Title
RESOLUTION AUTHORIZING AND RATIFYING RENEWALS OF PROFESSIONAL SERVICES AGREEMENT WITH EIDE BAILLY LLP FOR AUDIT SERVICES
Body
Summary and Background Information:
Finance conducted an RFP for auditing services in 2016 and Eide Bailly LLP was the selected vendor. The original contract is included as an attachment for reference. The agreement was for three years with two option year renewals. The 2020 Audit will be the last audit year covered under this existing contract. Audit costs are expended in the current year for the previous years audit. The attached resolution authorizes and ratifies the renewals of professional services. The base audit price is $99,600; however, additional costs for the single audit based upon a cost per federal program are anticipated. The base price has not increased during the five years covered under the contract. Information at this point indicates we may have at least 3 federal programs that need to be covered under the single audit for 2020. Single audits are required when the organization has spent $750,000 in federal grants.
Below reflects the costs incurred for the auditing services contract with Eide Bailly LLP.
• 2017 Actuals for 2016 Audit - $99,600 (no single audit)
• 2018 Actuals for 2017 Audit - $107,800 (single audit required)
• 2019 Actuals for 2018 Audit - $103,850 (single audit required)
• 2020 Actuals for 2019 Audit - $112,500 (single audit required)
Finance will prepare and conduct a new RFP for auditing services for the 2021 year and beyond.
Staff Responsible (Department Head): Sheryl Carstens, Director of Finance
Staff Member Presenting: Sheryl Carstens will answer questions if necessary
Financial Impact: $99,600 plus single audit costs as identified during the audit
Funding Source: Financial Services Budget
Staff Recommendation: Approve Resolution 2020-87
Suggested Motion: Motion to Approve Resolution 2020-87