Bookkeeping and Financial Management Services

1. Introduction

Hoʻōla iā Mauiakama LTRG is a 501 (c) (3) nonprofit organization seeking proposals for expert bookkeeping and financial management services to support our financial operations and board reporting needs for fiscal year ending December 31, 2024. We have an annual operating budget of $1-4 million and are positioned for growth. We also have a Resources Roundtable which could grow to about $10 million in aid available for individual unmet needs that will require expense tracking and disbursements. We aim to partner with an experienced firm capable of providing accurate bookkeeping, strategic financial insights, and efficient communication, while implementing QuickBooks Online to ensure transparency and scalability.  

Ho'ōla iā Mauiakama Disaster Long-Term Recovery Group will address the spiritual, emotional, and physical needs of the individuals and families affected by the Maui Wildfires. Our mission is to provide comprehensive and compassionate support to the community of Maui in the aftermath of disaster. Our vision is to see a thriving, resilient community where every individual has the resources, support, and opportunities to recover from disasters and build a stronger future.

Anticipated Scope of Funding Sources
The organization currently receives funding from Maui United Way and the Center for Disaster Philanthropy, with an application under review with Hawaiʻi Community Foundation. As part of our growth and sustainability strategy, we anticipate expanding our funding base significantly over the coming years. This will include writing and submitting multiple grant applications annually to county, state, and publicly available funding sources.

The scope of financial management services will need to accommodate tracking and reporting for an increasing number of funding streams, with a potential range of 8–15 active major funding sources annually during the period of 2025–2030. Proposers should consider this growth trajectory when outlining their capacity to support grant compliance, fund management, and detailed financial reporting across diverse funding requirements.

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2. Purpose of RFP

The purpose of this RFP is to solicit proposals for comprehensive financial services for a non-profit, including bookkeeping, reporting, compliance, and financial planning to support our organizational growth and ensure effective communication with our board and leadership team.

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3. Scope of Services

The selected vendor will be responsible for delivering the following services:

• Bookkeeping and QuickBooks Online Management:
  • Set up and maintain QuickBooks Online to support nonprofit tracking and reporting needs.
  • Record and reconcile all financial transactions, including accounts payable, receivable, and bank accounts, on a monthly basis.
  • Ensure accurate classification of income, expenses, and restricted/unrestricted funds in line with nonprofit accounting standards.
• Financial Reporting for Board and Management:
  • Prepare monthly, quarterly, and annual financial statements, including balance sheets, income statements, cash flow statements, and budget-to-actuals.
  • Create customized reports and financial summaries for board meetings, outlining the organization’s financial health and budget forecasts.
  • Participate in board meetings, as requested, to present financial reports and answer questions.
• Budgeting, Forecasting, and Financial Planning:
  • Assist in creating the annual budget and developing multi-year financial projections to support sustainable growth.
  • Offer insights into cost-saving opportunities and best practices for financial management.
  • Provide ongoing cash flow analysis and forecasting.
• Grant and Fund Management:
  • Track and report on restricted and unrestricted funds to ensure compliance with grant requirements.
  • Assist with grant reporting and audit preparation for all financial documentation related to grant funding.
• Tax Filings and Regulatory Compliance:
  • Prepare and file tax forms, including IRS Form 990 and other necessary state or federal forms.
  • Financial audit support, if needed.
  • Preparation of period-end & annual Hawai’i General Excise Tax filings.
  • Preparation of Form 1099.
  • Provide tax compliance and regulatory advisory services to ensure compliance with nonprofit standards and audit readiness.
• Scalability and Growth Support:
  • Implement scalable systems and processes to accommodate our growing operating budget and transaction volume.
  • Recommend additional tools or technology to support expanding financial needs.

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4. Proposal Requirements

Vendors should include the following in their proposal:

• Company Profile:
  • A brief overview of the firm’s history, mission, and experience with nonprofit organizations.
  • Relevant experience in providing bookkeeping and financial services, specifically with organizations of similar size and growth potential.
  • Resumes of team members who will be directly involved with our organization.
• Proposed Approach:
  • Methodology and timeline for delivering the requested services, including the setup and use of QuickBooks Online.
  • Details on any specialized tools, software, or technology that will support efficient delivery and scalability.
  • Approach to ongoing communication and financial reporting, particularly for board members and executives.
• References:
  • Provide at least two client references, preferably from nonprofit organizations with similar financial structures or needs.
• Cost Proposal:
  • Detailed pricing structure (e.g., hourly rate, monthly retainer) and any additional fees.
  • A breakdown of costs associated with board meeting attendance, reporting, and other requested services.
• Availability:
  • Proposed start date and expected timeline for initial setup, ongoing deliverables, and turnarounds.

5. Evaluation Criteria

Proposals will be evaluated based on:

• Relevant Experience and Qualifications:
  • Proven experience in nonprofit financial management, including QuickBooks Online expertise.
• Quality and Feasibility of Proposed Approach:
  • Understanding of our specific financial needs, board reporting requirements, and the proposed strategy for meeting them.
• Cost and Value:
  • Competitive pricing in relation to the scope and quality of services.
• Client References and Satisfaction:
  • Positive feedback from clients in the nonprofit sector.
• Clarity and Compliance with RFP Requirements:
  • Clear, complete, and compliant proposals.

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6. Submission Instructions

Please submit all proposals electronically to support@mauilongtermrecovery.org by January 24, 2025. Include “Bookkeeping and Financial Services Proposal for Hoʻōla iā Mauiakama LTRG” in the subject line. Proposals received after this date may not be considered.

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7. Terms and Conditions

• Hoʻōla iā Mauiakama LTRG reserves the right to reject any or all proposals.
• Submission of a proposal does not guarantee contract award.
• Additional information or interviews may be requested from prospective vendors as part of the selection process.

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8. Timeline

• RFP Issued: January 14, 2025
• Proposal Submission Deadline: January 24, 2024
• Selection of Vendor: January 30, 2024
• Expected Service Start Date: February 1, 2024 

Mahalo for your interest in working with Hoʻōla iā Mauiakama LTRG. We look forward to reviewing your proposal and exploring a partnership to support our financial management needs.