Knoxville's Community Development Corporation Sealed Solicitation
Title: Auditing and Tax Services for Limited Partnerships
Deadline: 5/31/2025 11:00 AM (UTC-05:00) Eastern Time (US & Canada)
Status: In Review
Solicitation Number: Q2518
Description: KCDC will receive UPLOADED proposals for Auditing and Tax Services for Limited Partnerships as detailed in the solicitation document. Notes include:
Documents:
| Documents as of 5/13/2025 |
|---|
| Auditing_Services_for_Limited_Partnerships_Q2518.pdf |
| Auditing_Services_for_Limited_Partnerships_Q2518_Response_Pages.docx |
Addition 2
Posted: 6/2/2025
Type of Addition: In Review
Overview: KCDC received six proposals and the review is underway.
Question 1
Posted: 5/13/2025
Question: Does the proposal require submission exclusively by a Certified Public Accounting (CPA) firm, or would an individual currently studying for the Certified Internal Auditor (CIA) exam be eligible to apply?
Response: To submit a successful proposal, someone on the team must have and maintain a CPA.
Question 2
Posted: 5/15/2025
Question: Do the LP's use any third party management companies or are all the properties managed in-house?
Response: KCDC serves as the management company for all the properties.
Question 3
Posted: 5/15/2025
Question: Are the LP deals 9% or 4% or a mix?
Response: They are a mix.
Question 4
Posted: 5/15/2025
Question: How many of the LP audits fall under HUD for profit compliance requirements?
Response: All would fall under HUD for profit compliance requirements.
Question 5
Posted: 5/15/2025
Question: Can you please provide an understanding as to why these services are out to bid/RFP?
Response: KCDC needs to exercise proper due diligence and it is time to solicit new proposals for this service to be responsible. Additionally since KCDC last solicited proposals for this service, many additional tax credit properties have been added to KCDC’s portfolio so it is prudent to solicit new proposals.
Question 6
Posted: 5/15/2025
Question: Is there one investor / syndicator or are there a variety?
Response: Each tax credit property has one investor partner.
Question 7
Posted: 5/15/2025
Question: Are there any other tax incentives mixed in with thee LITHCs (ie – energy, historic)?
Response: None at this time.
Question 8
Posted: 5/15/2025
Question: Is there a preference of on-site vs remote work?
Response: No. Open to either option
Question 9
Posted: 5/15/2025
Question: Under General Information, question 1(l), it notes that the Partnership audit reports will be available as a supplement. Can you please provide a link to or upload the respective audit reports?
Response: The partnerships are presented a discretely presented component units in the KCDC audit on KCDC's website and now posted with this RFP. See pages 53-56.
Question 10
Posted: 5/19/2025
Question: What were the fees paid for these audit and tax services for each LP for the most recent year?
Response: Information not currently available.
Question 11
Posted: 5/20/2025
Question: 1. Can you please provide any prior year findings? 2. Do any of the investor limited partners have negative tax capital in any of the entities or have there been any special allocations that have been made in the tax returns in accordance with the partnership agreements? 3. Can you please provide the prior year tax returns?
Response: 1) No findings from prior years. 2) Yes. One of our LPs has negative equity capital on the tax return. 3) Tax returns can be provided upon selection.
Question 12
Posted: 5/20/2025
Question: On Solicitation Document G, it states, "Complete this form and submit it separately as dedicated earlier in this document." Earlier in the document it states to "Upload your information in the order indicated below as ONE document uploaded as detailed on the cover page. Can you please clarify if you would like firms to submit Solicitation Document G separately and provide two separate uploads or just include it with the other documents?
Response: Thank you for the question. This was KCDC's oversight. Please submit this form with your main document so that there is ONE uploaded document.
Question 13
Posted: 5/20/2025
Question: Can you provide access to the individual audit reports and tax filings?
Response: KCDC can provide individual audit reports and tax filings for each property upon selection.
Question 14
Posted: 5/20/2025
Question: Item 17 Deliverables Section notes Februrary 28th as the engagement completion date; however the Item 22 timelines notes a completion date of March 31st. Can you confirm which is the correct date?
Response: For February 28th, the selected party would be required to complete the audit process's initial engagement. This would mean that they would have the required items in hand and an initial draft audit prepared for review. For March 31st, the selected party would be required to have the audit process completed as well as the tax returns in process, according to the associated LPA.
Question 15
Posted: 5/20/2025
Question: Will the audits be awarded to one firm or could the proposal award be split?
Response: As noted in the solicitation document, KCDC may award to more than one firm.
Question 16
Posted: 5/20/2025
Question: Our firm is a licensed Pennsylvania CPA firm performing work in several states with the required experience to perform these services. Per current standards from the National Association of State Boards of Accountancy, https://cpamobility.nasba.org/, there is mobility to practice in Tennessee as a Pennsylvania CPA. Will this mobility allow us to meet your license requirement?
Response: Please consult your current state licensing board as well as AICPA for the requirements to practice in the state of Tennessee.
Posted: 6/2/2025
Type of Addition: In Review
Overview: KCDC received six proposals and the review is underway.
Posted: 5/13/2025
Question: Does the proposal require submission exclusively by a Certified Public Accounting (CPA) firm, or would an individual currently studying for the Certified Internal Auditor (CIA) exam be eligible to apply?
Response: To submit a successful proposal, someone on the team must have and maintain a CPA.
Posted: 5/15/2025
Question: Do the LP's use any third party management companies or are all the properties managed in-house?
Response: KCDC serves as the management company for all the properties.
Posted: 5/15/2025
Question: Are the LP deals 9% or 4% or a mix?
Response: They are a mix.
Posted: 5/15/2025
Question: How many of the LP audits fall under HUD for profit compliance requirements?
Response: All would fall under HUD for profit compliance requirements.
Posted: 5/15/2025
Question: Can you please provide an understanding as to why these services are out to bid/RFP?
Response: KCDC needs to exercise proper due diligence and it is time to solicit new proposals for this service to be responsible. Additionally since KCDC last solicited proposals for this service, many additional tax credit properties have been added to KCDC’s portfolio so it is prudent to solicit new proposals.
Posted: 5/15/2025
Question: Is there one investor / syndicator or are there a variety?
Response: Each tax credit property has one investor partner.
Posted: 5/15/2025
Question: Are there any other tax incentives mixed in with thee LITHCs (ie – energy, historic)?
Response: None at this time.
Posted: 5/15/2025
Question: Is there a preference of on-site vs remote work?
Response: No. Open to either option
Posted: 5/15/2025
Question: Under General Information, question 1(l), it notes that the Partnership audit reports will be available as a supplement. Can you please provide a link to or upload the respective audit reports?
Response: The partnerships are presented a discretely presented component units in the KCDC audit on KCDC's website and now posted with this RFP. See pages 53-56.
Posted: 5/19/2025
Question: What were the fees paid for these audit and tax services for each LP for the most recent year?
Response: Information not currently available.
Posted: 5/20/2025
Question: 1. Can you please provide any prior year findings? 2. Do any of the investor limited partners have negative tax capital in any of the entities or have there been any special allocations that have been made in the tax returns in accordance with the partnership agreements? 3. Can you please provide the prior year tax returns?
Response: 1) No findings from prior years. 2) Yes. One of our LPs has negative equity capital on the tax return. 3) Tax returns can be provided upon selection.
Posted: 5/20/2025
Question: On Solicitation Document G, it states, "Complete this form and submit it separately as dedicated earlier in this document." Earlier in the document it states to "Upload your information in the order indicated below as ONE document uploaded as detailed on the cover page. Can you please clarify if you would like firms to submit Solicitation Document G separately and provide two separate uploads or just include it with the other documents?
Response: Thank you for the question. This was KCDC's oversight. Please submit this form with your main document so that there is ONE uploaded document.
Posted: 5/20/2025
Question: Can you provide access to the individual audit reports and tax filings?
Response: KCDC can provide individual audit reports and tax filings for each property upon selection.
Posted: 5/20/2025
Question: Item 17 Deliverables Section notes Februrary 28th as the engagement completion date; however the Item 22 timelines notes a completion date of March 31st. Can you confirm which is the correct date?
Response: For February 28th, the selected party would be required to complete the audit process's initial engagement. This would mean that they would have the required items in hand and an initial draft audit prepared for review. For March 31st, the selected party would be required to have the audit process completed as well as the tax returns in process, according to the associated LPA.
Posted: 5/20/2025
Question: Will the audits be awarded to one firm or could the proposal award be split?
Response: As noted in the solicitation document, KCDC may award to more than one firm.
Posted: 5/20/2025
Question: Our firm is a licensed Pennsylvania CPA firm performing work in several states with the required experience to perform these services. Per current standards from the National Association of State Boards of Accountancy, https://cpamobility.nasba.org/, there is mobility to practice in Tennessee as a Pennsylvania CPA. Will this mobility allow us to meet your license requirement?
Response: Please consult your current state licensing board as well as AICPA for the requirements to practice in the state of Tennessee.