2011-350 Finance - Roger S. Segal, CPA, PA for consultant services

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ROBERTS. SEGAL, CPA PA EXPENSE REDUCTION 8. REVENUE ENHANCEMENT 1912EASTCHESTER DRIVE SUITE 206 HIGH POINT,NC 27265 336.886-2100 FAX 336-886-2101 www.segalcpa.com LETTER OF AGREEMENT Robert S. Segal, CPA, PA ("SEGAL") and Orange County, Town of Chapel Hill, Town of Hillsborough and Town of Carrboro (together referred to as "CLIENT") hereby enter into this Letter of Agreement whereby SEGAL shall serve as a consultant to CLIENT to examine and revenue of CLIENT for the purpose of obtaining an tax refunds available analyze the following, p P 9 Y in all prior years still open under the statute of limitations. North Carolina Sales/Use Tax Reallocation For periods ending on or before June 30, 2011 The Client agrees that the above listed revenue is not currently under tax refund evaluation by CLIENT and all refunds received will be eligible for full payment of fees to SEGAL at the contract rate stipulated below. SEGAL will furnish CLIENT with a written report as to sales/use tax refunds discovered. SEGAL will then prepare the respective refund claims to achieve the refunds. CLIENT agrees to pay SEGAL a fee in accordance with the following FEE SCHEDULE due to Segal's amending of refund returns upon the CLIENT'S receipt of documentation from the North Carolina Department of Revenue evidencing the additional sales/use tax revenue being transferred to the CLIENT. FEE SCHEDULE A sliding scale based on the sales and use tax adjustment based on point of delivery as follows: Any adjustments obtained from UNC Hospital will be billed at 15%. all other adjustments obtained will be billed based on the schedule below: 00.0% if no additional adjustments are obtained, 20.0%for the first$200,000 of additional adjustments obtained, 25.0%for the next$200,000 of additional adjustments obtained, 30.0%for all additional adjustments obtained. However, for all of the refunds filed for 2007-2008, the fees would have a cap or maximum of $90,000. The same $90,000 maximum would apply for each year: 2008-2009, 2009-2010 and 2010-2011. CLIENT agrees that SEGAL shall invoice each entity (Orange County, Town of Chapel Hill, Town of Hillsborough and Town of Carrboro) for its pro-rata share of the fee based upon its percentage of that quarter's sales and use tax distribution from the state of North Carolina. This agreement may be terminated by any party upon 60 days written notice to all of the other parties.