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Euclid CIC approves professional services agreement for annual financial statements
Summary
The board approved a professional services agreement with Zipka/Zepka and Associates to prepare annual financial statements and Form 990 filings for fiscal years ending Dec. 31, 2025 through Dec. 31, 2027; audit services are separate and historically funded by the city's general fund.
The Community Improvement Corporation of Euclid voted Oct. 14 to approve a professional services agreement with Zipka and Associates for preparation of financial statements and tax filings for fiscal years ending Dec. 31, 2025 through Dec. 31, 2027.
Director Smith presented the cost proposal included in the board packet and said staff will budget for the services in those fiscal years. Director Smith also said the organization has sufficient revenues to cover the costs. Board discussion clarified that the agreement covers preparation of the financial statements and Form 990 filings; audit services are a separate engagement. Historically, the city paid for audit fees from the general fund, Director Smith said, and the CIC plans to budget for audit-related fees within the CIC next year.
Trustee Daniel Burns moved the motion to approve the professional services agreement; Trustee Cosgrove seconded. The motion passed on a voice vote.
The board packet included a cost proposal and staff indicated they will budget accordingly; the transcript contains garbled numeric amounts for the not-to-exceed figure and the per-year cost in the cost proposal and those amounts are not stated here because the packet should be referenced for exact figures.
