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Fractional Director of Finance Services
Independent Contractor Engagement
Issuing Organization
College Now Greater Cleveland, Inc.
Project
Finance Department Enhancements and Modernization
Anticipated Project Term
October 2026 – December 2026
Anticipated Level of Effort
Approximately 24 hours per week, on average, during the project term
Proposal Due Date
October 1, 2026 – Please see Item #8 below for Proposal Submission Instructions
Engagement Type
Independent contractor / professional services engagement; not employment
1. Invitation to Submit a Proposal
College Now Greater Cleveland, Inc. ("College Now") invites proposals from qualified independent accounting/finance professionals or firms to provide fractional Director of Finance services for a defined professional services engagement. College Now will accept proposals through the Proposal Due Date stated above.
This Request for Proposals ("RFP") is for independent contractor services and is not an employment opportunity. The selected respondent will enter into a professional services agreement with College Now and will be responsible for delivering the services and results described in this RFP using their professional expertise and judgment.
2. Project Purpose
The purpose of this engagement is to provide senior-level technical expertise that strengthens the efficiency, scalability, and decision-support capabilities of College Now’s Finance and Accounting function. The engagement will concentrate on three priorities: documenting comprehensive finance and accounting policies; modernizing management financial reporting and forecasting; and improving the timeliness and efficiency of the month-end close and related accounting processes.
The contractor will work in coordination with the Chief Financial Officer ("CFO") and collaboratively with the Senior Manager of Accounting, who is responsible for the monthly close process, general ledger management, audit coordination, and routine accounting operations. This coordination is intended to facilitate access, decisions, and completion of project deliverables and does not alter the independent contractor nature of the engagement.
3. Scope of Services
The selected contractor will be responsible for producing the following professional services and deliverables. The contractor is expected to use their own expertise, professional judgment, and methods to accomplish the agreed results.
- A. Finance and Accounting Policy Documentation
- Evaluate current Finance and Accounting policies and practices; identify gaps and opportunities for enhancement; and develop a comprehensive Finance and Accounting Policy Manual reflecting organizational practices, internal control requirements, applicable regulatory and grant compliance requirements, and nonprofit financial management best practices. Draft policies will be submitted to the CFO for organizational review and approval.
- Deliverable: Comprehensive Finance and Accounting Policy Manual, including a table of contents and policy index.
- B. Management Reporting and Forecasting Modernization
- Evaluate current financial reporting and forecasting practices and recommend and develop improvements that provide leadership with timely, relevant, and decision-useful financial information. This work should consider opportunities within Financial Edge NXT to improve efficiency and effectiveness in monthly financial statements, budget preparation, rolling forecasts, and executive financial dashboards.
- Deliverable: Standardized monthly management reporting package.
- Deliverable: Enhanced budget-to-actual and variance reporting.
- Deliverable: Rolling financial forecast model and process.
- Deliverable: Executive-level financial dashboard and key performance indicators.
- Deliverable: Defined reporting and forecasting calendar and responsibilities.
- C. Month-End Close and Accounting Process Optimization
- Evaluate the current month-end close process and related accounting workflows and provide recommendations to improve efficiency, timeliness, documentation, and accountability. Recommendations should address opportunities to simplify, standardize, or automate accounting processes, including opportunities involving Financial Edge NXT.
- Deliverable: Recommendations for an improved monthly close process, including journal entries and allocations, to eliminate bottlenecks.
- Deliverable: Recommendations for improved month-end account reconciliations and schedules.
- Deliverable: Redesigned close calendar, responsibilities, checklists, and cutoff practices.
4. Additional Strategic Services
If mutually agreed and capacity permits, the contractor may provide additional strategic Finance and process-improvement services related to other organizational priorities. Any additional services will be coordinated with the CFO and should not materially impede progress on the three primary areas of work.
5. Engagement Structure and Contractor Status
College Now anticipates the engagement will require approximately 24 hours per week, on average, during the project term. This estimate reflects the anticipated level of effort and does not establish a fixed work schedule. The contractor will use independent professional judgment in determining how to accomplish the agreed-upon services and deliverables, subject to project deadlines, required meetings, and necessary coordination with College Now.
The selected contractor will:
- Perform services as an independent contractor and not as an employee of College Now.
- Be responsible for applicable taxes, insurance, licenses, and other business obligations.
- Not be eligible for College Now employee wages, benefits, paid time off, retirement benefits, or other employee programs.
- Provide the professional expertise and ordinary business tools necessary to perform the engagement; College Now will provide access to systems, records, and other organizational resources as necessary.
- Remain free to provide services to other clients, provided there is no conflict of interest or interference with this engagement.
The contractor will have no authority to bind College Now or act on its behalf except as expressly authorized in writing.
6. Minimum and Preferred Qualifications
- Certified Public Accountant (CPA) credential required.
- Minimum of seven (7) years of accounting and/or auditing experience.
- Demonstrated project execution and leadership experience.
- Nonprofit accounting and financial management experience preferred.
- Experience working in a Financial Edge NXT accounting environment preferred.
7. Proposal Requirements
Interested respondents should submit a proposal that allows College Now to evaluate the respondent’s qualifications, approach, capacity, and proposed fees. At a minimum, proposals should include:
- Name of individual consultant or firm, business address, and primary contact information.
- Brief description of the respondent’s independent practice or firm and relevant services offered.
- Summary of qualifications and experience directly relevant to the scope of services, including nonprofit experience.
- Proposed approach to completing the three primary areas of work and their deliverables.
- Availability and capacity during the anticipated project term.
- Proposed fee structure and total or estimated engagement cost, including any assumptions and separately identified reimbursable expenses, if applicable.
- Two or three professional references for comparable work.
- Disclosure of any actual or potential conflicts of interest.
- Any proposed exceptions, assumptions, or requested modifications to the scope or engagement terms described in this RFP.
8. Submission Deadline and Instructions
- Proposals must be received no later than: October 1, 2026
- Submission email: bmcfadden@collegenowgc.org
- Email subject line: Proposal – Fractional Director of Finance Services
- Questions regarding this RFP may be directed to: Bridget McFadden, bmcfadden@collegenowgc.org
9. Evaluation and Selection
College Now may evaluate proposals based on the respondent’s demonstrated qualifications, relevant nonprofit and technical experience, proposed approach, ability to complete the requested deliverables within the anticipated term, references, proposed fees, and overall value to College Now. College Now may invite one or more respondents to participate in a follow-up discussion before making a selection.
College Now reserves the right to reject any or all proposals, request clarification or additional information, negotiate scope or fees with one or more respondents, discontinue the RFP process, or determine not to make an award. Issuance of this RFP does not obligate College Now to enter into an agreement or reimburse any costs incurred in preparing or submitting a proposal.
10. Success Measures and Work Planning
Success will be evaluated based on completion and quality of the agreed deliverables and achievement of sustainable operating improvements. Following selection, College Now and the contractor will confirm priorities, dependencies, deliverable milestones, and an initial work plan. The parties may mutually reprioritize implementation activities based on organizational needs and available project capacity without converting the engagement into an employment relationship.
11. Contract Award
Selection through this RFP process is contingent upon execution of a mutually acceptable professional services agreement. The final agreement will establish the approved scope, term, fees, invoicing requirements, confidentiality and data-security obligations, insurance or other risk requirements as applicable, termination provisions, and other contractual terms. No employment relationship is intended or created by this RFP or the resulting professional services agreement.
