The Heartland Regional Investment Fund, LLC (“HRIF”) seeks a Certified Public Accounting firm to conduct independent audits of financial records and to prepare and file associated tax returns.
Closing Date: An electronic copy of the completed proposal will be submitted to the HRIF and must be received no later than 12 PM CT on Friday, November 13, 2026 Electronic proposals should be submitted to Sarah Kroner, at [email protected].
Contact:
Sarah Kroner | St. Louis Economic Development Partnership | St. Louis, MO 63105 | 314-615-8109 | [email protected]
Questions: Technical assistance is limited to providing copies of previous audit reports and answering questions regarding clarification of Request for Proposal (“RFP”) instructions, definitions, or terms. All questions may be submitted in writing to Sarah Kroner at the contact address above.
Contract Period: This award will be for a period of up to three years, which may include audits and tax return preparation of Heartland Regional Investment Fund, LLC (“HRIF”) and approximately twelve (12) separate HRIF subsidiary community development entity funds for fiscal years ending December 31, 2026, December 31, 2027, and December 31, 2028.
Background
Heartland Regional Investment Fund (“HRIF”): HRIF was formed in 2010. HRIF is a Missouri limited liability company and is certified as a qualified community development entity (“CDE”) under the New Markets Tax Credit (“NMTC”) Program. HRIF’s mission is to serve and provide investment capital for low-income communities and low-income persons, consistent with the NMTC Program and to serve as a managing member for subsidiary CDEs. Members of the HRIF include the St. Louis Economic Development Partnership (“SLEDP”), the managing member; the City of St. Charles, Missouri, a Missouri municipality; and Southwestern Illinois Development Authority (“SWIDA”), an Illinois special-purpose municipal corporation. SLEDP, the City of St. Charles, and SWIDA hold percentage interests in the company equal to 51%, 25%, and 24% respectively. HRIF was awarded $32 million from the NMTC Program in 2011, $38 million in 2014, $30 million in 2015, $50 million in 2020, $30 million in 2021, $30 million in 2023, and $50 million in 2025. Each year, HRIF applies for additional funds. HRIF is an umbrella organization for multiple entities/funds, known as “Sub-CDEs” that are created to facilitate each NMTC deal or loan. In addition to Heartland Regional Investment Fund, LLC, there are currently twelve (12) active Sub-CDEs. Additional entities may be created during the audit year for new deals.
Statement of Purpose & Scope of Work
HRIF: The primary purpose of the audit is to express an opinion on HRIF and its related Sub-CDEs. The designated firm will be required to conduct a comprehensive review of all facets of HRIF’s financial affairs and submit opportunities for the improvement of internal accounting controls and management efficiencies. Any deficiencies in internal control, management procedures, and statutory requirements relating to fiscal matters and financial controls shall be reported immediately to the Board Chairperson, Treasurer, Chief Executive Officer, and Chief Financial Officer for the SLEDP. The auditors’ report must be completed by April 30th of each year. HRIF’s fiscal year is January 1 through December 31. The engagement includes preparation of the IRS and State(s) Form 1065 for required entities: Heartland Regional Investment Fund, LLC and the existing twelve (12) Sub-CDE’s. Additional Sub-CDE’s may be created throughout the year.
The designated firm’s examination shall be made in accordance with auditing standards generally accepted in the United States of America. The review should also advise HRIF and SLEDP of the optimal approach to complete all required audits. This review should include tests of the accounting records and the supporting evidence, observations, and review of the system of internal control, as the selected firm considers necessary to express an opinion.
Proposals Due By:
November 13, 2026, at 12 PM
Heartland Regional Investment Fund
c/o St. Louis Economic Development Partnership
ATTN: Sarah Kroner
120 S. Central Ave, Suite 200
St. Louis, Missouri 63105
(314) 615-7663
[email protected]