2001 S Finance - Cherry Bekaert & Holland Governmental Accounting Standards Board Statement 34 Implementation

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November 14,2001 Mr. Ken Chavious,Finance Director Orange County Post Office Box 8181 Hillsborough,North Carolina 27278 Dear Ken: We enjoyed the opportunity to meet with you and the other members of the County's GASB 34 implementation team to discuss the action plan that was identified in our recently completed GASB 34 status assessment. Based on this meeting and our subsequent discussions, the County has requested our assistance in the following areas: • participating in the County's software vendor selection process • analyzing Fund 61 • analyzing program and general revenues • consolidating individual department spreadsheets for automation equipment,office equipment and other equipment • developing a detail of land owned using available deed of trusts • developing a methodology for allocating historical cost for buildings for each property • establishing the dates each piece of real estate was placed in service • reconstructing missing data from your current capital asset records • determining the estimated useful lives for each category of capital assets • computing accumulated depreciation as of June 30, 2001 • mapping Go Fund • computing beginning of the year conversion adjustments • computing the current year refunding conversion adjustment • computing beginning of the year net assets • drafting beginning of the year notes to the general purpose financial statements • preparing pro-forma Government Wide Financial Statements as of June 30,2001 • preparing a preliminary Management's Discussion & Analysis using June 30,2001 data The following proposed process outlines our overall approach as well as describing the individual elements and outcomes of each project. We expect to conduct many of these projects on parallel tracks. Software vendor selection process We will attend selected meetings as determined by the selection committee. We will assist in the interview process of each vendor and assist the County in determining that the software vendor selected is GASB 34 compliant. Analysis of Fund 61 We will assist the county in analyzing the various projects and activity that is currently being recorded in fund 61.The primary objective of this analysis will be to assist the county in closing down this fund and relocating existing projects, revenues, expenses and balance sheet accounts to other funds.