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HomeMy WebLinkAboutLondon Witte/CRC/ Treasurer agreement I LONDON r v WITTE GROUP July 20, 2010 Les Olds, AIA Executive Director Carmel Redevelopment Commission 30 West Main Street, Suite 220 Carmel, IN 46032 Re: Engagement Letter— Commission Treasur Dear Les We are pleased—to—submit this engagement letter to you for consideration by the Carmel Redevelopment Commission ("CRC") regarding our retention to provide accounting and financial advisory services to the CRC in the role of its Treasurer as outlined in Indiana Code 36- 7-14-8 (the "Project"). SCOPE OF SERVICES London Witte Group ("LWG") will provide the accounting and financial advisory services necessary in connection with the Project including, but not limited to, the following: • To serve as the Treasurer of the CRC and be responsible for the accounting and reporting function; receiving and recording receipts along with the review, processing and payment of claims/invoices/bills presented to the CRC. • Review the current financial reporting system and recommend/make changes to aspects of the system that will provide accurate and timely information to members of the CRC, the Administration, the Clerk-Treasurer and the City Council. • Provide the CRC with written policies for their review, consideration and adoption concerning necessary procedures, including but not limited to, the collection, investment and disbursement of funds of the CRC. • Review, comment and assist in the analysis of the financial aspects of all prior transaction documents • Review, comment and assist in the analysis of the financial aspects of all future transactions and the related documents. • Review and comment to the CRC on the projections and information provided by other financial consultants concerning the potential revenues and expenses of the CRC • Prepare the required reports and prepare the necessary information required/requested by the Indiana State Board of Accounts. Certified PablicAceountants One Independence Center, 1776 North Meridian Street,Suite soo Indianapolis,Indiana 46202 Telephone I 317-634-4747 Facsimile I 317-632-272,7 Toll Free I 877-634-4747 Web Iwww.LWGCPA.com Les Olds, AIA July 20, 2010 Page 2 SCOPE OF SERVICES (Continued) • Prepare, or assist in the preparation, of historical and projected financial information for the potential buyers of the CRC's financial obligations, underwriters' of such obligations, rating agencies, credit enhancement providers, financing team members and other related parties. • Attend called regular and special meetings of the CRC (including executive sessions). • Attend staff and working group meetings with the CRC staff and working groups as directed by the Executive Director. • Other such matters as directed by the CRC and/or the Executive Director. ENGAGEMENT TEAM The following individuals will comprise the engagement team for this Project: Jim Higgins— Partner Bob Swintz— Partner Teresa Carusillo— Senior Staff Accountant All of the above listed engagement team members are Certified Public Accountants. However, please note that additional firm members will be assigned to various segments of the Project, as it is our intent to staff this engagement at the level that will provide the greatest efficiency and be most economical for CRC. HOURLY RATES Our fee for these services will be based on the following maximum hourly rates of the staff assigned to the engagement: Partners $275 Principals 225 Managers 200 Senior Accountants 125 Staff Accountants 90 Les Olds, AIA July 20, 2010 Page 3 HOURLY RATES—(Continued) These represent our maximum standard hourly fees. If the hourly rate of any individual assigned to this engagement is less than the amount specified above, the lower rate would be charged. These rates represent the current maximum hourly rates of the firm. Rates are adjusted from time to time and any change in the maximum hourly rates listed above will be provided to the CRC at least thirty (30) days prior to their implementation. OUT-OF-POCKET EXPENSES We would also request that reimbursement be provided for any out of pocket cost (travel, photocopies, deliver charges, etc.) that maybe incurred during the engagement. Reimbursements will not be requested for toll calls, cell phone charges or computer time. Additionally, "travel" for this engagement would be associated with any out of town travel that may be required and would not include travel to and from our offices in Indianapolis to Carmel for CRC related matters. INVOICING A detailed invoice for services will be submitted monthly during the term of the Project. The invoice will include a description that will outline the date, personnel, time on task and billing rate for each individual that worked on the Project as well as a description of the items for which reimbursements are being requested. We greatly appreciate the opportunity to provide this proposal for your consideration. If the foregoing terms are acceptable, please indicate so by signing and returning a copy of this letter, retaining the original for your files. We look forward to being of service to the CRC and the citizens of Carmel. Les Olds, AIA July 20, 2010 Page 4 If you should have any questions or need additional information, please do not hesitate to contact me. Since James P. Higgins ACKNOWLEDGED and AGREED to this 2/ day of ax_.1 2010 CARMEL REDEVELOPMENT COMMISSION Le ds, AIA, Executive Director