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Trustees question expanded accounting role, ask for 2024 payments and details on engagement letters
Summary
University Park trustees reviewed three engagement items from their accounting firm (financial‑statement engagement, standard engagement and rates), probed how the firm’s role expanded into payroll and managerial work, and asked for a 2024 payment breakdown and clarification on the proposed 3% rate increase.
An accounting‑firm representative presented three engagement items in the board packet — an engagement letter for the preparation of financial statements, a longer standard engagement agreement and proposed rates — and said the work is similar to the current arrangement with a 38‑day termination clause.
Trustees asked how the firm’s responsibilities expanded beyond audits to include payroll processing, TIF reporting, retroactive calculations, and managerial assistance. The firm said expansion occurred as the village’s needs increased and that, as a result, its role now includes a wider set of financial and administrative duties.
Board members also raised questions about the village’s ability to hire an in‑house finance director and whether contracted tasks would change if a director is hired. Trustees noted challenges in recruiting experienced government finance professionals and asked whether transitional training and handover steps could be provided; the accounting firm said it could support a handover period.
One trustee requested a breakdown of total payments the village made to the firm in 2024; the firm agreed to provide that figure. Trustees also noted the firm’s proposed 3% rate increase, which the firm said would take effect May 1 if the board chooses to continue the engagement.
