Request for Proposals: Financial and Single Audit 2026

​

Attachment 1: FY 2025 Financial Review

​

Attachment 2: FY 2025 Comptroller's AFR

​

Answers to submitted questions:

1. Based on the Comptroller Filing, can you confirm that the Library is expecting the audit to be completed under the Modified Cash Basis of accounting for the fiscal year requested, or is it the Library’s desire to report Modified Accrual financial statements in alignment with GAAP requirements? ANSWER: We would stay with the Modified Cash Basis.

2. What is the grant program the Library is engaged in that has reached the Single Audit threshold? ANSWER: FY2023 and FY2024 federal Economic Development Initiative-Community Project Funding (EDI-CPF) grants administered by HUD.

3. Does the Library intend to just report (1) General Fund in the audited financial statements as shown in the Comptroller Report? ANSWER: The majority of the FY2026 revenue and expenses were for a construction project. There would be a General Fund as well as a Capital Projects Fund.

4. Does the Library maintain the capital asset and depreciation schedules, or would you anticipate needing assistance from the auditors? ANSWER: We maintain the schedule.