title
Authorization to execute contract to provide Independent Auditing Services.
presenter
Presenter: Michael Moran, Chief Financial Officer
Recommendation
The Chief Executive Officer ("CEO") of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") approve the award of contract to the below listed contractor in the approximate aggregate value of $4,850,000 consisting of an aggregate original contract value of $1,910,000 for a two-year base term from January 1, 2025 through December 31, 2025 and three additional one-year options for a combined amount of $4,850,000 to provide independent auditing services. The Board further authorizes the CEO to approve each request to exercise the options awarded under the contract.
Recommended Awardee
Base Contract Value
Base Term
Option Terms
Total Contract Value
Ernst & Young, LLP
$1,910,000
1/1/2025-12/31/2026
1st Option: $970,000
2nd Option: $980,000
3rd Option: $999,000
$4,850,000
The requested action complies in all material respects with all applicable federal, state, and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative.
Funding
MTW Funds
Background
CHA is required to perform an annual audit in conformity with Generally Accepted Auditing Principles, Government Auditing Standards issued by the Comptroller General of the United States and provisions of the Office of Management & Budget, Uniform Guidance provisions (Single Audit A-133). The audit is mandatory for participants in United States Department of Housing and Urban Development programs and is generally used to determine whether the CHA's financial data can be relied upon, and the requirement promotes sound financial management, including effective internal control, with respect to federal awards administered by federal, state and local governments and not-for-profit organizations. In addition, CHA is required to complete several report filin...
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