October 29, 2021

IMPORTANT NOTICE: Request for Proposal – Public Accountant Firm to Audit FAME Financial Statements

The Finance Authority of Maine (the Authority) is requesting proposals from firms of public accountants to audit its financial statements for six fiscal years beginning July 1, 2021.  The audits are to be performed for the purpose of rendering an auditor’s opinion on the fairness of the financial position presented in the Authority’s financial statements as of the audit dates, in conformity with generally accepted accounting principles.

In order for the respondent to be considered, it must meet the following:

  1. The Authority strongly prefers a firm with significant audit experience with, or knowledge of the private education loan industry. If the proposer does not have this experience or knowledge, but has a strong relationship with a subcontractor that does, or otherwise can make a strong case for consideration, then this arrangement will be considered by the Authority.
  2. The proposer must have significant audit experience with lending institutions and, in particular, with analyzing loan portfolios and establishing loss reserve.
  3. The proposer must have significant audit experience with governmental entities, the Single Audit Act of 1984, Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and GASB Statement No. 34 (as amended) reporting requirements.
  4. The proposer must demonstrate the sufficiency and availability of qualified staff.
  5. The proposer must provide a recent peer review without material qualifications.

Deadline for submissions is 4:00 p.m. on November 18, 2021.  Anyone interested in submitting a proposal to this request should contact:

Shelly Desiderio

Manager of Accounting and Finance

Finance Authority of Maine

P.O. Box 949

Augusta, ME  04332-0949

Telephone:  (207) 620-3517

E-mail: sdesiderio@famemaine.com

Download PDF of Follow-up Questions and Answers