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Mr. Dave 1Vliller Interim Fiscal Officer Village of Mayfield June 23, 2009 Page 3 of 4 All documents provided to LGS in connection with our services including financial records and reports, payroll records, employee rosters, health and medical records, tax records, etc. must be redacted of any personal information before submission. Personal information is defined as social security numbers, dates of birth, drivers' license numbers or financial institution account numbers associated with an individual. The Village shall redact all personal information from electronic records before they are transmitted to LGS. This information should be fully blacked out in all paper documents prior to sending them to LGS. If personal information cannot be redacted from any records or documents, the Village office must identify these records to LGS prior to their submission. If redacting this personal information impairs the ability of LGS to provide the contracted services, the Village office and Auditor of State's Office will consider these exceptions on a case-by-case basis. Additionally, if redacting this information creates hardship on the Village in terms of resources, recordkeeping or other issues, the Village and LGS may collaborate on alternative methods of providing the Village's data to LGS without compromising the personal information on individuals served or employed by the Village. As part of the annual financial report, you will be required to prepare a Management's Discussion and Analysis (MD&A). LGS assistance with respect to the MD&A will be limited to reviewing the MD&A to determine that all required topics have been addressed and to ensure that amounts presented in the NID&A match the amounts presented in the fmancial statements. During the course of the compilation, from financial records and supporting documentation you provide, LGS will propose journal entries for the preparation of the basic financial statements; review records and other information to determine whether data is being gathered at the required level to permit the preparation of the financial statements; enter usable information from the prior year trial balances to the trial balances that will be used for the year being reported; and input approved joumal entries into the trial balances. LGS will also discuss with you the requirements for budgetary presentations and assist in the identification of original budgetary information. LGS assistance with respect to capital assets will be limited to explaining the information necessary for report preparation. If additional assistance in the review of policies or significant guidance related to the calculation of capital assets is required, this engagement will need to be amended. All work papers prepared by the Office of the Auditor of State will remain the property of the Auditor of State. Accordingly, we are responsible for their care and custody. At the conclusion of the project, we will provide copies of any of the work papers you would like to have for your records. However, the work papers should not be regarded as a part of, or a substitute for, your accounting records. Our engagement cannot be relied upon to disclose errors, fraud, or illegal acts that may exist. However, we will inform the appropriate level of management of any material errors and of any evidence or information that comes to our attention during the performance of our compilation procedures that fraud may have occurred. In addition, we will report to you any evidence or information that comes to our attention during the performance of our compilation procedures regarding illegal acts that may have occurred, unless they are clearly inconsequential. It is estimated that 80 hours will be needed to complete this project. Our fees for these services will be billed monthly to the Village at a rate of $50 per hour, and the total cost is not anticipated to exceed $4,000. If additional time or services should be necessary, we will notify the Village regarding any amendment to this contract that may be required.