Independent Financial Audit Services

Location:	North Carolina
Posted:	Mar 2, 2026
Due:	Mar 19, 2026
Agency:	State Government of North Carolina
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Solicitation No:	81-03022026
Publication URL:	To access bid details, please log in.

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BRUNSWICK COMMUNITY COLLEGE FOUNDATION

REQUEST FOR PROPOSAL (RFP)

Issue Date: March 2, 2026

Proposal Due Date: March 19, 2026 at 5:00pm EST

Contact: Julia Stuart

Brunswick Community College Foundation

Address: 50 College Rd Bolivia NC 28422

Email: stuartj@brunswickcc.edu Phone: 910-755-7393

1. Introduction

Brunswick Community College Foundation, Inc. (Foundation) is a nonprofit organization

formed to promote the educational development and general educational welfare of

Brunswick Community College. It is a legally separate, component unit of Brunswick

Community College and is included in the State of North Carolina’s Annual Comprehensive

Financial Report (ACFR). The Foundation operates on a July 1st through June 30th fiscal year.

It is exempt from income taxes under Section 501 (c) (3) and must file federal tax form 990

annually.

The Foundation is seeking proposals from qualified Certified Public Accounting firms with

expertise in the area of nonprofit auditing and tax compliance to audit its financial

statements and provide tax compliance services relative to its tax returns in accordance

with North Carolina General Statutes and the requirements of the North Carolina Office of

the State Auditor.

2. Contract Term

• Initial contract term: One (1) year for fiscal year ending June 30th, 2026

• Option to renew annually for up to two (2) additional years.

•Audit work may not begin until written approval is received from the North Carolina Office

of the State Auditor.

3. Scope of Services

The selected firm shall:

A. Hold a pre-audit conference with appropriate Foundation personnel in order to

establish schedules for fieldwork, to discuss any issues or changes that will need special

preparation or consideration, and to identify roles of Foundation staff and CPA firm

staff.

B. Perform an audit of the Foundation’s financial statements in accordance with auditing

standards accepted in the United States of America.

C. Conduct the audit in accordance with Government Auditing Standards if applicable

based on funding thresholds.

D. Determine whether financial statements are presented in accordance with Financial

Accounting Standards Board (FASB) Statement 116, Accounting for Contributions

Received and Contributions Made and Statement 117, Financial Statements of Not-for-

Profit Organizations.

E. Acknowledge that statewide accounting policies are established by the Office of State

Controller

F. Submit a draft audit report and draft management letter by August 1st of each year.

G. Submit final report and management letter by August 12th of each year.

H. Submit electronic copies of audit reports to the Office of the State Auditor and the Office

of State Controller.

I. Bear all responsibility for report preparation, editing, and binding.

J. Provide no less than twenty-two (22) bound copies of audit report (out-of-pocket and

printing costs are to be incorporated into proposed audit fee)

K. Hold post-audit conference with appropriate Foundation personnel and Foundation

Board.

L. Prepare the Foundations tax returns yearly and return to Foundation for final review

and signature.

M. File tax form 990 with appropriate taxing authorities yearly.

N. Provide research services and consultation to the Foundation for specific tax matters, as

needed.

O. Retain all working papers, tax returns, and review comments, at CPA’s firm’s expense,

for a minimum of three (3) years, unless notified, in writing, by Foundation of need to

extend retention period.

P. Make all documents available, upon request, to Foundation, Brunswick Community

College, or their designees.

Q. Respond to reasonable inquiries of successor auditors and them to review any retained

documentation.

4. Required Contract Provisions

• The financial statements will be audited in accordance with auditing standards

generally accepted in the United States of America. If the organization spends more

than $750,000 in combined federal and/or state financial assistance (e.g., contracts

and grants), the audit must also be conducted in accordance with the standards

applicable to financial audits contained in the Government Auditing Standards,

issued by the Comptroller General of the United States.

• The audit scope will include a determination as to whether the financial statements

are presented in accordance with the appropriate accounting principles for the

organization (i.e., GASB or FASB). The contract shall also acknowledge that

statewide accounting policies are established by the Office of State Controller, and

thus, apply to the organization.

• Audit contracts will include the following requirement from North Carolina General

Statutes §147-64.6D:

“Each audit report prepared for a State agency by a Certified Public

Accountant shall itemize the number of hours used in conducting the audit

and in preparation of the audit report and the total cost of conducting the

audit and preparing the audit report.”

For purposes of consistency, this cost disclosure must be presented on the last

page and not as the final note in the Notes to the Financial Statement section of

the audit report. It must be in the following format:

“This audit required ________ audit hours at a cost of $ ___________.”

Additional information may be provided in the hours/cost disclosure so long as the

above sentence is included.

• Pursuant to N.C.G.S. § 147-64.7(a)(4),the Office of State Auditor will be permitted to

review the audit documentation for the engagement and such audit documentation

will be retained for a period of at least three years after completion, termination, or

expiration of the contract, or other record retention requirements set by State

Archives of North Carolina in the North Carolina Department of Natural and Cultural

Resources. Contractor shall make available to the Office of the State Auditor any

person, record, or file deemed necessary by the Office of the State Auditor to

validate either performance or cost.

• An electronic copy of all audit reports will be submitted to the Office of the State

Auditor at osa.reportsubmission@ncauditor.gov and an additional electronic copy

will be submitted to the Office of State controller (hard copies are no longer

required). The Office of State Controller’s policy on Submission of Audit Reports is

available at: https://www.osc.nc.gov/1054-statewide-accounting-policy-

submission-audit-reports.

• Audit contracts will specify all applicable report issuance deadlines.

• If the Office of the State Auditor needs the report to support the opinion

rendered in the Annual Comprehensive Financial Report or another audit

report, the affected organization will be informed on an individual basis of

this fact and of the required reporting deadlines.

• State organizations may have other audit report issuance deadlines imposed

by governing boards, grant providers, debt covenants, etc.

5. Proposal Requirements

Proposals must be submitted in two separate parts:

Part I – Technical Proposal

R. Description of the scope of services including audit and tax compliance approach that

will meet the scope of work requirements.

S. List of key personnel and qualifications.

T. Anticipated staff hours.

U. List of similar clients and engagement lengths in the last two (2) years.

V. Most recent peer review report.

W. Disclosure of regulatory actions in the past three years.

X. Experience auditing governmental component units.

The proposal shall demonstrate that the proposer is a certified public accounting firm with

verifiable expertise in not-for-profit (public charity) accounting, auditing, and tax

compliance.

The proposal should contain an affirmative statement that it is independent of the Foundation

as defined by accepted auditing standards.

AA.

The Proposal should contain an affirmative statement must be included indicating that the

CPA firm and all assigned key professional staff are properly licensed to practice in the State

of North Carolina.

BB.

The proposal shall state the size of the CPA firm, the size of the firm’s not-for-profit audit

and tax staff, the location of the office from which the work on this engagement is to be

performed

CC.

Identification of Anticipated or Potential Audit Problems

The proposal shall identify and describe any anticipated or potential audit or tax compliance

service problems, the firm’s approach to resolving these problems, and any special assistance

that will be requested from the Foundation or from college staff working in support of the

Foundation.

• The proposal shall demonstrate that the CPA firm has adequate liability insurance

coverage.

• Must provide references with contact information (phone number and email) for similar

audits completed.

DD. Part II – Cost Proposal

EE. Itemized audit fees.

FF. Billing arrangements.

GG. Maximum not-to-exceed amount for total contract terms.

HH.Identification of any additional potential costs.

6. Evaluation Criteria

Selection will be based on the best overall value, with emphasis on obtaining a quality audit.

Technical proposals will be evaluated prior to considering cost. Must be able to complete

the audit by August1, 2026 and present to the Foundation Board of Directors on August 12,

2026, and file form 990 for the tax year.

7. Submission Requirements

Questions regarding this request for proposal should be sent to Julia Stuart at

stuartj@brunswickcc.edu by 5pm EST on March 9th, 2026

Responses to questions will be posted as an addendum by 5pm EST on March 11, 2026

All proposal responses shall be submitted electronically via the electronic Vendor Portal

(eVP) by March 19th , 2026 at 5pm EST. Additional information can be found at the eVP

updates for Vendors link: https://eprocurement.nc.gov/news-events/evp-updates-vendors.

Late proposals will not be considered.

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

Solicitation Number:	81-03022026
Project Title:	Independent Financial Audit Services
Description:	Brunswick Community College Foundation is seeking proposals from qualified Certified Public Accounting firms with expertise in the area of nonprofit auditing and tax compliance to audit its financial statements and provide tax compliance services relative to its tax returns in accordance with North Carolina General Statutes and the requirements of the North Carolina Office of the State Auditor.
Opening Date:	3/19/2026 5:00 PM
Posted Date:	3/3/2026
Status:	Open
Department:	BRUNSWICK COMMUNITY COLLEGE


Solicitation Number * 81-03022026	Department BRUNSWICK COMMUNITY COLLEGE	Status Reason Open
Opening Date 2026-03-19T17:00:00.0000000	Posted Date * 2026-03-02T22:44:09.0000000Z	Primary Commodity Code Audit services
Mandatory Conference/Site Visit — —	Special Instructions —	Solicitation Type * Select RFP IFB RFI
Owner Ashley Malkemus
Description Brunswick Community College Foundation is seeking proposals from qualified Certified Public Accounting firms with expertise in the area of nonprofit auditing and tax compliance to audit its financial statements and provide tax compliance services relative to its tax returns in accordance with North Carolina General Statutes and the requirements of the North Carolina Office of the State Auditor.