Title
Consider recommendation from the Executive Committee to approve an arrangement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2020, in the amount of $57,750.
Body
RECOMMENDED MOTION:
Move the board approve an arrangement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2020, in the amount of $57,750, with an option to renew for up to three additional years.
SUMMARY:
The purpose of this agenda item is for the board to consider an Executive Committee recommendation to approve an arrangement letter with RSM US, L.L.P., for independent audit services for fiscal year 2020.
In July 2019, the EAA issued Request for Qualifications and Statements of Interest for audit services (RFQ) and the board selected RSM US, L.L.P to serve as the EAA’s independent auditor with a one year engagement and four renewal options. This engagement for the fiscal year 2020 audit represents the first renewal option.
Attached to this summary is the draft arrangement letter between the EAA and RSM US, L.L.P., to provide audit services for 2020. The total cost for audit services for fiscal year 2020 is $57,750. Also attached is a letter describing RSM's conduct of the audit (governance letter).
At the meeting on December 1, the Executive Committee voted to recommend the board approve an arrangement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2020, in the amount of $57,750, with an option to renew for up to three additional years.
M/WBE PARTICIPATION:
RSM US, L.L.P. is not an M/WBE vendor, however their engagement includes 10% M/WBE subcontract participation.
STRATEGIC PLAN REFERENCE:
This agenda item does not relate to a specific goal within the Strategic Plan, but supports the general EAA mission.
FISCAL IMPACT:
Funding in the amount of $57,750 is included in the 2021 operating budget.