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Request for Proposals Qualifications & Information


Accounting Services

Proposal due by: September 28th, 2018

The Washington State Transit Insurance Pool (WSTIP or the Pool) intends to contract with a firm for accounting services. Interested parties are invited to submit a written proposal.

Organizational Overview
The Washington State Transit Insurance Pool is one of many pools currently operating in the State of Washington. WSTIP was established in 1989. Currently, there are 25-member transit agencies which participate in the property and liability programs offered by the Pool. The Pool represents most of the transit agencies in Washington State. Member vehicles travel close to 100 million miles a year. The programs/coverages offered by the Pool include General & Auto Liability, All-Risk Property (including auto physical damage), Boiler and Machinery, Employee Fidelity/Crime, Cyber, and Public Officials Liability. The Pool also provides loss prevention and risk management services to our Pool members. WSTIP is regulated by the Washington State Risk Manager and audited annually by the Washington State Auditor.

Scope of Work
The accounting services requested would encompass the following monthly, quarterly and annual accounting services including, but not limited to:
1. Posting A/P, A/R, payroll, general journal entries related to financials and claim liability reports, monthly or as requested.
2. Prepare quarterly comparative financials for the WSTIP Board including Statement of Net Position and Statement of Revenues and Expenses. Reports to be provided by the 15th of the month following the close of the quarter, or 10 days after Staff provides required material, whichever is later.
3. Prepare financial statements and notes in accordance with the BARS manual for annual report to Washington State Auditor. Annual draft of financial statements shall be provided by March 30th and final by April 30th, or 10 days after Staff provides required material, whichever is later.
4. Work with the Washington State Auditor to answer questions regarding preparation of annual financials and resolution of any post-audit findings. 
5. Prepare monthly trial balances and reconcile all bank accounts.

The Accounting Firm/Individual provide a flat monthly fee for the stated scope of work, as well as an hourly rate for advice, counsel and consulting services for the WSTIP Board and Staff on accounting, internal controls, financials and payroll related functions related to WSTIP operations as needed.

The contract will start January 1, 2019.

Click here to view the RFP and directions for submission.

 Additional Questions 

Additional Questions 2