The Kentucky Association of Counties Leasing Trust (hereinafter “the Trust”) requests proposals from qualified certified public accountants or certified public accounting firms to perform the annual audits of the financial statements of the Trust as required by KRS 65.312(5).

About the Trust

The Trust was created in 1988 pursuant to the Kentucky Interlocal Cooperation Act, KRS 65.210-65.300, to provide financing options for governmental entities within the Commonwealth of Kentucky for the acquisition, construction, maintenance and improvement of real and personal property.

The Trust is governed by its Board of Trustees (hereinafter “the Board”) and is administered by the Kentucky Association of Counties, Inc. (hereinafter “KACo”).

As reported on the Trust’s audited financial statements for the fiscal year ended June 30, 2025, the Trust had total assets of $53.2 million, total liabilities of $39.9 million and net assets of $13.3 million as of June 30, 2025.  For the fiscal year ended June 30, 2025, the Trust had revenues of $3.6 million, total expenses of $3.5 million and changes in net assets of $72.7 thousand.  The Trust’s  most recent annual audit, for the fiscal year ending June 30, 2025, was performed by Cherry Bekaert LLP.

Proposed engagement term

The proposed engagement period shall be for four (4) fiscal years, commencing with the audit for the Trust’s fiscal year ending June 30, 2026, with an option to renew for an additional four (4) fiscal years upon agreement of the parties. The performance of each audit shall be subject to the execution of an engagement letter executed by the parties.

The duties and responsibilities of the successful respondent shall, at the direction of the Trust and subject to final agreement of the parties, include:

• Prepare an annual engagement letter between the successful respondent and the Trust setting out the terms and conditions of the audit engagement for each fiscal year. The engagement letter shall specify that the successful respondent shall forward a copy of the audit report and management letters to the Kentucky Auditor of Public Accounts (hereinafter “the APA”) and that the APA shall have the right to review the work papers before and after the release of the audit as required by KRS 65.312(5)(a) and (b).
• Commence audit work as soon as practicable following completion of the Trust’s fiscal year.
• Perform the audit in accordance with auditing standards generally accepted in the United States of America.
• Complete the audit work and submit a draft of the audit report by the date agreed upon by the parties in the annual engagement letter.
• Present the audit report at a meeting of the Board.
• Issue the final audit report by the date agreed upon by the parties in the annual engagement letter.
• Provide consultation and advice regarding accounting issues to KACo’s representatives throughout the term of the engagement.

Responses to this solicitation shall include:

• Name and address of your firm, primary contact person and their telephone number;
• Brief history of your firm;
• Identify the persons who would have significant responsibilities for servicing the account, including the key person(s) who would be communicating with our organization, including detailed biographies of such persons;
• Firm qualifications and experience in providing similar services;
• Pricing methodology, including rates, fees and expense structure;
• Proposed engagement letters, contracts, licensing agreements and other agreements with the complete terms and conditions for the relationship;
• List of clients for which the firm provides similar services, including name, title, and telephone number of each reference; and
• Any additional information that you feel is relevant.

Miscellaneous

Each respondent must independently evaluate all information provided by the Trust. The Trust makes no representations or warranties regarding any information presented in this solicitation, or otherwise made available during this procurement process, and assumes no responsibility for conclusions or interpretations derived from such information. In addition, the Trust will not be bound by or be responsible for any explanation or conclusions regarding this solicitation or any related documents other than those provided by an addendum issued by the Trust. Respondents may not rely on any oral statement by the Trust or its agents, advisors, or consultants. If a respondent identifies potential errors or omissions in this solicitation or any other related documents, the respondent should immediately notify KACo Chief Financial Officer Karen Y. Basham at (502) 223-7667 or karen.basham@kaco.org.

This solicitation does not constitute an offer by the Trust. No binding contract, obligation to negotiate, or any other obligation shall be created on the part of the Trust unless the Trust and the successful respondent execute a written contract. No recommendations or conclusions from this solicitation process concerning the respondent shall constitute a right (property or otherwise) under the Constitution of the United States or under the Constitution, case law, or statutory law of Kentucky.

All elements of the response (including all statements, claims, declarations, prices, and specifications) shall be considered firm and irrevocable for purposes of future contract negotiations unless specifically waived in writing by the Trust. The respondent chosen for award should be prepared to have its proposal and any relevant correspondence incorporated into the written contract, either in part or in its entirety, at the Trust's election.

The Trust provides equal opportunity for all businesses and does not discriminate against any respondent regardless of race, color, religion, age, sex, and national origin or disability.

No advertising, sales promotion or other materials of any respondent or its agents or representatives may identify or reference the Trust or KACo in any manner absent the prior written consent of the identified party.

Respondents may change or withdraw a previously submitted proposal at any time prior to the proposal due date. Withdraw should be directed to Ms. Basham in writing.

Respondents or their authorized representatives must fully inform themselves as to all conditions, requirements and specifications of this solicitation before submitting proposals. Failure to do so will be at the respondent’s own risk.

Schedule and process

Responses shall be submitted by email to procurement@kaco.org and must be received no later than 4:00 p.m. EDT on Monday, March 9 2026, to be considered.  The Trust anticipates that the award, if any, to the successful respondent will be made on or before Thursday, April 30, 2026, and all responses shall be valid through that date.

Additional information regarding this solicitation may be obtained by contacting Karen Y. Basham, KACo Chief Financial Officer, at (502) 223-7667 or karen.basham@kaco.org. 

The Trust reserves the right to:

• Utilize additional information contained within any response;
• Waive irregularities in any response;
• Reject any or all responses; and
• Negotiate with any party regarding their response.

Solicitation posted Friday, February 27, 2026.