Independent Financial Audit Services

2026-11-03

The selected firm shall : A . Hold a pre - audit conference with appropriate Foundation personnel in order to establish schedules for fieldwork , to discuss any issues or changes that will need special preparation or consideration , and to identify roles of Foundation staff and CPA firm staff . B . Perform an audit of the Foundation ’ s financial statements in accordance with auditing standards accepted in the United States of America . C . Conduct the audit in accordance with Government Auditing Standards if applicable based on funding thresholds . D . Determine whether financial statements are presented in accordance with Financial Accounting Standards Board ( FASB ) Statement 116 , Accounting for Contributions Received and Contributions Made and Statement 117 , Financial Statements of Not - forProfit Organizations . E . Acknowledge that statewide accounting policies are established by the Office of State Controller F . Submit a draft audit report and draft management letter by August 1st of each year . G . Submit final report and management letter by August 12th of each year . H . Submit electronic copies of audit reports to the Office of the State Auditor and the Office of State Controller . I . Bear all responsibility for report preparation , editing , and binding . J . Provide no less than twenty - two ( 22 ) bound copies of audit report ( out - of - pocket and printing costs are to be incorporated into proposed audit fee ) K . Hold post - audit conference with appropriate Foundation personnel and Foundation Board . L . Prepare the Foundations tax returns yearly and return to Foundation for final review and signature . M . File tax form 990 with appropriate taxing authorities yearly . N . Provide research services and consultation to the Foundation for specific tax matters , as needed . O . Retain all working papers , tax returns , and review comments , at CPA ’ s firm ’ s expense , for a minimum of three ( 3 ) years , unless notified , in writing , by Foundation of need to extend retention period . P . Make all documents available , upon request , to Foundation , Brunswick Community College , or their designees . Q . Respond to reasonable inquiries of successor auditors and them to review any retained documentation .

North Carolina

2026-05-08