.
• Recording necessary year-end adjustments.
• Reconciling material balance sheet accounts.
• Finalizing the general ledger.
• Preparing year-end supporting schedules.
• Preparing audit-ready documentation.
• Responding to auditor requests for financial information.
• Coordinating with the organization’s independent auditor on Federal nonprofit tax returns, including Form 990 and applicable schedules.
• Assisting management with financial questions arising during the audit process.

Requirement: support an efficient year-end process and work cooperatively with the organization’s independent auditors while maintaining appropriate independence between accounting and audit functions.

H. Tax and Regulatory Filings

Prepare or assist with applicable financial and tax filings, including:

• Applicable California nonprofit and informational tax filings.
• Quarterly sales tax returns, assuming sales remain within the applicable jurisdictional parameters.
• Annual Forms 1099 and related filings.
• Annual Form 571-L Business Property Statement.
• Other routine financial or tax filings mutually agreed upon by the organization and the selected firm.

Responsibilities:

• Identify filing deadlines and work with organization staff to obtain information necessary for timely submission.

I. Financial Advisory Services

Provide more than transactional bookkeeping by serving as an ongoing financial resource and advisor.

Advisory services include:

• Ongoing access for financial and accounting questions.
• Informal financial advice as issues arise.
• Assistance with financial decision-making.
• Guidance regarding nonprofit accounting practices.
• Assistance with financial policies and procedures.
• Advice regarding internal controls.
• Support in responding to management and Board financial inquiries.
• Collaboration with executive leadership regarding emerging financial matters.
• Proactive identification of financial risks, trends, or opportunities.
• Strategic financial advice related to operations and long-term sustainability.

J. Meetings and Organizational Support

• Available by telephone and video conference for routine consultation and meetings.
• When requested, participate in meetings involving executive leadership, Treasurer, Finance Committee, Board of Directors, department leadership, independent auditors, and other professional advisors.
• Present financial information in a manner understandable to Board members and organizational stakeholders who may not have professional accounting backgrounds.

Service and Communication Expectations

The selected firm is expected to:

• Respond to routine inquiries within 24–48 hours.
• Establish a consistent monthly financial closing and reporting schedule.
• Communicate promptly regarding material accounting or financial concerns.
• Proactively advise management regarding emerging issues.
• Maintain appropriate confidentiality and data security.
• Provide continuity of service and identify primary and backup contacts assigned to the engagement.
• Clearly communicate information or documentation required from organization staff.
• Provide transparent pricing so the organization understands anticipated costs before services are performed.

Current Financial Systems

The organization currently utilizes or maintains financial and organizational information through systems that may include:

• QuickBooks
• DonorPerfect
• Banking and investment platforms
• Credit card and expense-management systems
• Payroll and HR systems
• Ticketing and point-of-sale systems
• Other supporting financial and administrative platforms

Proposers should describe experience working with QuickBooks, DonorPerfect, and other nonprofit accounting and donor-management systems and identify recommended technology, workflow, or integration improvements.

Qualifications

Preferred qualifications include demonstrated experience in nonprofit financial management and accounting.

Proposals should demonstrate:

• Experience providing accounting services to nonprofit organizations.
• Knowledge of accrual-basis nonprofit accounting.
• Experience with restricted and unrestricted fund accounting.
• Experience with donor-restricted and board-designated funds.
• Experience with nonprofit tax and regulatory filings.
• Experience preparing organizations for independent audits.
• Experience with budgeting, forecasting, and financial analysis.
• Familiarity with QuickBooks and nonprofit financial systems.
• Ability to communicate financial information effectively to management and governing boards.
• Appropriate professional licenses and qualifications.

CPA firms should identify the CPA(s) who will oversee the engagement.

Proposal Requirements

Interested firms must submit a proposal that includes:

Firm Overview

• Description of the firm, its history, size, location, and areas of specialization.

Nonprofit Experience

• Description of relevant experience serving nonprofit organizations, particularly organizations with restricted funds, donations, memberships, grants, capital assets, museums, historic organizations, or similar operations.

Proposed Team

• Identification and qualifications of individuals assigned to the engagement, including the primary point of contact.

Approach and Work Plan

• Description of how the firm proposes to perform the Scope of Services, including the anticipated monthly accounting and reporting cycle.

Technology and Systems

• Experience with QuickBooks, DonorPerfect, and related financial technology, plus recommendations regarding financial workflows or system integration.

Transition Plan

• Process and timeline for transitioning accounting responsibilities from the organization’s existing service provider or internal processes.

Communication and Availability

• Communication practices, expected response times, and availability for management, Finance Committee, and Board meetings.

Fees

Include a detailed fee proposal identifying:

• Monthly recurring fees.
• Services included within the monthly fee.
• Year-end and tax preparation fees, if separate.
• Hourly or project rates for services outside the standard scope.
• Any implementation or transition costs.
• Any anticipated annual fee adjustments.
• Any other costs the organization should anticipate.

References

• At least three professional references, preferably from nonprofit clients receiving comparable services.

Additional Services or Recommendations

• Any additional services, process improvements, internal control recommendations, or financial management practices the proposer believes would benefit the organization.

Proposal Evaluation

The organization will consider:

• Demonstrated nonprofit accounting experience.
• Qualifications and experience of the proposed team.
• Understanding of the organization’s financial and organizational needs.
• Quality and completeness of the proposed approach.
• Experience with nonprofit fund and grant accounting.
• Financial reporting and advisory capabilities.
• Responsiveness and communication model.
• Technology capabilities.
• Transition approach.
• References.
• Overall cost and fee transparency.

The organization reserves the right to request additional information, conduct interviews with selected firms, negotiate the final scope of services, and reject any or all proposals.

Submission Information

• Proposal submission is electronic.
• Proposal Deadline: January 1, 2027.

Location

• Solano County, California (museum operations location).