Due: Sunday, December 8th, 2024

Purpose

Social Planning Toronto (SPT) is seeking a fractional financial management team or individual with expertise in all aspects of bookkeeping, accounting, and financial management. The ideal candidate(s) will have at least five years of experience managing the finances of an organization. Experience working with nonprofit, community-based organizations is a strong asset.

Background 

Social Planning Toronto is a non-profit charitable organization whose mission is to challenge inequity in the city to spark social and policy change. Our work includes research, policy analysis, knowledge translation, advocacy, social planning, community engagement, and convening key stakeholders to enable a more economically and socially just city. SPT’s work centres the needs and realities of those with local expertise and lived experience of marginalization such as racism, economic exclusion, sexism, ableism, heterosexism, and other forms of discrimination. We engage communities and advocate for policy and systems change, mostly at the municipal level, calling for more equitable, safe, well, accessible and just communities and improved democratic approaches in our institutions. Our organizational and programmatic priorities focus on the areas of greatest inequality across Toronto.

SPT currently employs 9 staff (6 unionized and 3 management) with a revenue that varies year to year, but has been in the $1.3M – $1.5M range in the past 3 years.  SPT is an anchor agency of United Way Greater Toronto, and a Community Service Partnership grant recipient of the City of Toronto.  SPT also receives project funding; the sources and levels vary over time.  Additional revenue is received from donations and membership fees. Past annual reports, including audited financial statements are available at  https://www.socialplanningtoronto.org/annual_reports

Social Planning Toronto is seeking a financial services firm to provide financial management services. Services were provided in-house by a Financial Manager until retirement in 2019.  Since 2020, SPT has been working with external financial teams and is now looking for a full service team to take responsibility by January 2025, with transition support starting as early as December 2024. 

Scope of Work

SPT is looking for a full range of financial management and accounting services as well as day to day bookkeeping. We are looking for a firm that can provide a timely and seamless transition starting ideally in December 2024, and starting the full range of services in January 2025.

The scope of work includes:

A. Financial Management

1. 1. Financial Planning, Strategy and Executive Support
      • Work with the management team to ensure processes, policies and systems are in place and sufficient to meet the requirements of the organization, as well as to meet legislative requirements and accounting best practices
      • Provide executive level strategic planning support to the Executive Director, to ensure financial plans align with the organization’s strategic priorities
      • Support the management team to strengthen their financial acumen
   2. Financial Reporting
      • Month-end closing & monthly management account updates, including program-level or project-specific budgeting/expense details 
      • Regular meetings with the ED/management team (weekly or bi-weekly to start)
      • Quarterly board reports:
        1. Quarterly, detailed report for the Finance Committee
        2. Summarized, quarterly report for the full Board of Directors
        3. Attendance at Finance Committee and Board Meetings, as needed
      • Prepare financial budgets and reports for funders, along with additional financial details, in collaboration with the management team
   3. Budgeting and Forecasting
      • Manage and maintain the annual budget process, working with the ED and management team to implement a cash flow forecast
      • Set up new project budgets and work with the management team to track budgets effectively and efficiently
   4. Tax Filing, Legislative Requirements & Audit Support
      • Work with external funders, CRA, and the external auditing firm for filing, preparing for the annual audit, and other reporting requirements
      • Audit support will include proactive planning to ensure a smooth audit, preparing year-end working papers, meeting with the auditors, compiling supporting documentation in a timely fashion, and overseeing the audit process for the organization
      • Prepare and submit the T3010 Registered Charity Information Return
      • Be the main point of contact with the Canada Revenue Agency (CRA)
      • Prepare and submit other government forms, filings, rebates and remittances, as needed
      • Keep SPT informed of any changes in accounting standards, tax legislation, regulations and policies

   B: Bookkeeping Services

   1. Payroll Administration
      • Administer payroll bi-weekly for a staff team of approximately 10 people using Ceridian
      • Issue ROE’s, T4 and T4A documents as needed
   2. Accounts Payable & Receivable
      • Manage and administer Accounts Payable- processing of between 20 to 60 invoices monthly, including vendor invoices, honoraria, union dues, pension and benefits, contractors, etc. using Quickbooks, Dext, Approval Max, and Plooto
      • Issue invoices and manage donor/ membership payments, grant/ fund payments
   3. Other
      • Reconcile bank and credit cards on a monthly basis
      • month end balance sheet reconciliations
      • Support the management team as needed
      • Assist in year-end preparation- and year-end file preparation for tax filing and audit

    

2. A reasonable amount of support each month is required, with response times by email and other means within 2-3 business days, and within one business day (24 hours) for urgent matters. Meetings will be scheduled as needed to ensure smooth delivery of services.

   Time Frame

   SPT is interested in entering into a one-year contract, renewable for up to three years. 

   Budget

   A maximum of $45,000-$50,000K for one contract year.

   Proposal Submission Deadline & Process

   • Proposals are due by Sunday December 8th, 2024 at 11:59 PM.  
   • The proposal should include: relevant information about the consultant and/ team’s experience in doing similar work, including in the non-profit sector; an outline of how you would approach the work; costs; how you will provide seamless coverage throughout the year, including during leaves due to illness or otherwise; estimated date for start of contract; and availability to begin transition in December 2024
   • We welcome proposals from teams, or individual consultants. Please indicate which role you are applying for.
   • At least two references should be included with full contact information.
   • Please submit to: [email protected]
   • Questions about the RFP can also be directed to [email protected] by Tuesday December 3, 2024.