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HomeMy WebLinkAboutCPF Audit 1 I RESOLUTION 2021-132 1 ADOPTED DOC ID: 16819 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2021-132 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON FEBRUARY 2, 2021: RESOLVED that the Town Board of the Town of Southold hereby accents the bid of Michael J. Maresco, CPA of Rehn -Maresco,East Setauket,New York, in an amount not to exceed $5,500 for the preparation of an annual audit of the Community Preservation Funds for the year 2020 for purposes of determining whether the fund has been administered consistent with the provision of New York State Law § 64-e and Southold Town Code Chapter 17. Contract period shall be from date of award until completion of the 2020 Community Preservation Fund audit with an option for renewal, under the same terms and conditions, with concurrence of the Town and the contractor for two additional one-year periods in an amount not to exceed $5,500 for the CPF audit years 2021 and 2022, all in accordance with the bid proposal; and, be it further RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs Supervisor Scott A. Russell to execute an engagement letter with Michael J. Maresco, Certified Public Accountant, regarding the preparation of an annual audit of the Peconic Bay Community Preservation Fund for the year ended December 31,2020, in accordance with the bid proposal submitted to the Town, and subject to the approval of the Town Attorney. �f, Elizabeth A.Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Robert Ghosio, Councilman SECONDER:Louisa P. Evans, Justice AYES: Nappa, Dinizio Jr, Doherty, Ghosio, Evans, Russell OFFICE LOCATION: MELISSA A. SPIRO *OF SO Town Hall Annex LAND PRESERVATION COORDINATOR ��� Ol0 54375 State Route 25 melissa.spiro@[own.southold.ny.us (comer of Main Road&Youngs Avenue) Southold, New York Telephone(631)765-5711 C** www.southoldtownny.gov MAILING ADDRESS: P.O. Box 1179 Southold,NY 11971-0959 DEPARTMENT OF LAND PRESERVATION TOWN OF SOUTHOLD RECEIVELE) February 22, 2021 F E B 2 2 2021 Michael J. Maresco, CPA SOUthold Town Clerk Rehn & Maresco 286 Main Street East Setauket, NY 11733 Re: Town of Southold 2020 Community Preservation Fund Annual Audit Dear Mr. Maresco: I am pleased to provide you with your original engagement letter, approved and executed by Supervisor Scott A. Russell that outlines your services to provide the Town of Southold with its 2020 annual audit of its Community Preservation Funds. Copies of your completed report are to be expected within sixty (60) days, as proposed, and your fee will not exceed $5,500.00. I have also enclosed a Town payment voucher. Please complete the voucher where highlighted and return it with your invoice for services rendered when submitting your report that the Town can expect on or about April 28, 2021. Sincerely, Melanie D oski Associate A istrator encs.: engagement letter payment voucher Resolution No. 2021-132 cc: Southold Town Clerk V ' B i Fl f a r S.J s c o f Maresca LLC, CPA's REMOVED February 5,2021 F E B - 9 2021 Town of Southold 53095 Route 25 LAND PRESERVATION DEPT - P.O.Box 1179 Town of Southold Southold,NY 11791 +; Weare pleased to confirm our understanding of the services we are to provide for Town of Southold Peconic Bay Community Preservation Fund(the"Organization")for the year ended December 31, 2020. We will audit the financial statements of Town of Southold Peconic Bay Community Preservation Fund which comprise the statement of financial position as of December 31,2020 and the related revenues and expenditures for the year then ended,and the related notes to the financial statements. Audit Objective s The objective of our audit is the expression of an opinion about whether your financial statements are fairly presented,in all material respects,in conformity with U.S.generally accepted accounting principles. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and will include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add an emphasis-of-matter or other-matter paragraph.If our opinion is other than unmodified,we will discuss the reasons with you in advance. If,for any reason, we are unable to complete the audit or unable to form or have not formed an opinion,we may decline to express an opinion or to issue a report as a result of this engagement. Audit Procedures Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, test of the physical existence of inventories, and direct confirmation of receivables and certain assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will also request written representation from the Organization's attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about the financial statements and related matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the- appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent 206 Main Street o East Setauket o New York a 11733•T:631-751-3008 v F:631-751-2740 financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the Organization or to acts by management or employees acting on behalf of the Organization. Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions,there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S.generally accepted auditing standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. However, we will inform the appropriate level of management of any material errors, any fraudulent financial reporting, or misappropriation of assets that come to our attention. We will also inform the appropriate level of management of any violations of laws or governmental regulations that come to our attention, unless clearly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not extend to any later periods for which we are not engaged as auditors. Our audit will include obtaining an understanding of the Organization and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature,timing,and extent of further audit procedures. An audit is not designed to provide assurance on internal control or to identify deficiencies in internal control. However,during the audit,we will communicate to you and those charged with governance internal control related matters that are required to be communicated under professional standards. Management Responsibilities You agree to assume all management responsibilities for any other nonattest services we provide; oversee the services by designating an individual, preferably from senior management, with suitable skill, knowledge, or experience; evaluate the adequacy and results of the services; and accept responsibility for them. You are responsible for establishing and maintaining internal controls, including monitoring ongoing activities;for the selection and application of accounting principles;and for the preparation and fair presentation of the financial statements in conformity with U.S. generally accepted accounting principles. You are also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information.You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit,and(3)unrestricted access to persons within the organization from whom we determine it necessary to obtain audit evidence. Your responsibilities include adjusting the financial statements to correct material misstatements and confirming to us in the management representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the Organization involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements.Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the Organization received in communications from employees, former employees, grantors, regulators,or others.In addition,you are responsible for identifying and ensuring the Organization complies with applicable laws and regulations. Engagement Administration,Fees and Other Michael J. Maresco, CPA is the engagement partner and is responsible for supervising the engagement and signing the report or authorizing another individual to sign it. Our fee for these services will be at our standard hourly rates and will not exceed $5,500. Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit.The audit will be completed within sixty days of the receipt of the initial requested items.Five copies of the report will be submitted to the Town's Land Preservation Department. 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 you agree with the terms of our engagement as described in this letter,please sign and return it to us. Very truly yours, RESPONSE: This letter correctly sets forth the understanding of Town of Southold Peconic Bay Community Preservation Fund Officer signature: Title: Southold Town Supervisor Date: 2/ 151 /2021 RIDER REGARDING PAYMENT UNDER MUNICIPAJL CONTRACTS The Town of Southold (hereinafter the "Town") shall pay REHN & MARESCo (hereinafter the "Contractor") upon the submission of a voucher at the appropriate time of billing. Such voucher shall be due and payable within 45 days after receipt of such voucher, but such sum shall not be due and payable by the Town until the Town Board of the Town has received such a voucher and has audited and approved for payment the voucher to be submitted by Contractor in connection therewith. The Town Board shall process any voucher received from Contractor as expeditiously as possible. In the event that the Town disputes or objects to any portion of any voucher submitted by Contractor pursuant to this paragraph, the Town shall, within 30 days of the receipt of such voucher, notify Contractor in writing of such dispute or objection. Contractor acknowledges that Contractor is familiar with the requirements of section 118 of the Town Law which, in effect, prohibit payment of any of Contractor's claims against the Town unless an itemized voucher therefore shall have been presented to the Town Board or Town Comptroller and shall have been audited and allowed by the Town Board or Town Comptroller. The acceptance by the Contractor of the payment shall be, and shall operate as a release to the Town from all claims and all liabilities to the Contractor for all the things done or furnished in connection with this work and for every act and neglect of the Town and others relating to or arising out of, this Contract, except Contractor's claims for interest upon the final payment, if this payment be improperly delayed. No payment, however final or otherwise, shall operate to release the Contractor or its sureties from any obligations under this Contract. REQUIRED PROVISIONS OF LAW Each and every provision of law and clause required by law to be inserted in this Contract shall be deemed to have been inserted herein. If any such provision is not inserted, through mistake or otherwise, then upon the application of either party, this Contract shall be physically amended forthwith to make such insertion. In particular, the Contractor shall, among other things, fully comply with: (a) Labor Law section 220-e and Executive Law sections 291-299 and the Civil Rights Law relating to prohibition against discrimination and providing equal opportunity. (b) Affirmative action as required by the Labor Law. (c) Prevention of dust hazard required by Labor Law section 222-a. (d) Preference in employment of persons required by Labor Law section 222. (e) Eight-hour workday as required by Labor Law section 220(2). PREVAILING WAGE RATES REQUIRED BY LAW (a) The parties hereto, in accordance with the provisions of section 220(3) of the Labor Law, hereby agree that there shall be paid each employee engaged in work under this Contract not less than the wage rate and supplements set opposite the trade or occupation in which he/she is engaged, which are the wage rates and supplements established as the prevailing rate of wages for the work covered by this Contract. (b) Labor classifications not appearing on the schedule of wages can be used only with the consent of the Owner and then the rate to be paid will be given by the Owner after being advised by the Department of Labor. (c) The Contractor shall post in a prominent and accessible place on the site of the work a legible statement of all wage rates and supplements, as specified in the Contract,for the various classes of mechanics, workingmen/women,or laborers employed on the work. Dated: ,JlIq 1011 CONTRACTOR TOWN OF SOUTHOLD By: By: 4V Micha J. Maresco CPA Name: Scott A. Russell Office or Authorized Agent Title: Southold Town supervisor Rehn & Maresco