Outsourced Accounting & Financial Services

The LCLGRPB is seeking an Outsourced Accounting & Financial Services Contractor to serve both as a transition partner during the agency’s shift to in-house financial management and as an ongoing provider of core accounting services. The Contractor will provide support across four service areas, as described below in Sections 3.1 to 3.4. The Contractor is expected to bring advisory capacity as well as technical accounting expertise, and to proactively identify needs and issues as they arise. LCLGRPB reserves the right to award to one or more Contractors, based on best value, depending on qualifications relevant to a particular service area. Financial Transition and Advisory ServicesThis subsection covers the initial transition phase and ongoing advisory support as LCLGRPB establishes independent financial operations. The Contractor should anticipate that the full scope of needs in this area may evolve as the transition progresses. Services may include, but are not limited to:•Assessment of the current state of LCLGRPB’s financial records, accounts, and documentation •Guidance on accounting software selection and implementation, including system configuration and staff onboarding. LCLGRPB has conducted preliminary needs assessment and software research. The selected Contractor will advise on final selection and lead implementation. Existing data must be transitioned from New World ERP. •Assessment and revision of LCLGRPB's existing financial policies and procedures manual, internal controls, and approval workflows to ensure they are appropriate for independent financial operations and consistent with applicable compliance requirements.•Training LCLGRPB staff on adopted systems, software, and procedures.•Identification of compliance gaps or risks associated with the transition, with recommendations for remediation.•Advisory support to the Executive Director on financial management best practices, particularly for state and federal funded programs•Other transition-related consulting as directed by the Executive Director General BookkeepingServices may include, but are not limited to:•Maintaining accurate and up-to-date general ledger accounts•Monthly bank and credit card reconciliations for all accounts, including investment account activity. LCLGRPB has seven separate bank accounts to meet programmatic requirements.•Preparation and maintenance of journal entries, including payroll journal entries based on payroll data provided by Warren County, LCLGRPB's current payroll administrator.•Monthly close procedures and preparation of monthly financial statements•Coordination with LCLGRPB staff on day-to-day financial transactions and coding Financial ReportingServices may include, but are not limited to:•Preparation of monthly, quarterly and year-end financial statements including balance sheet, income statement, and cash flow statement•Budget-versus-actual reporting and variance analysis on a monthly and quarterly basis•Preparation of quarterly financial reports for presentation to the LCLGRPB Board of Directors (periodic attendance at meetings may be requested but is not routine)•Support for the annual independent audit, including preparation of schedules, coordination with external auditors, and response to audit findings•Preparation of financial reports required by federal or state funding agencies and NYS Office of the State Comptroller, as directed by the Executive Director. Grant Accounting and ComplianceAs a federally designated Economic Development District, LCLGRPB administers federal, state, and local grants and may be subject to Single Audit requirements under OMB Uniform Guidance (2 CFR Part 200). Proposers with experience in federal grant compliance and Single Audit preparation are strongly encouraged to highlight that experience. Services may include, but are not limited to:•Ensuring compliance with OMB Uniform Guidance (2 CFR Part 200) and other applicable federal cost principles and administrative requirements•Supporting LCLGRPB staff to maintain complete and audit-ready supporting documentation for all grant-funded expenditures•Supporting preparation of the Schedule of Expenditures of Federal Awards (SEFA) and coordination with auditors during Single Audit engagements Business enterprises awarded an identical or substantially similar procurement contract within the past five years: None