Request for quotes
Financial Audit Services
This Request for Quotes (RFQ) is an invitation to obtain Proposals from qualified and experienced Proponents to perform the annual financial statement audits for Park People for a 5-year term. Audits must be planned and executed in accordance with Canadian generally accepted auditing standards, the Canadian accounting standards for Not-For-Profit as in Part III of the CICA Handbook. Audits will result in an opinion to the Board of Directors as to the fairness of the annual consolidated financial statements and related schedules. The Auditor should have experience and expertise in performing not-for-profit audits, be free of any obligations or interests that may conflict or affect their ability to perform and act as the Auditor on our behalf, and have the capacity to provide this service in a timely manner.
Park People started in 2011 with the question: “How can we all play a role in making our parks better serve people and neighbourhoods”? Park People’s Executive Director Dave Harvey secured a Metcalf Foundation Innovation Fellowship to explore this very question. A resulting paper identified the challenges and opportunities Toronto faced in making its parks meet the needs of all communities. The first five years were dedicated to connecting Toronto’s robust network of community parks groups, park professionals, non-profit grounds and funders. Park People has now expanded to over 800 groups across 46 cities in every province and is now a fully national organization with offices in multiple cities including Vancouver and Montreal.
During COVID, the majority of the work has moved online. Park People is now a cross-country organization with approximately 50% of the staff working remotely, with the remainder working in a hybrid model. The main physical location is at 401 Richmond Street West, Suite 119 Toronto ON M5V 3A8.
Further information can be found at www.parkpeople.ca.
Park People has revenue and expenses of approximately $3 million per annum. A high percentage of the revenue comes from grant funding from corporate and foundation sources. Smaller sources include Government funding and individual donations. On the expense side, people costs represent a very high percentage of the costs, along with grants to organizations, facility costs, travel, materials and other related expenses. Park People is growing and has a near-term target to be a $5 million/50 staff organization.
Park People makes use of Quickbooks online. Physical records are kept at the HQ in Toronto.
Park People has a year-end of November 30th. The last audited period was December 1, 2019-November 30, 2020. Park People is looking for a near-term audit of the period December 1, 2020, to November 30, 2021. A more regular audit process will be established for the period December 1, 2022, to November 30, 2023. A final copy of the audited 2019-2020 statements is available by request.
If interested in this engagement, please provide the following information:
- Outline the possible timing of the 2020-2021 audit. As well as the regular timing and process for the audits of 2021-2022 and the remaining 3 years. Park People would like to have the 2020-21 audit completed by June 2022. Subsequent years should be completed by March 1st.
- Fee proposal for 2020-2021and for the remaining 4 years. Specify what is included in the fee proposal and any extras not included and the proposed cost of extras
- Company profile, background, proposed staff for this engagement and 2 references from similar organizations.
- Implementation Plan for the 2020-2021 audit. Requirements from Park People for the transition.
Scope of work
- The Auditor will be required to examine the financial records, systems and controls of in accordance with Canadian generally accepted auditing standards, the Canadian accounting standards for Not-For-Profit as in Part III of the CICA Handbook and any other Provincial or Funder requirements.
- The Auditor will ensure all new or changed reporting requirements and auditing standards are communicated to the Audit & Finance Committee, in writing, to ensure that financial statements and notes prepared by management are in compliance with current reporting requirements and auditing standards. The Auditor will respond to and discuss with Controller and other Park People staff as appropriate, accounting, auditing, tax, and other issues arising throughout the year.
- Any subsequent work or special audits on a fee for service basis
Deadline for submission
If interested in this engagement, please respond with complete information by March 4, 2022. Please direct responses and questions to:
Stefan Loker CPA
Park People Controller
All responses will be evaluated by Park People based on experience, plan, timing and cost. Park People may request to meet with 1 or more respondents or ask for follow-up information from any respondent. Park People reserves the right to accept or reject any proposal. Park People anticipates engaging with the successful respondent by March 18, 2022.