PLEASANTVILLE HOUSING AUTHORITY REQUEST FOR PROPOSALS INDEPENDENT PUBLIC AUDITOR ANNUAL FINANCIAL AUDIT FYE 3/31/16

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1 PLEASANTVILLE HOUSING AUTHORITY REQUEST FOR PROPOSALS INDEPENDENT PUBLIC AUDITOR ANNUAL FINANCIAL AUDIT FYE 3/31/16 The Pleasantville Housing Authority will accept proposals for its Annual Financial Audit for the fiscal year ending March 31, It is the Housing Authority's desire to retain and employ a duly qualified Independent Public Auditor (I.P.A.) in order to audit the books and accounts of the Authority. All services must be in accordance with the existing rules, orders, directives, regulations and handbooks promulgated by the United States Department of Housing and Urban Development. The services that are requested will be as follows and will encompass all of the Housing Authority's programs including, but not limited to: Public Housing (130 units), 77 ACC units / Developer Owned units, Housing Choice Vouchers (HCV), (245 vouchers), Homeownership Units (14), Capital Fund Programs, NSP I & 3, ROSS, HCV and LIPH FSS, and if required, final Cost Certification for CFP grants. 1. Audit the accounts and records of the Authority for the twelve month period ending March 31, 2011, in accordance with generally accepted auditing standards (as defined in Activities and Functions) and the auditing and reporting Standards for Audit Government Organizations, Programs, provisions in OMB circular A-128. Also, the auditor must use the Compliance Requirements outlined in HUD Notice PIH-95-31(HA) dated May 25, The audit performed should be sufficient in scope to enable the auditor to express an opinion on whether the financial statements fairly present the financial position of the Authority. 2. The audit report must be in a format which will be approved by the United States Department of Housing and Urban Development as detailed in the HUD Audit Guide ( REV-1) and any revisions, the Single Audit Act of 1984 and revisions, and any relevant government regulations. 3. If required, the audit report must contain certification of actual HOPE VI costs. The auditor is required in the scope of work to report and attach as supplemental information his review of the statements of Actual HOPE VI Costs as reported to HUD by the Pleasantville Housing Authority. 4. Upon completion of the report, sufficient copies should be made in order to provide each PHA commissioner and staff with a copy, two copies for the HUD Area Office and required information for the Audit Clearing House. 5. Must attend meetings, as requested, with Pleasantville Housing Authority commissioners/staff, HUD Auditors and HUD staff, State of New Jersey officials, and must make work papers available for a period of time dictated by the government. 6. Must prepare the synopsis of the Annual Audit Report for publication in newspaper. Page 1 of 2

2 REQUEST FOR AUDIT PROPOSALS QUALIFICATIONS: 1. Must be licensed in the State of New Jersey as a Certified Public Accountant (CPA). 2. The selected Auditor must meet the standards specified in the Standards for Audit of Government Organizations, Programs, Activities and Functions. 3. Should have previous experience auditing Public Housing Authorities (include experience with your proposal). PROPOSAL REVIEW: All proposals will be reviewed according to the "Competitive Proposal" process outlined in the HUD procurement Handbook and HUD Notice PIH 90-47, and any future overriding documents. Attached please find the rating system which will be used to evaluate all proposals received in response to this request for proposals. PROPOSAL SUBMISSION: All persons interested in submitting a proposal for the Annual Audit should complete the attached standard HUD Form "Proposal and Contract between Public Housing Agency and Independent Public Accountant for Audit Services". This proposal is based on a lump sum fee. A copy of the candidate's resume should be attached to the proposal listing all previous experience and qualifications. Proposals should be mailed or hand delivered to the Authority on or before 12:00 PM, May 24, 2016 and should be addressed as follows: Vernon Lawrence, Executive Director Pleasantville Housing Authority 168 North Main Street Pleasantville, NJ ATTN: PROPOSAL FOR INDEPENDENT PUBLIC ACCOUNTANT FOR AUDIT SERVICES. Office Hours: Monday through Friday (Excluding Holidays), 9:00 a.m. to 5:00 p.m. Telephone: (609) Fax: (609) Page 2 of 2

3 SCOPE OF SERVICES INDEPENDENT PUBLIC AUDITOR 1. INTRODUCTION GENERAL INFORMATION The Pleasantville Housing Authority is requesting proposals from qualified firms of certified public accounts to audit its financial statements for the fiscal year ending March 31, This audit is to be performed in accordance with Generally Accepted Accounting Principles, the standards set forth for financial audits in the U.S. General Accounting Office (GAO), Government Auditing Standards (1998), the provisions of the federal Single Audit Act Amendments of 1996, (P.L , July 5, 1996) and U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit- Organizations as issued June 1997 and must fulfill requirements of the latest applicable HUD Audit Guide, GAO, GAS, OMB revisions. SCOPE OF SERVICES GAAS The Annual audit shall be in Accordance with Generally Accepted Auditing Standards (GAAS), as promulgated by the American Institute of Certified Public Accountants (AICPA), Government Auditing Standards (GAS) and those audit standards having been adopted as rules by the Local Finance Board and the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and HUD. THE INDEPENDENT AUDITOR IS REQUIRED TO PERFORM THE FOLLOWING STANDARDS: 1. Plan and perform an Audit to obtain reasonable assurance the financial statements of the PHA are free of material misstatement. These basic financial statements shall include, but not be limited to: a balance sheet and the related statements of revenues, expenses/expenditures and changes in retained earnings/fund balance and cash flows for the year then ended. 2. Express an opinion on the financial statements taken as a whole. 3. Included examining on a test basis and evidence supporting the amounts and disclosures in the financial statements. 4. Include an assessment of the accounting principals used and significant estimates made by the governing body or its administration and must further include such additional procedures as shall be required by any security/financing agreement, as well as an evaluation of the overall financial statement presentation. 5. Any supplementary information presented shall be subjected to the auditing procedures applied in the Audit of the financial statements and in opinion rendered in relation to the financial statements taken as a whole. 6. Prepare an independent Auditor s Report on financial statements and on supplementary information and schedules. 1

4 7. Prepare a report on the internal control structure and a compliance report. 8. Prepare a report on supplementary information schedules of federal and state financial assistance. 9. Electronic submission of required reports. 10. Conduct a face-to-face interview with the Executive Director. 11. Prepare a management letter recommending certain actions. The Auditor shall include the following financial reporting under GAAP required under General Purpose Financial Statements (GPFS) and/or Component Unit Financial Statements (CUFS) as applicable: 1. Combined Balance Sheet All fund types, Account Groups and discretely presented component units. 2. Combined statement of revenues, expenditures and changes in fund balances all governmental fund types and discretely presented component units. 3. Combined statement of revenues, expenditures and changes in fund balances budget and actual general and special revenue fund types (and similar governmental fund types of the primary government for which annual budgets have been legally adopted); 4. Combined statement of revenues, expenses and changes in retained earnings (or equity) all proprietary fund types and discretely presented component units; 5. Combined statement of cash flows all proprietary fund types and discretely presented component units; 6. Notes to the financial statements; and 7. Required supplementary information. The Auditor s reporting responsibility in audits of federal and state financial assistance is primarily driven by four levels of auditing standards and requirements that shall apply: 1. Generally Accepted Auditing Standards issued by the American Institute of Certified Public Accountants; 2. Government auditing standards issued by the United States General Accounting Office; 3. Single Audit Act and applicable Federal OMB Circulars. 4. Single Audit Policy for recipients of Federal Grants, State Grants and State Aid and applicable State of New Jersey OMB Circulars. 2

5 2. STATEMENTS The following financial statements, any required statements not listed, are to be reported on by the auditor. The supplemental information is included along with the basic financial statements for purposes of additional analysis and the auditor is not required to report separately thereon. The supplemental information should be subject to the auditing procedures applied in the audit of the basic financial statements taken, as a whole. Financial Statements Balance Sheet Statement of Revenue & Expenses Annual Contribution Contract Programs Statement of Changes in Surplus Accounts Annual Contributions Contract Programs Statement of Changes in Financial Position Annual Contributions Contract Programs Statements of Revenues, Exps. & Changes in Surplus Accounts Other Programs & Funds Notes to Financial Statements Supplementary Information Combining Balance Sheet Public Housing Programs Combining Statements of Changes in Surplus Accounts Public Housing Programs Statement of Receipts and Expenditures Low Rent Housing Program Annual Contributions Contract Analysis of General Funds Available for Reduction of Annual Contributions Schedule of Federal Financial Assistance 3. TIME REQUIREMENTS Proposals must be received NO LATER THAN 3:00 pm, May 9, It is the desire of the Housing Authority to have the Audit commence within 90 days of the award of the contract for services. 4. DESCRIPTION OF THE ENTITY The Pleasantville Housing Authority was established in February 1963 to build, own and operate public housing residences. The primary goal of the Housing Authority is to provide safe, sanitary and decent housing in a suitable living environment for low-income residents. The Authority s programs are administered at the local level in accordance with State law and the Rules and Regulations of the Department of Housing and Urban Development. 5. PROGRAMS TO BE AUDITED NJ 59-1 Pleasantville Towers 80 senior units (AMP 1) NJ 59-4 Pleasantville Towers Annex 50 senior units (AMP 1) NJ 59-5 New HOPE 2004, LP ACC Mixed Financing 36 units (AMP 5) NJ 59-6 New HOPE 2005, LLC ACC Mixed Financing 41 units (AMP 6) Housing Choice Voucher- 245 units Capital Fund Programs and Cost Certifications, if applicable ROSS Program Neighborhood Stabilization Program (NSP I & 3) 3

6 HCV & PH FSS A non-profit, PV Community Development Corporation If required, HOPE VI Revitalization Program, Certification of Actual Costs attached as supplemental information to the audit report as required by HUD. 4