Document type | proposal |
---|---|
Date | 2024-04-17 |
Source URL | https://go.boarddocs.com/wv/jac/Board.nsf/files/D4NN6M5E6B4C/$file/Suttle%20%26%20Stalnaker%20-%2004252024.pdf |
Entity | jackson_county_schools (Jackson Co., WV) |
Entity URL | https://www.boe.jack.k12.wv.us/ |
Raw filename | Suttle%20%26%20Stalnaker%20-%2004252024.pdf |
Stored filename | 2024-04-17-c76e273d688ab09e7dc541edbe34ef79-proposal.txt |
Parent document: May 2, 2024, Regular Session-05-02-2024.pdf
Suttle& = fitted Stalnaker rae niente A Professional Limited Liability Company April 17, 2024 Ms. Laura Matheny, Treasurer Jackson County Board of Education PO Box 770 Ripley, West Virginia 25271 This letter is to explain our understanding of the arrangements for, and the nature and limitations of, the services we are to perform for the Jackson County Board of Education (Board) with respect to certain consulting services regarding the conversion of the Board’s fund basis financial statements to the government wide basis financial statements for the year ending June 30, 2024. The specific procedures to be performed are as follows: Scope - Option 1 di, Hold meetings with key individuals of the Board’s management team to identify implementation issues including technical and logistical issues in converting the statements to GASB 34. 2: Assist in the identification of the issues and assist the Board’s management team in identifying the planned resolution including time line for resolving these issues. 3. Assist as necessary in providing technical research and solutions for resolving items that Board’s requests assistance on. 4. Assist the Board’s management with the preparation of the fund financial statements. 5. Management of the Board will be responsible for preparing the draft fund basis financial statements. The Virginia Center The Rivers Office Park Suncrest Towne Centre The Somerville Building 1411 Virginia Street, East 200 Star Avenue 453 Suncrest Towne Centre Drive 501 5th Avenue Suite 100 Suite 220 Suite 201 Suite 1 Charleston, WV 25301 Parkersburg, WV 26101 Morgantown, WV 26505 Huntington, WV 25701 main (304) 343-4126 MAIN (304) 485-6584 MAIN (304) 554-3371 MAIN (304) 525-0301 Fax (304) 343-8008 FAX (304) 485-0971 FAX (304) 554-3410 FAX (304) 522-1569 6. Assist management in the preparation of district-wide financial statements for the Board for the fiscal year ended June 30, 2024 in accordance with Governmental Accounting Standards Board (GASB) Statement No. 34 and the related requirements of the West Virginia Department of Education. These consulting services shall include assistance with the preparation of the following documents: Management’s Discussion and Analysis Statement of Net Assets Statement of Activities Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities Notes to Financial Statements All Other Requirements for the Successful Implementation of GASB Statement No. 34, including but Not Limited to the Implementation of Certain Other GASB Statements. a2oo0m 7m 0 Scope - Option 2 At the option of the Board, we can also do the calculation and prepare the schedules required by GASB 68 as amended for the net pension liability. Scope - Option 3 At the option of the Board, we can also do the calculation and prepare the schedules required by GASB Statement No. 75 - OPEB and the allocation of the liability. Scope - Option 4 At the option of the Board, we can also provide assistance with the implementation of GASB Statement No. 87 - Leases. GASB No. 87, Leases, requires lessees and lessors to report leases under a single model. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources for each lease. This Statement also requires additional notes to financial statements related to the timing, significance, and purpose of a government’s leasing arrangements. Scope - Option 5 At the option of the Board, we can also provide assistance with the implementation of GASB Statement No. 96 - Leases. GASB No. 87, Subscription Based Information Technology, requires certain software leases to be recognized as a lease liability and an intangible right-to use lease asset. Management Responsibilities We ask that you either confirm or amend our understanding regarding the procedures included above by signing the enclosed copy of this letter and returning it to us. The sufficiency of these procedures is solely the responsibility of the Board. We make no representation regarding the sufficiency of the procedures described above either for the purpose for which these services have been requested or for any other purpose. Because the procedures included in this letter do not constitute an audit made in accordance with auditing standards generally accepted in the United States of America, we will not express an opinion on any of the specific elements, accounts, or items referred to in our report or on the financial statements of the Board taken as a whole. During the course of our engagement, we may accumulate records containing data that should be reflected in your books and records. You will determine that all such data, if necessary, will be so reflected. Accordingly, you will not expect us to maintain copies of such records in our possession. The services that we will perform are not designed and cannot be relied upon to disclose errors, fraud or illegal acts, should any exist. However, we will inform the appropriate level of management of any material errors that come to our attention and any fraud or illegal acts that come to our attention, unless they are clearly inconsequential. At the conclusion of our engagement, we will not submit a report or any other written report or any findings identified. If circumstances arise which in our professional judgment prevent us from completing the engagement, we retain the unilateral right to take any course of action permitted by professional standards, including withdrawal from the engagement. The assistance to be supplied by your personnel has been discussed and coordinated with the Treasurer/Chief Financial Officer for the Board. The timely and accurate completion of this work is an essential condition to our completion of our services and issuance of our report. Other Terms If any dispute arises among the parties hereto, the parties agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association under Rules for Professional Accounting and Related Services Disputes before resorting to litigation. Costs of any mediation proceeding shall be shared equally by all parties. The Board hereby indemnifies Suttle & Stalnaker, PLLC and its partners, principals and employees and holds them harmless from all claims, liabilities, losses and costs arising in circumstances where there has been a knowing misrepresentation by a member of the Board’s management, regardless of whether such person was acting in the Board’s interest. This indemnification will survive termination of this letter. It is agreed by the Board and Suttle & Stalnaker, PLLC or any successors in interest that no claim arising out of services rendered pursuant to this agreement by or on behalf of the Board shall be asserted more than two years after the date of the last report issued by Suttle & Stalnaker, PLLC. The working papers for this engagement are the property of Suttle & Stalnaker, PLLC and constitute confidential information. However, as required by Federal and State law, we are required to make certain workpapers available to Federal or State regulatory authorities upon request for their regulatory oversight purposes. Access to the requested workpapers will be provided under the supervision of Suttle & Stalnaker, PLLC engagement personnel and at a location designated by our firm. Fees Our fees are generally based on the time required at our regular rates for the services and personnel assigned plus out-of-pocket costs. Our charges also include other appropriate factors, including the difficulty of the assignment, the degree of skill required, time limitations imposed on us by others, the experience and ability of the personnel assigned, and the value of the services to the client. Interim billings will be submitted as work progresses and as expenses are incurred. Billings are due upon submission. Assuming adequate records, internal controls, and assistance of your personnel, we estimate that our fee options will be: Option 1: GASB 34 conversion without the calculation of GASB $3,650 - $5,250 68 related items to be performed by management of the Board. Options 1 & 2: GASB 34 conversion with GASB 68 completed by Suttle $5,650 - $7,250 & Stalnaker, PLLC. Options 1, 2 & 3: GASB 34 conversion with GASB 68 and GASB 75 $7,650 - $9,750 completed by Suttle & Stalnaker, PLLC. Options 1,2,3&4: GASB 34 conversion with GASB 68, GASB 75, and GASB $10,150 - $11,750 87 completed by Suttle & Stalnaker, PLLC. Option 5: GASB 96 pricing to be determined based upon the To be determined number of leases. We understand that the primary intent of this engagement is to assist management in the conversion from fund statements to district wide statements and the preparation of the various documents required under GASB Statement No. 34. The fee range indicated above is considered sufficient for that service provided that information provided by management is in good order, timely, and accurate. We will attempt to minimize our fees consistent with quality work, and we will communicate to management efforts they can undertake to further minimize costs. If we encounter unusual circumstances not contemplated in preparing this estimate, we will discuss them with you in advance and arrive at a new fee arrangement. Out of pocket costs will be added to the above fees. The above price range is an estimated range of cost for the project. These are only estimates as the actual cost of the project will depend on the amount of research and technical assistance we will need to provide. We will continue to communicate with management throughout the project on the status of cost for this engagement and when new items are necessary we will provide cost estimates in advance. In the event we are requested or authorized by the Board or are required by government regulation, subpoena, or other legal process to produce our documents or our personnel as witnesses with respect to our engagements for the Board, the Board will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests. This letter constitutes the complete and exclusive statement of agreement between Suttle & Stalnaker, PLLC and the Board, superseding all other communications oral or written with respect to the terms of the engagement between the parties. If this letter defines the arrangements as you understand them, please sign, indicate the option of work chosen, and return a scan/copy of it to us. We appreciate your business. Very truly yours, Ait - Abdou Fue Suttle & Stalnaker, PLLC Confirmed on behalf of the addressee: Signature Title All Option(s) Selected (1, 2, 3, 4, 5 or All)