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Financial Statement Compilation Services


Location
Kentucky
Publication Date
06/26/2020 09:20 AM EDT
Closing Date
07/02/2020 03:30 PM EDT
Issuing Organization
Commonwealth of Kentucky Infrastructure Authority
Solicitation Number
Description

Specifications include, but are not limited to: 1. Work with Authority staff to fully understand the Authority’s financial activity. The Authority’s staff will do the following: a. Compile the financial transaction detail associated with the Authority and make those records available to the firm. b. Make trustee statements available. c. Provide accrual activity. 2. Work with Finance and Statewide Accounting staff to segregate the Authority’s financial activity from Finance Cabinet financial activity. 3. Compile annual, accrual-basis financial statements for SFY 2020 and accompanying footnotes for the Authority in a format acceptable for: a. Annual financial statements in accordance with Generally Accepted Accounting Principles as prescribed by the Governmental Accounting Standards Board for a blended component unit for inclusion within the Commonwealth of Kentucky’s Comprehensive Annual Financial Report (CAFR). b. Annual financial statements compliant with Governmental Accounting Standards Board’s format requirements for presentation to bondholders and the Authority. 4. Compile accrual basis statements and deliver within 30 calendar days of period close for: a. Finance and Administration Cabinet for inclusion in the statewide Comprehensive Annual Financial Report (CAFR) b. Auditor of Public Accounts and contracted auditor c. Federal Audit Clearing House for purposes of the federal funding received from the U.S. Environmental Protection Agency (EPA) d. Annual Electronic Municipal Market Access (EMMA) reporting requirements with the Municipal Securities Rulemaking Board (MSRB) Bondholders pursuant to the official statement. e. The Authorities Board The fiscal year-end is June 30th. However, the Commonwealth keeps old fiscal years open for a period of approximately 20 calendar days after fiscal year-end. This period allows adjustments and correcting entries to post. Deadlines specified in the RFP are meant to run from the “hard close” date that occurs after year-end close. 5. Compile accrual basis statements and supplementary information which include: a. Statement of Net Position b. Statement of Revenues, Expenses and Changes in Net Position c. Statement of Cash Flows d. Required note disclosures to the above financial statements e. Schedule of Expenditures of Federal Awards

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