Quote 5451 - Foundation Services

Description

Quote 5451 – Foundation Services Due Date: May 21, 2021 on or before 2:00 PM EST Email Responses to: Jill Budny budnyj@westmoreland.edu Westmoreland County Community College Educational Foundation, Inc. seeks proposals for contracted accounting and consulting services. All applicants must have relevant educational non-profit experience. The Foundation was formed in 1985. Its purpose is to maintain, enhance, develop, increase, and extend the educational facilities and programs of Westmoreland County Community College, in order to broaden and extend the educational opportunities for and services to its students, former students, and other residents living in the area serviced by the College. This is accomplished through the solicitation and receipt of gifts and grants from donors. These gifts are received from solicitations, “in memory of” donations, annual events including a culinary dinner and a golf outing, as well as unsolicited gifts from alumni, community members, and others. These funds are distributed according to donor requests. As the Foundation has grown, its accounting needs have become more complex. The accounting function of The Foundation, is handled by the College’s Accounting Department. The current personnel have been unable to prepare useful, accurate records since the end of last fiscal year (June 30, 2020). The collected monies are recorded and posted in the College’s current ERP system, Colleague. The financial statements have previously been compiled using an Excel workbook. The Foundation’s Endowment assets are invested with Stewart Capital and consist of various investment instruments. The portfolio has performed relatively well over its lifetime and is currently valued at ~$2.9m. The Foundation’s Scholarship assets are valued at ~$2.8m. The types of gifts included in the Foundation’s assets are restricted and unrestricted endowments, scholarships and project funds. The Foundation’s FY20 total revenue was $2.1m and total expenses were $1.2m. The Foundation is taking proposals for accounting and consulting work to include bringing the records up to date and into a manageable format for future use. The College is in the process of implementing a new ERP system and the purchase of an Advancement software for the Foundation has also been approved. The goal will be to have accurate and current data to import into the new systems. The scope of work includes the following: 1.