CEFA_AUDIT_advertisement_clause_05-15.pdf
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- Audit Services
- Solicitation number
- 0000000592
- Issued by
- California
About this file
This is a Request for Proposal (RFP) notice from the California Educational Facilities Authority (CEFA) seeking audit services under RFP# 5-15. The RFP solicits proposals from qualified certified public accounting firms to audit financial statements for CEFA's program funds, including the Educational Facilities Authority Fund (EFAF) and student loan programs (Student Loan Authority Fund and California Student Loan Refinancing Program fund). The scope includes reviewing CEFA's internal operations, outstanding tax-exempt bond issues, and complex student loan program components including trustee-held funds, loss reserve accounts, loan servicer activities, and program administrator reports. The contract period covers audits for fiscal years ending June 30, 2016 and June 30, 2017, with a possible option to renew for FY 2018. The anticipated contract start date is June 2016. Proposals are due April 5, 2016 at 4:00 p.m. at CEFA's Sacramento office.
The RFP was issued in response to increased reporting and auditing requirements established by Senate Bill 99 (effective January 1, 2010), which expanded requirements for conduit issuers including state finance authorities chaired by the California State Treasurer. The scope encompasses comprehensive auditing of both CEFA's educational facilities bonds and the more complex student loan programs, requiring review of multiple financial institutions, servicers, and administrators involved in the programs. Interested firms can obtain the complete RFP by contacting Martha Maldonado, Operations Manager at CEFA.
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| File | Type | Posted |
|---|---|---|
| CEFA_05-15_Audit_RFP_Final.pdf |
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Text version
The California Educational Facilities Authority (CEFA) REQUEST FOR PROPOSAL-Secondary
CEFA# 5-15 - Audit Services
Notice to Prospective Proposers
March 1, 2016
CEFA is soliciting proposals from public accounting/auditing firms and seeks to contract with a qualified certified public accounting firm (“firm”) to audit financial statements relevant to the assets of the program funds that exist within CEFA: the Educational Facilities Authority Fund (EFAF); and the student loan programs (Student Loan Authority Fund (SLAF) and California Student Loan Refinancing Program fund or account (Education Code sections 94157-94165). While the review of EFAF includes the internal operations of CEFA and a review of all outstanding tax-exempt bond issue amounts, the student loan funds is much more complex. It may require a complete review of the existing student loan programs, including all of the funds held by trustee banks or other financial institutions, loss reserve accounts, the loans disbursed by and collections made by the loan servicers, and the reports prepared by the program administrators. This audit also entails a review of the separate annual audits on each of the servicer’s and the administrator’s organization.
In addition, effective January 1, 2010, legislation (Senate Bill 99, which added Chapter
10.7 of Division 6 of Title 1, commencing with section 5870, to the Government Code) increased the reporting and auditing requirements for conduit issuers. While the focus of the legislation was on the joint powers authorities that frequently issue bonds, the legislation was written to include the state finance authorities chaired by the California State Treasurer. As a result, CEFA must comply, at a minimum, with the same reporting/auditing requirements imposed on the joint powers authorities.
The engagement period will be for the audit of each of the two (2) fiscal years ending June 30, 2016 and June 30, 2017 with a possible option to renew for the audit of the fiscal year ending June 30, 2018. CEFA anticipates a June 2016 contract start date and the firm must be available at that time to assume services.
For a copy of the RFP, please contact:
Ms. Martha Maldonado
Operations Manager California Educational Facilities Authority
915 Capitol Mall, Room 590 Sacramento, CA 95814
(916) 653-2872
Bid Submittal Deadline April 5, 2016 at 4:00 p.m. at the address above.
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