Growing The Economy of Tomorrow

MGCC News

January 05 2017

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Massachusetts Growth
Capital Corporation
529 Main Street
Schrafft Center, Suite 201
Charlestown, MA 02129

Tel: +1 617-523-6262
Fax: +1 617-523-7676

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Annual Audited Financial Statements

Request for Proposals

Massachusetts Growth Capital Corporation (MGCC) is issuing a RFP for its annual financial audited statements.  It is MGCC’s policy to evaluate our corporate needs and bid major services.  We are soliciting proposals from a number of firms.  The firm selected will be hired to audit the books of the organization for the Fiscal Year ends June 30, 2017, 2018 and 2019.   

MGCC is a quasi-public corporation established in 2010 under Chapter 40W of Massachusetts General Laws. The governor of the Commonwealth appoints the twelve-member Board of Directors.   In addition, MGCC is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code.   Exhibit A contains MGCC’s IRS letter of determination.  MGCC was created effective October 1, 2010 from the consolidation of the Massachusetts Community Development Finance Corporation (CDFC) and The Economic Stabilization Trust (EST).

As a quasi-public corporation, MGCC is presented as a component unit in the Commonwealth of Massachusetts’ Comprehensive Annual Financial Report (CAFR), and as GASB statements have been adopted by the Commonwealth, MGCC has also adopted those statements.  MGCC observes a June 30 fiscal year-end. 

 MGCC staff will prepare work papers in preparation for the audit and will prepare the financial statements and audit footnotes. 

In order to present our Board with timely audited financials and to make the deadline for grant applications, we must have a draft audit in hand by mid-September.   The audit firm engaged will need to assure us that they have staff of appropriate experience and qualifications, and availability to meet this timeline. 

In an auditor, MGCC is looking for a firm with proven experience auditing non-profit organizations and/or government entities, especially quasi-public corporations.  Familiarity with both FASB and GASB requirements is necessary.  We are looking for a firm that will also serve as a resource to the board and staff on accounting issues and other questions that may arise during the fiscal year. 

I hope this information proves useful and that your firm will respond to our request for proposals.  Your proposal should include:

  • The services you propose to offer and a summary of qualifications of the firm’s principals, particularly the person proposed to manage this relationship;
  • An indication of staff you propose to handle the fieldwork; how many of your staff will be involved; and a summary of their qualifications and experience auditing non-profit or governmental organizations;
  • A summary of current clients we might call for references.  We would prefer a good mix of non-profit and government clients you have.  (This list doesn’t have to be more than ten clients);
  • Your proposed fee for services; and
  • Any other information you feel would be useful in evaluating your proposal

In order to evaluate the responses and identify any questions we might have, we ask that all proposals be submitted to Jan Lapierre, Controller at MGCC’s offices by February 2, 2017 at 5:00pm.  Once we review all proposals, we may select a small number of firms to interview.  We look forward to receiving your proposal.

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