December 28, 2023
INTRODUCTION AND DESCRIPTION OF OPERATIONS
The Marion Ralls Regional Port Authority is soliciting proposals for the port’s annual audit beginning with the fiscal year ending June 30, 2023 and related financial advisory services during and throughout the course of the year. It is the intent of the Port to engage professional accounting services from a qualified CPA firm through a process subsequent to:
- An evaluation and comparison of past performance, appropriate references, prior experience in other municipalities and counties and expertise related to the Port’s specifications; and
- The identification of available professional services that may or may not have been used by the Port previously.
Specifications pertaining to the scope of the Port’s audit are outlined below, as well as the criteria that will be used in evaluating the qualifications of firms submitting proposals.
DESCRIPTION OF THE PORT AND RECORDS TO BE AUDITED
The Marion Ralls Regional Port Authority (The Port) was formed in 2020 as a public entity representing Marion and Ralls Counties to grow the economy of Marion and Ralls Counties through promoting transportation, logistics and revitalization. Like all Missouri port authorities, we are a creation of the state of Missouri. We are represented by a volunteer board of commissioners from both Marion and Ralls Counties who provide expertise and focus to our mission. The Port Authority holds no employees and contracts with Hannibal Regional Economic Development Council (HREDC) for administration. The Port’s annual revenue for FY 2023 was $365,656.54. The Port currently uses Quickbooks Premier for accounting software.
The Marion Ralls Regional Port Authority’s fiscal year begins on July 1 and ends on June 30.
The Marion Ralls Regional Port Authority has no payroll and pays an annual fee to Hannibal Regional Economic Development Council for administration services.
The Marion Ralls Regional Port Authority tracks approximately 17 funds and account groups in its financial reporting.
Budgetary Basis of Accounting
The Marion Ralls Regional Port Authority prepares its budgets on a basis consistent with generally accepted accounting principles.
The Port has one real estate loan with a current balance of $245,218.04 that was used to purchase the Port’s landholdings in West Quincy. Additionally, the Port maintains a revolving line of credit of $250,000.
Federal and State Awards: The Port actively pursues grant funding and has several awards for FY2023, which includes ARPA funding. Grant funds include, but are not limited to:
- Missouri Department of Economic Development Industrial Site Development Grant (ARPA) – $837,766.00 (triggering a single audit requirement)
- S. Environmental Protection Administration Brownfields Grant – $700,000
- Missouri Department of Transportation Capital Improvement Plan Funds
- Missouri Department of Transportation Port Administration Funds
The Marion Ralls Regional Port Authority will use its best efforts to make prior financial reports and supporting working papers available to proposers to aid their response to this request for proposals.
The Port will provide adequate work area for the auditing staff. HREDC staff will be available to answer questions and for consultation as needed. Minor clerical assistance will be provided (typing of confirmations, pulling and refilling documents, etc.)
The annual audit shall be of sufficient depth and scope to enable the auditor to produce an unqualified audit report, if appropriate. The audit must be performed in accordance with the requirements of the Office of Management and Budget (OMB) Circular A-133; and must be in accordance with generally accepted auditing standards, the standards for financial and compliance audits contained in the Government Auditing Standards.
The qualifications of the firms’ submitted proposals will be reviewed by the Port Manager and the a committee comprised of members of the board. These staff members will make a recommendation to the Council and may do so with or without an interview.
PROPOSAL FORMAT AND CONTENTS
Responses to this Request for Proposal shall include the following information:
Clearly describe the scope of the required services to be provided.
Clearly describe your firm’s approach to conducting the examination as proposed.
Profile of the Firm
Provide the location of the office from which the work is to be performed and the number of partners, managers, supervisors, seniors and other professional staff employed at that office.
Describe the range of activities performed by the local office in the governmental area such as audit, accounting and management services.
Briefly describe your firm’s quality control policies and procedures; state whether or not those policies and procedures are subjected to the profession’s “peer review” program for an independent review of their effectiveness.
Describe the most recent audits (along with dates) of municipalities that were conducted by the group proposed to undertake this audit. List names and telephone number of client officials responsible for those audits.
Dollar Cost Bid
- Total All-Inclusive Maximum Price
- Rates by Partner, Specialist, Supervisory and Staff Level, with times and hours anticipated for each
- Out-of-pocket Expenses in the Total All-inclusive Maximum Price and Reimbursement Rates
- Rates for Additional Professional Services
- Manner of Payment
Proposals that are submitted in response to this letter should include a proposed fee of the firm’s charge to perform the Port’s audit. The fees need to be broken down by year.
Proposals will be evaluated on the basis of the qualifications of the office in the firm which will actually be performing the audit work. Following are some of the factors which will be considered:
- Experience and qualifications of firm and audit team.
- Compliance with Government Auditing Services.
- Participation and attendance in governmental-based and/or GROA-sponsored CPE courses.
- Single audit experience.
- Extensive knowledge and/or experience in the requirements of the new reporting of infrastructure as mandated by GASB.
- Number and scope of current port and other local governmental clients. References
- Consulting capabilities available.
It is anticipated that the firm selected to serve as the Port’s auditor will be retained for three years, with the Port holding the option to retain the same auditor for at least the succeeding three years.
If your firm desires to present its qualifications, please submit an electronic copy of your proposal to the undersigned by 3:00 p.m. on February 5, 2024. If you desire any additional information, clarification or would like to visit the Marion Ralls Regional Port Authority to review our financial records before preparing your proposal, please contact me at 573-221-1033.
The Marion Ralls Regional Port Authority reserves the right to reject any or all bids or waive any irregularities that are in the best interest of the Port. Furthermore, the professional accounting services engaged will be from the firm which, in the opinion of the Port, is the best qualified to perform the Marion Ralls Regional Port Authority’s audit.
Marion Ralls Regional Port Authority