Item 12 Contract to Cherry Bekaert Advisory LLC for Governmental Accounting Standards Board

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Cherry `� Bekaert Proposal for City of Santa Ana requirements, we are one of the largest providers in the public sector space, serving clients around the nation; we provide targeted services to 200 municipalities, counties, public authorities/boards, school districts, and state agencies, ranging in size from $2 million to $9 billion. Local governments face extreme staffing challenges and knowledge drain, leaving them with open budgeted positions and without technical accounting knowledge. At the same time, the Governmental Accounting Standards Board (GASB) requirements are becoming increasingly complex and operational needs are expanding from unprecedented federal funding. We understand the distinct challenges that government finance and accounting managers face, and our GPS Advisory team provides a comprehensive GASB-as-a-Service offering that helps governments overcome them. While other professional services firms may have significant governmental accounting expertise, Cherry Bekaert has a dedicated team of professionals who only provide governmental accounting advisory services. This provides governments with the confidence that their needs will not be placed second to competing audit regulatory deadlines. We provide accounting services specific to the public sector —everything from financial close assistance and account reconciliation to internal control reviews, technical accounting, standards implementation, and ACFR preparation — to help our clients manage effectively, efficiently and responsively. We understand your unique challenges and remain up-to-date with industry developments to help you take advantage of growth opportunities and promote sustainable, compliant operations. The Firm frequently produces targeted thought leadership, which is available at the Guidance section of our website. Cherry Bekaert is also proud to have several team members who worked with the GASB on technical matters. Our professionals were on the forefront of evolving standards, including GASB 1010. This involvement provides unique insights we can share with our clients. Our capabilities include: Implementation of New Accounting Standards Over the years, we have assisted our clients with GASB pronouncement implementation, providing research and advice to resolve many complex accounting issues, including: / Assisting with analysis of the accounting and reporting aspects of compensated absences (GASB 101) / Assisting with analysis of the accounting and reporting aspects of subscription -based technology agreements (GASB 96) / Assisting with analysis of the accounting and reporting aspects of public -public or public -private partnerships (GASB 94) / Assisting with analysis of the accounting and reporting aspects of lease accounting (GASB 87) / Assisting with analysis of the reporting aspects of fiduciary activities (GASB 84) / Providing assistance interpreting the fair value measurement and disclosure requirements under GASB 72 and the guidance for certain external investments pools and participants under GASB 79 Annual Comprehensive Financial Report (ACFR) Writing Many governments are finding that they do not have the bandwidth and/or the technical expertise to draft their ACFRs and decide to outsource or co -source this work to us. These reports are often 100 to 200 pages and go through multiple layers of review, each resulting in changes that frequently need to be made in many places throughout the document. Leveraging Cherry Bekaert to prepare your ACFR affords you with the in the following benefits: / Begin with a template ACFR created using Government Finance Officer's Association Framework and tailored to your organization's needs, which rolls forward from year to year with minimal rework / Employ engagement management software to ensure consistent groupings year over year / Assistance with cash, modified accrual and full accrual accounting conversion entries / Assistance with net position and fund classification calculations, including net investment in capital assets / Completion of multiple reviews by governmental accountants / Ability to access account groupings in Excel format to easily disaggregate basic financial statement balances 12