1.0 Summary

The Future Generations (FG) Foundation invites proposals from qualified independent firms to provide professional annual audit services for years ending March 31, 2026, March 31, 2027, and March 31, 2028.

The successful firm must have an in-depth experience in providing audit services to indigenous nonprofit organizations and charities, with a strong understanding of Indigenous culture and values.

2.0 Background

The FG Foundation is a registered charity. The FG Foundation is for First Nations individuals, communities, organizations, and other organizations seeking support for cultural revitalization, education, and community development initiatives. As stewards of the IRSSA funds and fundraiser, we ensure efficient allocation of funds to address the harms of residential schools. Our grant funding addresses these challenges, providing financial support for educational pursuits, healing projects, and cultural revitalization efforts, empowering individuals, communities, and organizations to address long-term harms and promote reconciliation.

The FG Foundation grants approximately $15 million in funding to individuals and charitable organizations for varying education programs and studies every year. The accounting function is performed by in-house staff, including accounts payable, accounts receivable and payroll functions. The FG Foundation uses SAGE 300 ERP to maintain the accounts. The audited financial statements are reviewed by the Finance, Audit and Investment Committee and approved by the Board of Trustees.

Additional information can be found at www.fgfoundation.ca

3.0 Scope of Services

The FG Foundation is seeking the services of a qualified audit firm to perform the annual audit of its financial statements. The engagement will require the provision of an audit opinion in accordance with Canadian Generally Accepted Auditing Standards (GAAS). The engagement includes:

• A pre-audit review, typically conducted in January;
• Year-end substantive audit fieldwork, typically beginning in June; and
• Prepare T3010 Registered Charity Information Return.

The successful audit firm must fulfill the following mandatory requirements:

• Demonstrate expertise in auditing not-for-profit and charitable entities, including familiarity with applicable accounting standards and reporting requirements.
• Have proven experience in auditing organizations with substantial investment portfolios, including understanding of investment accounting, valuation, and disclosures.
• Provide evidence of the firm's financial stability and a demonstrated long-term commitment to serving not-for-profit and charitable organizations, including a client base with similar organizational profiles.

4.0 Proposed Timeline

The following timeline outlines key milestones in the selection and audit process:

Deadline to submit questions - September 26, 2025

Proposal submission deadline - October 3, 2025

Contract awarded - By December 12, 2025

Pre-audit work - Mid-January

Audit fieldwork begins - Early June

Draft financial statements to FAIC for review - End of June

Draft financial statements to Board for approval - Early July

Final audited financial statements published - Early July

5.0 Selection Process and Criteria

Preference will be given to well-established firms located in the National Capital Region. The Finance, Audit, and Investment Committee will review the proposals and recommend an appointment to the Board of Trustees for approval. Interviews may be conducted if deemed necessary.

Interested firms should submit a proposal that includes:

• A description of the proposed services and the firm’s understanding of the FG Foundation’s needs;
• Fee schedule, including a breakdown of hours and rates by staff level;
• Qualifications and relevant experience of the proposed audit team;
• Office location responsible for service delivery;
• A summary of the firm’s experience providing audit services to non-profit and charitable organizations;
• Contact information for three references from charities or non-profits audited within the past two years.

Proposals will be evaluated based on the following criteria:

1. Understanding of Scope (10%) - Demonstrates a strong understanding of FG Foundation’s risks, structure, and audit requirements
2. Audit Approach & Methodology (20%) - Clarity, appropriateness, and completeness of proposed audit plan, including timelines and engagement strategy
3. Relevant Experience (20%) - Demonstrated experience auditing non-profit and charitable organizations, including experience with Indigenous organizations and understanding of Indigenous culture and values
4. Team Qualifications (10%) - Relevant qualifications and experience of key engagement personnel
5. References (10%) - Quality of service and satisfaction as reported by recent clients
6. Fees (25%) - Competitiveness and clarity of pricing, with detailed breakdowns
7. Value Added (5%) - Additional tools, insights, or advisory support beyond the core audit engagement

6.0 Submission Instructions

Please submit your proposal electronically to Lily Ji at lji@fgfoundation.ca. The deadline for proposal submission is October 3, 2025, at 5:00 PM EST. Late submissions may not be considered.

Proponents will receive an email confirming their proposal submission.

Please direct all inquiries via email to:

Lily Ji

Finance & Operations Manager

Email: lji@fgfoundation.ca

7.0 Rights of the Future Generations Foundation

This is an RFP and not an invitation to tender. The reader is hereby advised that the FG Foundation reserve the right to:

• Accept a proposal without negotiation;
• Negotiate changes to the technical or financial content of the successful proposal;
• Cancel or reissue this RFP at any time;
• Reject any or all proposals received in response to this Request for Proposals;
• Accept any proposal in whole, or in part;
• Cancel and/or re-issue the modified version of a given RFP requirement at any time;
• Award one or more contracts;
• Verify all information provided with respect to a given RFP requirement, including the right to request a confirmation of the bidder’s legal status and signed documentation; and
• Award contracts without competition for follow-up work, if any, to the selected bidder for a given project requirement.

Future Generations Foundation thanks all providers for their interest in this opportunity.