This page was last updated on: April 15, 2011
August 13, 2004
I. STATEMENT OF OBJECTIVES
The purpose of this RFP is to solicit proposals for conducting a comprehensive annual audit of the financial statements of the Stadium at Rentschler Field in East Hartford, Connecticut (Stadium), in accordance with generally accepted auditing standards. The report from such audit shall express an opinion on the fairness of the financial statements and indicate if such statements were prepared in accordance with generally accepted accounting principles (GAAP).
As the operator of the Stadium, the Office of Policy and Management (OPM) has engaged the services of Madison Square Garden LLC (MSG) to manage this multi-use sports arena that is home to the University of Connecticut Football Team. In addition, the stadium, which seats 38,000, is utilized for other sporting events, concerts and competitions. The adjacent parking area has 11,000 parking slots.
The stadium's accounting, cost accounting, and financial reporting functions are performed by the staff of MSG with oversight and reporting to the OPM and the Office of the State Comptroller (OSC). Requisite accounting data is collected and maintained on the state's computerized Core-CT System.
The Auditors of Public Accounts (APA) have conducted a review of the system of internal control and have additional oversight responsibilities.
III. SCOPE OF WORK
OSC wishes to engage the services of a Connecticut-licensed certified public accounting firm (Contractor) with substantial expertise in financial management and auditing. The Contractor must be able to provide assistance and guidance on improving operational procedures to better track revenue and expenditures and to prevent loss
The audit will be conducted annually for the fiscal years ending June 30, 2004, 2005, and 2006, and a report from such audit issued within eight (8) months of fiscal year ending June 30, 2004, and within three (3) months of the fiscal years ending June 30, 2005 and 2006. The contract will be effective for the three-year period, November 1, 2004 to September 30, 2007.
The Contractor may, from time to time, be asked - and the contractor shall provide - copies of work papers pertinent to the audit by appropriate staff of the OPM, OSC, or APA. The Contractor may also be required to explain its findings before appropriate state agencies or the legislature.
IV. EXPECTED RESULTS
Timely promulgation of an audit report in accordance with statutes, which expresses an opinion on the fairness of the financial statements and its conformance to GAAP.
Suggestions and recommendations to streamline and accurately and efficiently record and report financial information.
Availability of Contractor to respond to questions regarding the audit or its findings.
V. PROPOSAL SUBMISSION REQUIREMENTS
Each firm that wishes to be considered for the contract shall submit five (5) copies of their proposal to be received at the following address no later than 3:00 p.m. EDST, Friday, October 1, 2004.
Karen Buffkin, Esq.
Executive Assistant to the State Comptroller
Office of the State Comptroller
55 Elm Street, Third Floor
Hartford, CT 06106-1775
Proposals must include the following:
The title page must indicate the name of the firm, address, telephone number, name and title of the firm's contact person for this response, and the date.
The letter must include the name of the individual(s) proposed to serve the state on this engagement, a rationale for the firm's ability to provide the requested services to the state, and a statement of positive commitment to the availability of the firm's staff to provide services upon reasonable notification by the state.
This summary must include the resume(s) of the individual(s) proposed to serve the state on this engagement. All relevant experience of the firm as well as the individual(s) assigned should be detailed within this section.
The profile must include the size and location of the firm (including the location of the Connecticut office and the number of employees attached to the Connecticut office), the number of years that the firm has been in business, and relevant experience in auditing entertainment venues.
Names, addresses, and phone numbers of individuals who can serve as references for the firm must be provided. The references provided should have direct experience working with the firm. At its option, the firm may provide sample work to illustrate its relevant experience. The state is not responsible for any costs incurred by any party in responding to this request for proposal.
The state desires costs to be detailed on an hourly rate basis for professional services. These costs must be inclusive of "other costs" such as travel, clerical, printing, etc.
The proposal should include a summary of the bidder's experience with affirmative action. This information should include a summary of the bidder's affirmative action plan and the bidder's affirmative action policy statement.
VI. INSTRUCTIONS TO VENDORS
Any prospective contractors must be willing to adhere to the following conditions and must positively acknowledge such intent "to comply with the provisions of Section VII of this request for proposal" in the Contract Compliance section of the proposal submission:
VIII. EVALUATION OF PROPOSALS
Each proposal will be evaluated by a screening committee against the following criteria to determine which vendor is most capable of implementing the state's requirements.
XI. Rights Reserved to the State of Connecticut
The state reserves the right to award in part, to reject any and all proposals in whole or in part, to waive technical defects, irregularities and omissions if, in its judgment, the best interest of the State of Connecticut will be served.