Throggs Neck BID

Request for Proposals for Audit Services

The Throggs Neck BID is requesting proposals from CPA firms that have extensive experience in providing audit and tax services for not for profit organizations, particularly Local Development Corporations (LDCs) and Business Improvement Districts (BIDs).  We invite qualified CPA firms to submit a proposal to us for consideration by no later than October 26.  A description of our organization, the services needed, and other pertinent information follows:

Background of The Throggs Neck BID.

The Throggs Neck BID is a New York not for profit District Management Association recognized by the Internal Revenue Service as a charitable, tax-exempt organization pursuant to section 501(c)(3) of the Internal Revenue Code. It began operations this year.

 Our annual operating budget is approximately $338.000. We have one full-time employees and one part time in one location.  Our main current source of revenue is from a special assessment.

The BID has a fiscal year July 1^st to June 30^th, with an audited statement due by November 15^th of each year. The BID maintains all accounting records in-house.

Services to be Performed

Your proposal is expected to cover the following services for the BID

1. Annual audit of the financial statements for the year ended and meetings with the Audit Committee and/or Board of Directors, as necessary.
2. Management letter containing comments and recommendations with respect to accounting and administrative controls and efficiency.
3. Preparation of federal and state information returns for the organization.
4. Availability throughout the year to provide advice and guidance on reporting issues.

Proposal Content

In order to simplify the evaluation process and obtain maximum comparability, the BID requires that all responses to be organized in the following manner:

1. Executive Summary

Describe your understanding of the work to be performed and your firm’s ability to perform the work within the time frame provided.

• Professional Experience

Describe the firm’s philosophy, size, structure, and qualifications with serving not for profit organizations with a similar size and operations.  Describe your firm’s resources devoted to not for profit organizations and provide copies of newsletters or other resources materials addressing issues relevant to not for profit organizations. 

• Team Qualifications

Identify the specific partners, managers, and in-charge staff who will be assigned to this engagement if you are successful in your bid. 

• Audit Approach

Describe how your firm will approach the proposed services, including the use of affiliates or staff from other locations, areas that will receive primary emphasis, and the type of assistance that will be required from the BID.  Also discuss the firm’s use of technology.  Finally, discuss the communication process used by the firm to discuss issues with management and the Board.

• Fees and Terms

Please provide a firm estimate of fees for the services to be provided, including the review of prior year audit papers, and a statement on how the communication process for cost overruns will be handled. Our intent is to develop a long term relationship with the successful bidder, based on performance.

• Client References

Include a list of the relevant not for profit clients – including particularly BIDs and LDCs that manage BIDs – that the firm has served within the past three years and furnish the names and telephone numbers of any references whom we may contact.

Evaluation of Proposals

While price is a key factor, the BID will evaluate proposals on price and the following criteria:

• Prior experience auditing similar organizations
• Qualifications of staff to be assigned to the engagement
• CPA firm’s understanding of work to be performed
• References
• Completeness and timeliness of the proposal

Requests for additional information, should be coordinated through our associate, Frank Vernuccio, at frank@throggsneckbid.com.  Please return the completed proposal to our attention as soon as possible and in any event, no later than October 26, 2020.

We would also appreciate a response if you decline to submit a proposal.

16 pages of rules, and four hundred new hires of personnel to enforce them, are the response of New York’s government to demands to reopen restaurants for indoor dining, particularly now that the weather is turning cooler.

The Throggs Neck BID staff attended a meeting held at the 45 Precinct on September 22 that was convened by the police to inform local food service businesses about the rules that must be followed for indoor dining.

The NYPD did not make the rules and does not have primary responsibility for enforcement, but it will have a role in responding to violations.

To read the rules, click on this link: https://www.governor.ny.gov/sites/governor.ny.gov/files/atoms/files/Indoor_and_Outdoor_Food_Services_Detailed_Guidelines.pdf

Eater, a restaurant industry publication, reports that from March 1 to September 1 about a thousand eating and drinking establishments have closed throughout the city, according to a New York Times report.  

After reluctantly allowing indoor dining to resume after September 30, city and state authorities stated that they could only do so to an unaffordable 25% capacity. To make matters worse, City Hall is already threatening to end even that limited opening if COVID infections rise to 2%–without any evidence that any such potential increase would be the result of indoor dining.

Food service businesses are a vital part of the Throggs Neck BID. We continue to actively oppose these moves that could lead to massive economic dislocation and job loss.