Streamline receives funding from the Federal Transit Administration to assist with transit operations and capital expenses. As such, third party contracts involving the use of federal funds are subject to additional requirements. These additional requirements can be viewed here: Federal Certifications and Assurances.
Auditing Services
Gallatin Valley Urban Transportation District (GVUTD) invites qualified, independent certified public accounting firms to submit proposals to perform the annual financial statement audit and required federal compliance audit for GVUTD.
Auditing Services Request for Proposals
Questions & Answers:
(Note: Trial Balance reports will be made available upon request.)
1. When the entity was formed, describe the methodology utilized for establishing the beginning balances for property/equipment and any other balance sheet accounts that are difficult to value.
Answer: Fixed Assets are currently listed at book value, we are working on obtaining fair market value and will make an adjusting entry.
2. Generally describe what, if any, adjustments GVUTD is expecting the auditor to assist.
Answer: There are no expected adjusting entries.
3. Do you have any unrecorded liabilities such as retirement plan participation or other post employment benefits?
Answer: No, obtaining a retirement plan is in progress.
4. Does GVUTD have lease agreements or SBITA agreements (GASB 87 or 96)? Does the District have lease agreements requiring reporting of receivables or payables?
Answer: There is a land lease with the City of Bozeman, however there are no receivables or payables to report. GVUTD has an agreement with a contractor for its Intelligent Transportation System software.
5. Is there long-term debt?
Answer: No
6. Are there fixed assets (e.g. buildings and equipment)? If so, who manages the depreciation schedule?
Answer: Yes (see the answer to question 1). The contracted fiscal agent (HRDC) manages the depreciation schedule.
7. Are there non-cash Capital Contributions reported in the fund accounting?
Answer: No
8. According to the website it appears the District was officially transitioned to GVUTD Board of Directors in April 2025, is that correct?
Answer: GVUTD hired a director in April 2025, the full transition of public transportation operations occurred July 2025.
9. Does the contracted accountant perform all necessary year-end journal entries, such as accruals, liabilities, etc. to report the financials on the accrual basis?
Answer: Yes
10. Does the District prepare the SEFA each year, with necessary details for each federal revenue source, to be reviewed and audited?
Answer: Yes
11. Is there more than one Proprietary (Enterprise) fund?
Answer: N/A
12. Is there or will there be a pension/retirement liability for the two employees?
Answer: Obtaining a retirement plan is in progress.
13. Will the audit firm be expected to maintain or prepare any records (i.e., fixed asset and depreciation listings, Schedule of Expenditures of Federal Awards, or other supporting schedules)?
Answer: No, GVUTD or its fiscal agent will provide the financial information and prepare records, the selected audit firm will not build the financial statements.
14. Are there any contingencies or legal matters that could affect future financial statements?
Answer: No
15. Will the auditors be able to obtain direct (view-only) access to the general ledger system?
Answer: Yes, the fiscal agent uses Blackbaud Financial Edge NXT. GVUTD records are separate from the fiscal agent records through fund accounting.
16. To what extent are key documents (e.g. invoices, contracts, grant agreements, bank statements, and employee timesheets) available in electronic form, or are they maintained as hard copies?
Answer: All documents are available in electronic form.
17. Would your organization consider an audit performed fully remote?
Answer: GVUTD would consider an audit performed fully remotely, however an in-person visit for the initial audit may be beneficial.
18. In lieu of an audit for the period of April 1, 2025 through June 30, 2025, would the District be interested in an agreed upon procedures engagement to review beginning balances in order to reduce fees?
Answer: This activity is minimal, not triggering a single audit. The beginning balances need to be established as correct, the full audit is from July 1, 2025 forward.
Jennifer has served Gallatin County in different capacities for years. Her career has focused on water resources, city planning and public land management. She has served on various boards, while also working with many community-centered organizations.