1.1.1 This tender calls for quotations for the provision of the following services:
- Maintain full set of Financial Accounts for HUFC, including the Fan Club(s);
- Preparation of monthly management reports;
- Maintain and regulate changes in the Payroll and all Payroll-related matters;
- Maintain and make subsidies claims from the Football Association of Singapore(FAS);
- Payment for operating expenses through GIRO, e-banking or bank cheques;
- Prepare regulatory filings and liaise with the Authorities on all tax-related matters; and;
- Review and formulation of finance standard operating procedures.
1.1.2 The contract is for 5 years, renewable on an annual basis.
2 Scope of services
i. Maintain Full Set of Financial Accounts for HUFC, including the Fan Club(s)
2.1.1 The appointed vendor has to maintain a full set of Financial Accounts(from data entry to the finalisation of accounts and generation of final financial statements) for HUFC, including the Fan Club(s) under HUFC’s purview, in compliance with Singapore Financial Reporting Standards, and all legislation applicable to HUFC. A similar set of accounts is to be maintained using FAS’s system as well.
2.1.2 The appointed vendor is to maintain complete and accurate records of all payments, receipts and fixed assets.
2.1.3 Every income and expenditure is to be coded and accounted for accurately as they form the basis for the “Income & Expenditure report”, “Balance Sheet” and other financial statements. The information would also serve as the guideline for the Budget compilation.
2.1.4 Ensure monthly accounts are properly prepared and closed by the 5th of the following month together with the relevant audit schedules to meet management reporting requirement and facilitate year-end audit.
2.1.5 To close the financial year accounts by 31st December of each each year and to ensure that the provision of club tax and depreciation of assets are properly accounted for.
2.1.6 To translate the accounting information into a full set of financial reports including the relevant financial statements and notes to the accounts, for audit by HUFC’s appointed auditor(s).
2.1.7 To liaise with the appointed auditor(s) and finalise the financial report in a timely manner for adoption at the Management Committee (MC) meeting, approval at the Annual General Meeting each year before 31st March, and subsequent submission to Registry of Society together with any other return as required before the applicable deadlines.
2.1.8 To assign a representative at the AGM to answer any questions relating to the financial report.
ii. Preparation of Monthly Management Reports
2.2.1 The appointed vendor is to prepare the following monthly management reports for internal reporting purposes:
- Trial Balance from ACCPAC and FAS* system;
- Balance Sheet from ACCPAC and FAS system;
- Income Statement from ACCPAC and FAS system;
- Bank Reconciliations;
- Cash Flow report;
- Budgetary report; and
- Other ad-hoc reports upon request.
2.2.2 To draft the proposed Annual Budget for Management’s Committee’s approval on annual basis and submit for approval before the commencement of Financial Year.
2.2.3 To track the variances and prepare variance analysis report for the Management Committee Meeting
iii. Maintain and Regulate Changes in the Payroll and all Payroll-related Matters
2.3.1 The appointed vendor is to maintain and regulate changes in the payroll on a monthly basis.
2.3.2 The following reports shall be submitted to HUFC Hon Treasurer by the 15th of every month for his review and confirmation:
- a) Payroll Summary
- b) Employee’s payslip
- c) Annual leave, unpaid leave & medical leave
- d) File for informing bank for Giro deduction
- e) Details of OT and variance report
- f) Statistic report, leave deduction
- g) Bank Listing
- h) CPF payment advice
2.3.3 Maintain and handle all pay-roll related matter, including but not limited to, reporting of CPF, IR8A, managing of staff claims, filing of make-up pay, etc.
iv) Maintain and Make Subsidies Claims from the FAS
2.4.1 The appointed vendor is to liaise with the Football Association of Singapore on a monthly basis for cash subsidies for the COE teams, club manager, MARCOM Executive, Admin and Accounts Assistant and youth coaches’ salaries. Other FAS subsidies are also to be tracked and updated regularly for reimbursement from FAS.
v) Payment for operating expenses through GIRO or bank cheques
2.5.1 The appointed vendor is to prepare and process payments in compliance with established internal controls either through GIRO or bank cheques.
vi) Prepare Regulatory Filings and Liaise with the Authorities on all Tax-related Matters
2.6.1 The appointed vendor is to compute input and output Goods and Services Tax (GST) and compile a monthly report. On a quarterly basis, the appointed vendor is to file the net tax position with Comptroller of GST (or any other authority as appointed by IRAS) and make the necessary payment or claim to prevent surcharge for late payment.
2.6.2 To compute and submit the jackpot tax before the 15th of each month to the Commissioner of Estate Duties (or any other authority as appointed by IRAS).
2.6.3 Each and every payout to jackpot winners is to be checked and reconciled with the jackpot machines’ print-out numbers. The jackpot tax is then computed before arranging for certification by HUFC’s appointed auditor(s), Robert Yam & Co. After certification, this monthly jackpot tax will then be transmitted to IRAS through e-banking.
2.6.4 To compute foreign players/coaches personal taxes by the 1st week of December and submit the form IRS21 to IRAS. These are the foreign staff/players’ taxes to be paid from their accrued cash deducted from their monthly salaries. The over-accrued amount is to be accounted for and released to the foreign staff/players after tax clearance from IRAS.
2.6.5 To compute the club’s tax and liaise with IRAS to pay for it by installments.
2.6.6 To handle and manage any other tax matters in good faith on behalf of HUFC.
vii) Review and Formulation of Finance Standard Operating Procedures
2.7.1 The appointed vendor is to review and formulate finance Standard Operating Procedures (SOP) to ensure proper internal controls and to strengthen corporate governance over finance matters in HUFC.
3 Submission of Quotation
3.1.1 The vendors are to provide the quotation and the number and seniority of the persons assigned to perform each service.
3.1.2 The vendors shall also provide the details of experience in providing accounting services for football clubs and the size for the company.
3.1.3 The quotation and details shall be submitted using Annex A of this document.
3.1.4 The quotation shall be valid for 3 month from the close of the tender.
4 Close of Tender
4.1.1 This tender closes on 28 March 2016.
For any further enquiries, please contact HUFC Head of Admin and Finance, Yeoh Oon Jie at 6352 5611, or firstname.lastname@example.org.