Specifications include, but are not limited to: 1. The Auditor shall audit the financial statements of the TDA for the fiscal year ended June 30, 2024, and express an opinion on the fair presentation of its general purpose financial statements in conformity with generally accepted accounting principles. 2. The audit must be conducted in accordance with generally accepted auditing standards, Government Auditing Standards; provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Audits of States, Local Governments, and Non-Profit Organizations; the State Single Audit Implementation Act, and any other applicable procedures for the audit of a government’s financial statements prepared in accordance with GAAP. 3. The Auditor shall examine the balance sheets, statements of revenue, expenses and changes in net assets and the statement of cash flows of the TDA. 4. The TDA’s only governmental fund is the General Fund. For reference, a copy of the TDA’s Basic Financial Statements for the year ended June 30, 2023 has been included in Exhibit 4. The TDA did not meet the thresholds to require a compliance audit for the year ended June 30, 2023; however the TDA anticipates receiving federal and/or State funds greater than $100,000 from the City of Wilmington during the fiscal year ended June 30, 2024, which results in a Yellow Book audit requirement. 5. The Auditor will be responsible for the preparation, typing, proofing, printing, and copying of the Basic Financial Statements, supplementary information and compliance reports. Upon final review and approval, the responsibility of the TDA’s financial statements and disclosures remains with management. The Auditor will also complete the unit data input worksheet and submit to the LGC along with the completed financial statements.
