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13 <br />May 23, 2001 <br />Mr. Ken Chavious; Finance Director <br />Orange County <br />208 S. Cameron Street <br />P.O. Box 8181 <br />Hillsborough, North Carolina 27278 <br />Deaz Mr. Chavious: <br />This letter of arrangement between Orange County (the "County"), and Cherry; Bekaert & Holland, <br />L.L.P. sets forth the nature and scope of the services we will provide, the Caunty's required involvement <br />and assistance in support of our services, the related fee arrangements, and other terms and conditions <br />designed to assure that our professional services are performed to achieve the mutually agreed upan <br />objectives of the County. <br />SiJ1VIl~IARY OF SERVICES <br />We will assess the County's financial management processes, systems, organizational structures, and <br />inventory resources to determine whether the County has the necessary features to effectively implement <br />GASB 34. Areas of strengths and weaknesses will be identified, specific tasks will be designed, and the <br />resulting report will serve as a "blueprint" for adoption of the new standard. <br />Systems and structures <br />Fund Structure. We will review the County's fund and sub-fund structure in order to: <br />• Identify the purpose and type of activity of each fund/sub-fund and make recommendations for any <br />changes that would be either required by GASB 34, or facilitate implementation of the standard without <br />compromising the County's ability to manage its resources. <br />• Make an initial major fund determination. <br />• Review significant non-major funds to determine if any should be designated as a major fund. <br />• Review general ledger system and reports to determine whether the necessary information can be <br />generated from available reports. <br />