Agenda Item No.________________
Washburn University Board of Regents
SUBJECT: 1998-1999 Audit Reports Berberich, Trahan & Co., P.A.
DESCRIPTION: Article III, paragraph 1.d of the Bylaws of the Board of Regents states: "The Board shall arrange and supervise the annual audit of the books and securities of the University by a firm of certified public accountants. A copy of the annual audit report shall be made available to each member of the Board, the President, the Treasurer, and filed by the Secretary with the official minutes of the Board."
At the November 11, 1998 meeting, the Board appointed the public accounting firm, Berberich, Trahan & Co., P.A. to conduct the 1998-99 audits under the same agreement as used in past years. In accordance with this action of the Board and in compliance with the Bylaws of the Board, Berberich, Trahan & Co., P.A. has completed the annual audits and issued an unqualified opinion. The complete auditor's report can be found on page 1 of the audit reports. Attached are copies of:
1. Financial Statements with Supplementary Information for the year ended June 30, 1999;
2.Financial Statements with Federal Reporting for the year ended June 30, 1999;
3.Auditor's Management Letter; and
4.Letter of Projected 1999-2000 Fees.
Representatives of Berberich, Trahan & Co., P.A. will present the audit reports to the Board.
Berberich Trahan, & Co., P.A. has proposed to perform the 1999-2000 audits under the same agreement used in past years. The proposed fee will increase by 1.5% to $33,650 for the 1999-2000 audits.
FINANCIAL IMPLICATIONS: N/A
RECOMMENDATION: The Board of Regent Budget and Finance Sub-Committee received the report of Berberich, Trahan, & Co., P.A. and recommends that Berberich Trahan be hired to perform the next annual audit as of June 30, 2000. The committee expressed confidence in the Berberich, Trahan firm and the quality of their audits, but further recommends that the University's annual audit for FY 2001 be awarded following competitive Requests for Proposals (RFP).
(date) Jerry B. Farley, President