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Associated Students of CSU, Chico
The CSU, Chico Research Foundation
University Foundation, CSU, Chico
Request for Proposal for
Independent Audit and Accounting Support Services for the
Fiscal Year Ending June 30, 2014
Responses to Questions Asked by Interested Audit Firms:
1. What is the number of hours spent on the audits by your current audit firm?
Response: I am not aware of the actual hours spent on the audit engagements. However,
there is approximately 3-4 weeks of year-end fieldwork with 3-4 auditors on site. Interim
fieldwork typically takes approximately 2 weeks, with 2-3 auditors on site.
2. Are there to be separate proposals for the Children’s School and Radio Station Audits?
Response: Yes, they require separate audits.
3. I am having trouble finding prior year financial statements for the Children’s School and
Radio Station online, can you forward those reports?
Response: The most recent audited financial statements can be found at:
Associated Students Child Development Lab:
http://www.aschico.com/images/cms/130_20_AS11_Web_CDL_Audit2011.pdf
Research Foundation’s KCHO Radio Station:
http://www.kcho.org/_documents/6.30.11%20KCHO%20Financial%20Statemen
ts.pdf
4. How many major programs do you have under the Single Audits Act?
Response: On average, The CSU, Chico Research Foundation has had 5 Clusters and 6 other
major programs.
5. Is there a budget amount for next year’s audit?
Response: The combined contract fee for 2012/13 is $137,100 for the five audits included in
the RFP.
6. What are some of your main concerns regarding policies, operations issues, and upcoming
changes in accounting reporting requirements
Response: Some examples include:
 Timelines for completion of the financial statements that are imposed by the local
campus and Chancellor’s Office.
 Pending conversion to new financial software program. Selection and timelines are
pending.
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
Maintaining a strong partnership relationship with our audit firm so we can respond
to and implement accounting pronouncements and compliance updates as they
become effective.
7. Did your previous auditors have reportable conditions or material weaknesses?
Response: There were no reportable conditions or material weaknesses noted in the most
recent audited statements.
8. Who prepares the draft financial statements?
Response: The Auxiliary financial staff prepare the financial statements.
9. Does the auditor or management prepare the required CSU supplementary schedules?
Response: The Auxiliary financial staff prepare the CSU supplementary schedules.
10. When would you prefer the auditors start interim and year-end fieldwork?
Response: Interim work is performed starting in early May. Year-end fieldwork starts the
first week in August.
11. Is there a typical order of which audit goes before another?
Response: The Associated Students audit starts first with Research and University
Foundations starting a week later.
12. Do you want the fee response for the taxes to be separate?
Response: The proposal shall include a separate fee schedule for the preparation of all
required federal and state tax returns for a non-profit corporation
13. Is there a budgeted amount for 2012/13 tax services?
Response: Tax services are included with current fees for audit services.
14. For this RFP are you requesting one fee quote for all of the organizations? We were unsure
if the KCHO and Child Development Center required a separate fee quote.
Response: Each audit should be quoted separately, including separate quotes for KCHO
and CDL.
15. Are all of the records maintained at the same location on campus, and/or what items may
be maintained outside of the fiscal office?
Response: Financial records are kept by multiple offices depending on the function.
Records are located at the AS Financial Services Office, RF & UF (Development)
Administrative Offices and RESP. The University Farm keeps financial records as does KCHO.
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16. When is the inventory observation performed?
Response: In the business days just before fiscal year end. Inventory observation for 2011-12 is
being held on June 28th.
17. The Date of the Child Development Center and the Radio Station reports were in November
2011, is that typical? Why was it later than the rest?
Response: Yes, those are the due dates as required by the funding sources. CDL fieldwork has
been performed in early October and KCHO fieldwork has been performed in late October.
18. Are the Child Development Center numbers included in the ASB report?
Response: Yes. The CDL audit is performed as a program specific audit.
19. Do you anticipate the Child Development Center federal expenditures to remain consistent?
Less than 500K?
Response: Yes.
20. For the University Foundation what process did the former auditors use in determining fair value
and the classifications of investment items?
Response: Fair value is determined by the investment managers and included on monthly
statements. The board examines valuation methodologies to determine if the ending valuation
is appropriate given the investment. The classification of the investments is determined by staff
examining the underlying investments.
21. Is the Auxiliary Organizations Unemployment Insurance Trust (AOUIT) an outside entity, and
outside the scope of this RFP?
Response: AOUIT was a separate trust that has been dissolved and we are now a part of a fullyinsured unemployment insurance plan.
Responses have been provided for questions that have been asked through June 18, 2012. Responses to
additional questions received after this date will be updated periodically. Please check back for updated
information.
Please submit questions regarding information in the request for proposal through e-mail by contacting:
sjennings@csuchico.edu.