A. The Auditor shall complete an audit, in accordance with generally accepted auditing standards, for calendar years ending 2025 – 2027, inclusive, covering the period from January 1 through December 31 each year. B. The annual audit shall consist of a financial and compliance review of the Township's general purpose financial statements. C. The audit shall include the following Township funds, as well as other funds that may be added from time to time: 1. Governmental Funds: a. General Fund b. Special Revenue Funds: i. Grant Fund ii. Liquid Fuels Fund iii. Rental Rehab Fund iv. Economic Development Fund v. Special Investigations Fund vi. Community Development Block Grant vii. Parks Capital c. Permanent Improvement Fund 2. Proprietary Funds: a. Enterprise Funds: i. Sewer Fund and Sewer Capital Fund ii. Refuse Fund 3. Fiduciary Funds and Other Employee Benefit Trust Plans: a. Trust Funds: i. Police Pension Trust Fund ii. Non-Uniformed Employees’ Pension Trust Fund (1) The Township’s two pension trusts’ assets are not reflected on the Township’s general ledger. The Township contracts with a third party who provides all necessary financial reports per state requirements and a financial statement for each plan. iii. OPEB Fund b. Agency Funds: i. Clearing Fund 4. Internal Service Funds: a. Workers’ Compensation Fund D. The Auditor shall adhere to generally accepted auditing standards set forth by the American Institute of Certified Public Accountants (AICPA). E. As part of the annual audit, the auditor shall prepare the following: 1. The Auditors' Report on the Township's Basic Financial Statements, the Basic Financial Statements, including the government-wide statements, fund financial statements and footnotes to the financial statements in accordance with GAAP and the Required Supplementary Information as defined by GASB. The Township will prepare the Management Discussion and Analysis section...
