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 The City needed bank reconciliation support for an entire fiscal year, particularly for transactions from January to September 2023 that were not reconciled because of a new ERP system Description of implementation. We created a data capture template for all 19 departments and interviewed supplies, multiple personal early in the project to understand the nature of several transactions made. We equipment, or also proposed a blueprint for automating this process in the future. This approach streamlined services provided the City's reconciliation template to reduce reconciliation time for monthly close from three weeks to one week. We are also providing best practice recommendations and remediation efforts for departments that need improvement in their reconciliation process. Name North Carolina DepartmentCustomer Contact Individual Jessica Mapes, Accounting Controls & Reporting Manager Address 301 North Wilmington Street, Raleigh, NC 27601-2825 Phone Number 984.236.2373 Email iessica.ma es d i.nc. ov Contract Amount $107,885 Year September 2022 - Present Cherry Bekaert prepared the financial statements for the Department for the years ending June 30, 2022, and 2023. The Department's financial information was spread across several software platforms, requiring extensive reconciliations to ensure that billions of dollars in federal and state grant funding could be accurately disaggregated by individual subrecipients for the mandatory Description of supplementary schedules. Cherry Bekaert also assisted with cash basis, modified accrual and supplies, full accrual journal entries, and helped the Department build new disclosures for GASB 87 and equipment, or 96. As part of the financial statement preparation, Cherry Bekaert provided the Department with services provided an in-depth understanding of the mapping of their account structure, flow of information from different software platforms, and closing journal entries. This increased transparency enabled the Department to have a more seamless review of the financials during the audit process. Additionally, the fiscal year 2023 financial statement preparation was completed several months earlier than had been historically possible for the Department. This additional time allowed for a more thorough review of the financials without the pressure of a looming deadline. Name North Carolina ... DepartmentCustomer Contact Individual Beth Lane, Finance Director Address 301 North Wilmington Street, Raleigh, NC 27601-2825 Phone Number 919.609.3421 Email beth.lane nc. ov Contract Amount $102,000 Year November 2021 - Present Assisted NCDIT with the implementation of GASB 96, Subscription -Based Information Technology Arrangements. NCDIT has very complex subscription arrangements that required Description of deep analysis and discussion with multiple parties to arrive at the appropriate accounting supplies, treatments. In addition to technical contract review, we documented completeness and other equipment, or implementation considerations, prepared journal entries and related disclosures, and provided services provided Day 2 go -forward training. The following year, we provided NCDIT with Year 2 support related to both GASB 87 and GASB 96. Prior to these engagements, we also provided internal service fund audit and agreed -upon procedures to NCDIT. 2.Cost Proposal We understand and appreciate your desire for professional service providers who are not only highly qualified, but who are also cost-conscious and cost-effective about the work they perform. We are mindful that cost is always a consideration in selecting a professional services firm. Accordingly, we have structured our fee based on our strong desire to develop a mutually rewarding, long-term relationship. Our fees are generally based on the time required to complete the work at our established billing rates. Our fees are also based on other factors such as the complexity of 19