Most Recent Questions/Answers:
Due Dates:
- Is it possible to get a copy of the 2011 monthly statement? Yes, just email us the request with the snail-mail address you'd like it sent to.
- Do you want any changes to the format of your current statement? This is something we'd be happy to discuss with you, welcoming your ideas/input.
- Do you have any grants? Will there be any changes to these grants over the next three years? Yes, MPT currently has two major grants: one grant may be re-applied for annually at the invitation of the granting committee (July 31, 2012). The other grant currently has a 3-year wait for reapplication; our current grant year ends July 31, 2012.
- Are you required to have a single audit? No.
- Approximately how many account payable checks do you prepare monthly? Approximately 45-50 per month.
- How many employees do you have and how frequently are they paid? We have one 40/hr. per week employee, two 30/hr. per week employees. Employees are paid every two weeks.
- How many back accounts will need to be reconciled? We have one, primary checking account that needs to be reconciled. We also have a savings account & two certificates of deposit.
- In your cover letter, you state that you would like to shift the weekly responsibility of income/donation deposits to a professional prepared to handle this. Will you still have your staff make the actual deposit and the contractor handle the recording of the deposit? Yes.
- What accounting software are you currently using? None, per se. In the office, we use Excel to prepare the deposits (tracking cost code allocations), and record the donations via our data base (FundRaiser Select). Our currently contracted accountants use a type of DOS system we do not have access to.
- Will your staff prepare the reports required by your funding sources from the financial statements we prepare? Yes. Primarily, this will be for the two aforementioned grants.
- Approximately how many committee meetings would you expect the accountant to attend in addition to the annual meeting? Could we attend via phone or Skype to reduce travel costs? At this time, Finance Committee meets monthly, but your participation in these meeting is something we should discuss (we'd like your input on the pro's & con's of your participation, either way). In the past, this is not something our accountants have done. For the most part, we welcome using Skype and/or teleconferencing whenever possible.
- What day of the week were you looking at for the bi-weekly assistance, I see that a bi-weekly financial snapshot is required by 5pm on Friday’s. Therefore would Thursday or Friday be appropriate for this accounting services? The "snapshot" is forwarded to the Finance and Development Committees following the round of check requests, so every other Friday.
- I see that it is the responsibility of the contractor to obtain the two required signatures for disbursements, how accessible are the designated signatories to the contractor? There are four authorized signers in the Lansing area; one of the signers should be the Treasurer if possible. In general, all the signers are aware of and able to sign the checks when ready.
- One of the requirements is for the contractor to assist with the preparation of the materials for the audit, I have two questions pertaining to this. Who are MPT’s current auditors and what is the fiscal year-end for the organization? We haven't had (nor legally needed) an audit in the past. Our fiscal year is the calendar year.
- Bullet number 9, ask for the contractor to track, monitor, and compile IRS and 501(c)(3) paperwork. What does this entail? 990’s, License to solicit, Non-profit update with the State, W-2’s, 1099’s? Exactly! You compiled the list better than I could have. J
- We work with an outside payroll provider for our firm and clients payroll needs. Would this be a problem? I don't believe this presents any problem, but during the interview process we can check with the treasurer/our legal advisor to be sure.
- On average how many independent contractors who are not corporations do you pay more than $600 a year too for the 1099-MISC requirement? Three to five would be a good annual estimate; it's usually closer to three.
Due Dates:
- Letter of Intent due August 31, 2011
- Proposals due September 16, 2011
- Notifications will occur on or before October 15, 2011
