Specifications include, but are not limited to: 1. Preparation and filing of Form 990-T 2. Provide guidance to resolve tax issues and answer questions about interpretation and application of tax law. Tax issues in prior years have generally related to payroll taxes, sales taxes, fringe benefits and UBIT but could relate to other matters in the future. Annual fees will vary but fees for such services have averaged approximately $5,000 each of the past four years. 3. Provide guidance on technical accounting matters including assistance with the implementation of Accounting Standards. 4. Meet with management from time to time, as requested. Proposals to provide Audit and Tax Services for the component units are expected to include the following: 1. Annual audits conducted in accordance with auditing standards generally accepted in the United States of America (“GAAS”) and Government Auditing Standards (GAS) issued by the Comptroller General of the United States and requirements prescribed by the Comptroller of the Treasury, State of Tennessee (“Audit”), and the related financial statements and auditor’s reports completed by the prescribed deadline. 2. Auditor’s recommendations/comments report when audit findings justify a written report. 3. Meeting with Audit Committees and/or Boards of Directors, as necessary. 4. Provide guidance on technical accounting matters including assistance with the implementation of Accounting standards. To be billed based on time incurred at the rates provided in the proposal. 5. Preparation of Form 990 and 990-T for the UMF, and preparation of 990s for UMRF and ASF. 6. Provide guidance to resolve tax issues and answer questions about interpretation and application of tax law. To be billed based on time incurred at the rates provided in the proposal. 7. Filing of the audit reports on the Tennessee CARS website. 8. Audit fees should also include costs for providing assistance with our conversion from FASB to GASB for the financial statements of UMF and ASF.
