Agenda Item No. IV. B. 2. a.

Washburn University Board of Regents





SUBJECT: Request for Proposal - Annual Audit Services for Washburn University



BACKGROUND:



On November 9, 2004, a Request for Proposal was issued to twenty-four accounting firms capable of providing annual audit services for Washburn University. A pre-proposal conference held on November 19, 2004 was attended by four of the firms receiving an RFP.



DESCRIPTION:



On December 9, 2004, the University received proposals from three firms: Berberich Trahan & Co., P.A.; Baird, Kurtz & Dobson (BKD); and Rubin, Brown, Gornstein & Co., LLP (RBG & CO.). The Request for Proposal issued was written for annual audit services for the following audits:



General purpose financial audit;

OMB Circular A-133 compliance audit;

Revenue Bonds - Arbitrage rebate calculations and continuing disclosure information;

Tax reporting and compliance (IRS From 990-T); and

KTWU financial audit for the Corporation for Public Broadcasting.



The proposals are being evaluated by the Washburn Board of Regents Audit Committee and university administrative personnel based on: a large/diversified client base with a commitment to higher education; experience with A-133 audits; continuing professional education programs for staff; experience with revenue bonds and bond reporting requirements; plan for conducting the required audits; qualifications of audit staff to be assigned to the audits; peer review evaluations; responsiveness to proposal requirements; time allocated to complete the audits; and fees proposed for completion of the audits.



In addition to the criteria previously stated, the costs and hours proposed by the firms will be analyzed in detail to ensure comparability for all proposals.



Based on the proposal evaluations, the Board of Regents Audit Committee and the University administration will recommend an award be made for the audits and related professional services for the fiscal year ending June 30, 2005 with the option of renewing for each of the subsequent four (4) fiscal years, which if exercised provides for audits and related professional services through June 30, 2009.



FINANCIAL IMPLICATIONS:



Expenditures for the FY05 audit will be paid in FY06 when incurred, except for preliminary field work conducted prior to June 30; therefore, no additional resources will be required for FY05. Subsequent year's costs will be budgeted based on total costs as detailed previously.



RECOMMENDATION:



President Farley recommends the Board of Regents approve awarding the audit services contract to (Name of Firm) effective for the fiscal year ending June 30, 2005.











__________________________

Date Jerry Farley, President


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