Request for Proposal – Independent Audit Services – Fiscal Year 2025

Request for Proposal       

Independent Audit Services – Fiscal Year 2025

Issued by: Kentucky FFA Foundation
RFP Issue Date: March 1, 2026
Proposal Due Date: March 30, 2026
Contact: Sheldon McKinney, Executive Director, 606-782-4620, sheldon.mckinney@kyffa.org

The Kentucky FFA Foundation (“the Foundation”) is seeking proposals from qualified, independent certified public accounting firms to perform an audit of its financial statements for the fiscal year ending December 31, 2025. 

The Foundation is a nonprofit organization that supports agricultural education and leadership development across the Commonwealth of Kentucky through various fundraising initiatives. 

The purpose of this RFP is to select an independent audit firm to conduct a financial statement audit in accordance with generally accepted auditing standards (GAAS) and, if applicable, Government Auditing Standards and Uniform Guidance.

Scope of Services

The selected firm will be responsible for the following services:

A. Financial Statement Audit

• Perform an audit of the Foundation’s financial statements for the fiscal year ending December 31, 2025
• Express an opinion on the fair presentation of the financial statements in conformity with U.S. generally accepted accounting principles (GAAP).
• Issue required communications to those charged with governance, including:
  • Auditor’s Report
  • Required Communications Letter
  • Internal Control Recommendations

B. IRS Form 990

• Review the Foundation’s IRS Form 990 for the fiscal year. This will be prepared by our current accounting firm. 

 

1. Presentation to Board

• Present the audit results to the Foundation’s Capital & Finance Committee, in person or virtually. 
• Be available to answer questions from board members and leadership. 

Organizational Information

The Foundation:

• Operates as a 501(c)(3) nonprofit organization.
• Maintains financial records in accordance with GAAP.
• Utilizes Quickbooks. 
• Has an annual operating budget of approximately $2M and $19M in endowed funds. 
• Employs approximately 5] staff members.

Additional financial information may be provided upon request.

Proposal Requirements

Firms responding to this RFP must include:

A. Firm Qualifications

• Firm overview and history.
• Experience auditing nonprofit organizations of similar size and scope.
• Experience with organizations managing endowed funds. 
• Peer review report (most recent).
• Confirmation of independence.

B. Engagement Team

• Identification & bios of engagement partner and key staff.

C. Audit Approach & Timeline

• Description of audit methodology. 
• Proposed timeline including:
  • Planning
  • Fieldwork
  • Draft report delivery
  • Final report issuance
• Expected assistance required from Foundation staff.

D. Fees

• Proposed fee for FY2025 audit.
• Billing rates for additional work outside the agreed scope. 

E. References

• Contacts of at least three nonprofit clients of similar size and scope. 

Timeline

Milestone	Date
RFP Issued	March 1, 2026
Proposal Submission Deadline	March 30, 2026
Firm Selection	April 18, 2026
Final Audit Report Issued	July 30, 2026

Evaluation Criteria

Proposals will be evaluated based on:

• Demonstrated experience with nonprofit audits
• Qualifications of assigned personnel
• Audit approach and understanding of the Foundation’s operations
• Cost effectiveness
• References and peer review results

The Foundation reserves the right to request additional information or interviews with finalist firms.

Submission Instructions

Proposals must be submitted electronically in PDF format to: sheldon.mckinney@kyffa.org 

Sheldon McKinney, Executive Director                                             

Subject Line: Audit Services Proposal – FY2025

All proposals must be received by 12:00 EST on Mar 30, 2026

Additional Information

• The Foundation reserves the right to reject any or all proposals.
• The selected firm will be required to enter into a written engagement agreement.