Introduction
Alexandria Economic Development Partnership is a 501(c)6 public-private partnership that promotes the City of Alexandria as a premier location for businesses of all sizes, entrepreneurs, nonprofits, and cutting-edge institutions of science and learning. AEDP promotes Alexandria by showcasing the transportation capabilities, workforce, location, scale, and livability to help #growALX. AEDP is led by an independent board of directors and works closely with city management and city elected officials to achieve the shared mission of promoting Alexandria as a business destination.
Under AEDP, the Industrial Development Authority (IDA) of the City of Alexandria is a quasi-governmental entity established by City Council ordinance through powers given to it by the Code of Virginia. It is governed by a seven-member board, appointed by the Alexandria City Council and its mission is to promote and facilitate economic development within the City. AEDP President and CEO Stephanie Landrum administers the IDA, although the IDA is a separate entity.
The IDA is a multi-faceted tool leveraged to catalyze development, community initiatives, and small business growth. Historically, it has operated as a conduit issuer of bonds to support financing for real estate transactions undertaken by non-profit entities; however, in upcoming economic development projects, the IDA will be utilized in new ways.
The organization’s financials have historically been generated by the City of Alexandria. As the IDA begins to participate in new activities, such as acting as a holder of real estate assets, the organization requires accounting support in the form of bookkeeping, accounts payables and receivables, and enhanced cash management processes, and protocols. Below you will find the proposed Scope of Work that details the requirements for a new accounting firm to assist with these activities.
Sincerely,
Sydney Aulffo, MPA Director of Operations
Copy: Wynn Hunsaker, Real Estate Project Manager
Scope of Work
Submitted proposals are expected to cover:
Financial Reporting
• Make the required adjustments to the accounting records for all expenses and deposits.
• Prepare monthly bank reconciliations and make required adjustments to the accounting records.
• Reconcile balance sheet accounts monthly to ensure a clean, well-documented balance sheet.
• Prepare quarterly financial statements and reports.
• Meet with AEDP staff to discuss financial and business matters.
Annual Services
• Assist with the year-end close and the preparation of audit work papers.
• Preparation of year-end audited financial statements.
• Prepare forms 1099.
• Prepare tax forms, as necessary.
Administrative
• QuickBooks (or similar financial software) management.
• Create a Chart of Accounts.
• Create and maintain a balance sheet.
Specific IDA Related Services
• Real Estate Accounting Services
Response to Request for Proposal
In responding to this request, we request the following information:
1. Firm’s Qualifications and Related Experience: sufficient information should be provided regarding the qualifications of the firm to provide the requested scope of work.
2. Personnel Qualifications: provide sufficient information and related experience of personnel who will perform IDA’s accounting services. Include the resume of the person directly responsible for this contract and other professionals directly involved. Resumes shall include all relevant experience during the last three years with nonprofit corporations similar to AEDP/IDA, education, CPA licenses and continuing education of the individuals, if applicable. Include an affirmative statement that the firm and all assigned key professional staff are properly registered/licensed to practice in Virginia.
3. Approach to Provide Accounting Services: provide in sufficient detail the firm’s approach to IDA’s accounting services. Include procedures to be performed, by whom they will be performed, tasks to be accomplished, the utilization of computers in the engagement, consideration of laws and regulations, assistance that will be provided to AEDP/IDA staff.
4. Additional Information: interested firms are encouraged to provide any additional information not otherwise requested that may aid AEDP/IDA in awarding this professional service contract.
5. Fees/Hourly Rates: please provide your firm’s anticipated fee for this scope of work. Also include hourly rates of the firm’s employees should additional services be requested outside the scope of this proposal.
Evaluation Criteria
The below factors will be used when evaluating the proposals. The factors are not listed in order of importance.
• Responsiveness to Request for Proposal specifications.
• Project cost.
• Qualifications of firm.
• Qualifications and experience of the staff to be assigned to the project.
• Demonstrated capability to perform the type of work requested.
During the evaluation process, AEDP reserves the right to request additional information or clarifications from proposers and the right to reject any or all proposals. There is no expressed or implied obligation for AEDP to reimburse responding firms for any expenses incurred in preparing proposals in response to this request. To be considered, please submit a written informal response to Sydney Aulffo, Director of Operations, by email at aulffo@alexandriaecon.org on or before Friday, February 2, 2024. Contact Sydney Aulffo, Director of Operations by email or phone at 703-652-5345.