HomeMy WebLinkAbout2006-276 r baa oINN �
Harris, Cotherman, a U o (' a, 7 (o
Jones, Price & Associates
Certified Public Acmu nc,na - Chartered
5070 North Highway, AIA, Suite 250
Vero Beach, FL 32963
Tel 772-234.8484
Fax 772.234.8488
August 16, 2006
Mr. Mark Thomas, Executive Director
Indian River County Housing Authority
as Operator of Victory Park Apartments Complex
and Orangewood Park Apartments Complex
1028 - 20th Place, Suite C
Vero Beach, Florida 32960
Re : Agreed-upon Procedures Engagement
Dear Mr. Thomas :
This letter is to confirm and specify the terms of our engagement and to clarify the nature and
extent of the services we will provide.
Our engagement to apply agreed-upon procedures will be performed in accordance with
standards established by the American Institute of Certified Public Accountants . The sufficiency
of the procedures is solely the responsibility of the specified users of the information. If, for any
reason, we are unable to complete the procedures, we will describe any restrictions on the
performance of the procedures in our report, or will not issue a report as a result of this
engagement.
Our engagement will be designed to perform the following agreed-upon procedures :
1 . ) We will develop a spreadsheet format for the required 3 -page USDA financial budget report
that is currently prepared manually by management.
2 . ) We will assist management in evaluating the QuickBooks IRCHA general ledger accounts to
determine which account numbers are duplicates and can be minimized so that account
coding is more simplified and uniform .
3 . ) We will develop a spreadsheet format for tracking rent collection, security deposits, and key
deposits from the tenant roster sheets currently manually prepared by management.
"Providing Vision and Direction to our Clients"
Member AICPA Member AICPA Division For CPA Pirnss Member FICPA
Private Companies Practice Section
I-I:\Client Directory\IRC Housing Authority\2006 AGREED-UPON PROCS\REVISED IRCHA Agreed_Upon_Proc Engagement
Letter 08-16-06.doc
: q
Harris , Cotherman,
Jones , Price & Associates
Cerrified Public AccoLl]%M¢ - CheaereJ
Mr . Mark Thomas, Executive Director
Indian River County Housing Authority
as Operator of Victory Park Apartments Complex
and Orangewood Park Apartments Complex
August 16, 2006
Page 2 of 3
Our engagement is limited in scope and will be confined to our agreed-upon procedures. We will
not be conducting an audit or review of the financial statements of the Indian River County
Housing Authority, and therefore, we will not express an opinion or any other form of assurance
on them .
At the end of our engagement, we will present the results of applying the agreed-upon
procedures in the form of a report . Our accountants' report should be used only for the intent of
the original users of this report. Using this report for anything other than the original intent of the
agreed-upon procedures could mislead the readers. You must notify us if the original users of the
report change .
Our engagement cannot be relied upon to disclose errors, irregularities, or illegal acts, including
fraud or defalcations, that may exist ; however, we will inform you of any such matters that come
to our attention.
By your signature below, you acknowledge that you are responsible for management decisions
and functions . That responsibility includes designating qualified individuals with the necessary
expertise to be responsible and accountable for overseeing all the services we perform (e . g. ,
agreed-upon procedures, bookkeeping services, payroll services, tax services, prospective
financial statements, profit-sharing plan services, etc .) as part of this engagement, as well as
evaluating the adequacy and results of the services performed . You are responsible for
maintaining the accuracy and completeness of the accounting and financial records . You are also
responsible for establishing and maintaining internal controls, including monitoring ongoing
activities of your entity .
Our fees for these services are based on the hours required to complete the engagement . Our
hourly rate is $ 100 . 00 . The fee shall not exceed $9, 500 . Our policy is to render progress billings
as the work is being performed, with a final billing at the completion of the engagement.
Invoices are due upon receipt .
We appreciate the opportunity to be of service to you and believe this letter accurately
summarizes the significant terms of our engagement . If you have any questions, please let us
know. If the preceding is in accordance with your understanding, please sign both copies of this
letter and return one to us in the envelope provided .
H:\Client Directory\IRC Housing Authority\2006 AGRLED-UPON PROCS\REVISED IRCI1A Agreed_Upon_Proc Engagement
Letter 08- 16-06 .doc
Harris, Cotherman,
Jones , Price & Associates
CcrtiFlcd Public Aonnmrann - ChuaacJ
Mr. Mark Thomas, Executive Director
Indian River County Housing Authority
as Operator of Victory Park Apartments Complex
and Orangewood Park Apartments Complex
August 16, 2006
Page 3 of 3
We are looking forward to working with you on this engagement .
Very truly yours,
Robert R. Harris, CPA
Managing Director
Harris, Cotherman, Jones, Price & Associates, Certified Public Accountants - Chartered
APPROVED AND AUTHORIZED :
gj1 % 106
Mark Thomas, Executive Director Date
Indian River County Housing Authority
F / ate
seph Baird, County Administrator Date
dian River County
APPROVED AS T9 FORM Indian Rive ca Aporoved Date
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[ ANT (;OUNTY :ATTORNEY Dept.
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H:AClicnt Directory\IRC Housing Authority\2006 AGREED-UPON PROCS\REVISED IRCHA Agreed_Upon_Proc Engagement
Letter 08- 16-06.doc