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HomeMy WebLinkAboutFinancial Advisory Services P.O. Box 40458 ii Indianapolis. tN 46240-0458 ~"~ "'.i;','- i Phone: 317-844-7288 ~ ~ ~:~' Fax: 317-848-3604 [t~ all about c×pcricnc¢'. June 6, 2005 Board of Public Works and Safety City of Jeffersonville 501 East Court Avenue City-County Building - Jeffersonville, IN 47130 Financial Adviso. ry Services Dear Members of the Board: You have requested that Umbaugh, Certified Public Accountants, LLP (the "Finn") provide to the City of-Jeffersonville (the "Client") those services more fully set forth in EXhibit A hereto (the "Services"). Fees and Costs. Fees charged for work performed are generally based on hourly rates for the time expended, a fixed amount or other arrangement as mutually agreed upon as more. appropriate for a particular matter. HoUrly rates for work performed by our professionals vary by individual and reflect the complexity of the engagement. In addition to fees, we also charge for various ancillary services, for which you will be invoiced. Such Charges may include long distance telephone charges, photocopying, :facsimile transmission, computer research, mileage, travel expenses and other similar charges specifically applicable to the engagement. Billing Procedures. Normally, you will receive a monthly-statement showing fees and costs incurred in the prior month. Occasionally, we may bill on a less frequent basis if the time involved in the prior month was minimal or if arrangements are made for the payment of fees from bond proceeds. The account'balance is due and payable on receipt of the statement and we' reserve the fight to charge 1% interest per month for outstanding unpaid balances over thirty (30) days from the date of billing. Once our representation has been concluded or terminated, a final billing will be sent to you. If requested to provide an estimate of our fees for a given matter, we will endeavor in good faith to' provide our best estimate, but unless there is a mutual agreement to a fiXed fee, the actual fees incurred on any project may be less than or exceed the estimate. Any questions or errors in any fee statement should be brought to our attention in writing within sixty (60) days of the billing date. Board of Public works and Safety City of Jeffersonville June 6, 2005 Page 2 Termination. Both the Client and the Firm have the fight to terminate the engagement at any time after reasonable advance written notice. On termination, all fees and charges incurred prior to termination shall be paid promptly. Accountants' Opinion. In performing our engagement, we will be relying on the accuracy and reliability of information provided by Client personnel. We will not audit, review, or examine the information. Please also note that our engagement cannot be relied on to disclose error.,;, fraud, or other illegal acts that may eXist. The procedures we perform in .our engagement-will be heavily influenced by the representations that we receive from Client personnel. Accordingly, false rePresentations could cause material errors to go undetected. The Client, therefore:, agrees to indemnify and hold us harmless for any liability and all reasonable costs (including legal fees) that we may incur in connection with claims based upon our failure to provide an acceptable level of service or to detect material errors resulting from known false representations made to us by any Client personnel. The responsibility for auditing the records of Client rests with the Indiana State ]Board of Accounts and the work performed by the Firm shall not include an audit or review of the records or the expression of an opinion on financial data. Client Res. ponsibilities It is understood that the Accountants will serve in an advisorY capacity with the Client. The Client is responsible for management decisions and functions, and for designating a competent employee to oversee the services we provide. The Client is responsible for evaluating adequacy and results of the services performed by the Accountants and accepting responsibility for such services. The Client is responsible for establishing and maintaining Client's internal accounting controls, including monitoring ongoing activities. Additional Services. Exhibit A sets forth the scope of the Services to be provided by the Firm. From time-to- time, additional services may be requested by the Client beyond the scope of Exhibit A. The Firm may provide these additional services and be paid at the Firm's customary fees and costs for such services. In the alternative, the Firm and the Client may complete a revised and supplemented Exhibit A to set forth the additional services (including revised fees and costs, as needed) to be provided. In either event, the terms and conditions of this letter shall remain in effect. Board of Public Works and Safety City of Jeffersonville June 6, 2005 Page 3 If the foregoing accurately represents the basis upon which we may provide Services to the Client, we ask that you execute this letter, in the space provided below setting forth your agreement. Execution of this letter can be performed in counterparts each of which will be deemed an original and all of which together will constitute the same document. If you have any questions, please let us know. Very truly y~urs, Un~augh Ceded~. ountants, LLP ~I. See er P art'~ er The undersigned hereby acknowledges and agrees to the foregoing letter of engagement on behalf of the City of Jeffersonville. Date: Its Board o l ' s By: Title' and Safety EXHIBIT A Services Provided and Fees ScoPe of Services The Client anticipates the need to retain the services of an independent firm of Certified Public Accountants to serve as Financial Advisor. The Client desires to retain the Finn on an as needed basis throughout the term of this agreement and anticipates the services required to potentially include assistance with financial analysis, rate studies, issuance of long-term debt, and other matters. Fees For the services set forth above, the Firm's fees will be based on its actual recorded time and expense based on its standard hourly rates and charges.