Agreed Upon Procedure. Omitted.
Agreed Upon Procedure. Agreed Upon Procedure" shall mean the procedures and methodology approved by the City's Finance Department for review and audit of Contractor's financial records in connection with this Agreement.
Agreed Upon Procedure. 1 Confirm that San Xxxx College was invoiced based on the contract terms conditions-(continued).
Agreed Upon Procedure. 2 Tie out and agree the contractor’s invoicing to San Xxxx College to the invoices the contractor received for products and services. Agreed Upon Procedure #8 Inspect for mark-ups charged to San Xxxx College by the Contractor. Procedures: Non-labor Costs Procedures From Sodexo’s monthly invoicing ACG selected 60 non-labor billed items to test for fiscal year 2014. These items were indicated on Sodexo’s monthly revenue and expense detail reports that accompany each monthly invoice. Sodexo’s monthly revenue and expense reports segmented billed items into product, controllable and non- controllable cost categories. Approximately 5 billed items were haphazardly selected from each month and category in fiscal year 2014 based on the dollar amount of non-labor costs in each category relative to the total non-labor costs. The source documents reviewed to support Sodexo’s costs included Sodexo’s invoices, receipts, contract rates and other documentation that supported journal entries that were recorded as operating expenses and billed to the College. Examples of journal entries include monthly marketing fees, management fees, and insurance costs allowed under the terms and conditions of the management agreement. For each item tested we traced billed amounts to Sodexo costs indicated by invoices, receipts, contract provisions, allocation schedules and other documentation supporting journal entries recorded by Sodexo and billed to the College.
Agreed Upon Procedure. 2 Tie out and agree the contractor’s invoicing to San Xxxx College to the invoices the contractor received for products and services-(continued). Agreed Upon Procedure #8 Inspect for mark-ups charged to San Xxxx College by the Contractor-(continued).
Agreed Upon Procedure. 3 Determine that San Xxxx College is charged for purchases only and verify items purchased are properly tracked in inventory. Agreed Upon Procedure #4 Determine if inventory procedures are documented and there are adequate safeguards in place. Procedures: We interviewed Sodexo’s General Manager and District Controller regarding how Sodexo ensures the inventory purchased for San Xxxx College is properly tracked and safeguarded. We requested Sodexo written inventory procedures. We also observed the month-end inventory process on January 30, 2015 and safeguards in place. We reviewed each the inventory activity in each month on Sodexo’s monthly revenue and expense detail reports. We also reviewed invoices related to inventory purchases and looked specifically for evidence items were ordered were received at the College
Agreed Upon Procedure. 5 Determine if costs (specifically depreciation, moving costs, uniforms) associated with the contract are being properly accounted for and accurately included in the College’s general xxxxxx.
Agreed Upon Procedure. 10 Determine how the contractor’s employee meal allowances are factored in the contract with San Xxxx College, taking into account that San Xxxx College owns the food; i.e. are the employees paying for the meals; are meals consumed without recording costs.
Agreed Upon Procedure. 10 Determine how the contractor’s employee meal allowances are factored in the contract with San Xxxx College, taking into account that San Xxxx College owns the food; i.e. are the employees paying for the meals; are meals consumed without recording costs-(continued) Effect: The estimated value of free meals provided to Sodexo employees for fiscal year 2014 is $10,000. The estimated is based on a working staff of 20 employees who work 250 day a year and consume food costing $2 per day. The method used to estimate the value is based on NMAC 3.2.11.10 (9B) which is the same method utilized to determine a value for New Mexico Compensating Tax purposes We noted Sodexo charged the College a use tax for free meals totaling $395.66 in fiscal year 2014. This implies the tax value of free meals provided to employees during fiscal year 2014 totaled $7,913.20 based on a 5% compensating tax rate. Cause: Sodexo disregards the College’s ownership of the food and instead adheres to its own internal policy which allows Sodexo to provide free meals to its employees.
