A two-principal partnership running facilities services, compliance documentation, and Uniform Guidance single-audit CPA work for NEKCAA Olive Hill, FIVCO Grayson, the Housing Authority of Olive Hill, the multifamily cluster, the Fiscal Court, and the two cities.

Both aggregators carry federal-fund recipient status with annual Uniform Guidance 2 CFR 200 single-audit requirements. NEKCAA's $19.3 million HHS-funded portfolio crosses the $1 million single-audit threshold many times over and requires an annual audit by an independent CPA firm. FIVCO at $190,000 in DOT awards plus AAA Title III pass-through plus revolving-loan-fund activity crosses the threshold across its consolidated federal-fund inflow. The Housing Authority of Olive Hill at $1.94 million across 22 HUD awards carries its own annual REAC and FASS-PH compliance requirements. The multifamily and senior-housing cluster — River Run, Logan Trace, Pine Ridge, Chapel House, Friendship House, Pathways Properties, Poplar Plains, and Gateway Homeless Coalition — aggregates roughly $5 million in HUD and USDA Rural Development funding and carries property-level audit and REAC inspection cycles.

Facilities services across the dual-aggregator portfolio run multi-site. NEKCAA operates Olive Hill Head Start sites, senior centers across the five-county footprint, weatherization-program intake offices, and the 539 Hitchins Avenue headquarters. FIVCO operates the 32 FIVCO Court headquarters plus regional planning satellite offices plus AAA Title III congregate-meal-site coordination. The Housing Authority of Olive Hill runs the public-housing portfolio. The multifamily cluster runs scattered USDA Rural Development and HUD properties. The Fiscal Court runs the courthouse, the road department, and the jail. The City of Grayson runs municipal facilities at 401 North Main Street. The City of Olive Hill runs municipal facilities at 225 Roger Patton Drive. A founder operating janitorial, HVAC preventive maintenance, lawn and grounds, small repair, fire-and-life-safety annual inspection coordination, and pest-control services across this dual-aggregator-plus-housing-plus-municipal portfolio compresses transaction costs for each counterparty.

Compliance documentation is the third leg. Federal-grant recipients carry ongoing program-level documentation requirements — financial-management policies and procedures, procurement policies under 2 CFR 200.317 through 200.327, internal-control documentation under 2 CFR 200.303, equipment and supplies management under 2 CFR 200.313, allowable-cost determination under 2 CFR 200.400 through 200.475, indirect-cost rate documentation, sub-recipient monitoring under 2 CFR 200.331 through 200.333, and federal financial reporting under 2 CFR 200.327 through 200.328. A Carter-resident operator who runs these documentation cycles inside both NEKCAA and FIVCO simultaneously builds procedural memory across the two organizations that no out-of-region consultant can match.

Two-principal partnership math. One principal is a Kentucky-licensed CPA in good standing on the AICPA single-audit-qualified roster carrying the annual audit work at NEKCAA, FIVCO, the Housing Authority of Olive Hill, and the multifamily cluster — roughly $150,000 to $300,000 in annual single-audit revenue plus $50,000 to $120,000 in adjacent tax, financial-statement-preparation, and indirect-cost-rate work. The other principal runs facilities services and compliance documentation across the same counterparties — roughly $200,000 to $400,000 in annual facilities-and-compliance revenue.

Out-of-region competition is uncompetitive at this scale. National CPA firms (BKD, FORVIS, BDO) hold Kentucky regional offices in Louisville or Lexington and price multi-million-dollar single-audit engagements at the multi-county fiscal-court or hospital-system scale; the Carter-and-Olive Hill multi-counterparty book sits below their pricing floor. Regional CPA firms in Ashland or Pikeville carry the work at competitive scope but rarely staff a Carter-resident lead. The Carter-resident two-principal partnership operating from inside the same county as the two aggregators is the structural advantage out-of-region firms cannot replicate.

CPA leg (Principal 1). Annual single-audit revenue across NEKCAA, FIVCO, the Housing Authority of Olive Hill, and the multifamily cluster $150,000 to $300,000. Adjacent tax, financial-statement preparation, indirect-cost rate, and Fiscal Court financial-statement audit work $50,000 to $120,000. Year 1 revenue $150,000 to $250,000 while the audit book builds. Year 3 stabilized $200,000 to $420,000.

Facilities and compliance leg (Principal 2). Annual facilities-services revenue across the dual-aggregator-plus-housing-plus-municipal portfolio — janitorial, HVAC preventive maintenance, lawn and grounds, small repair, fire-and-life-safety inspection coordination, pest control — $150,000 to $300,000. Annual compliance-documentation revenue across federal-grant policies, procurement documentation, sub-recipient monitoring, and federal financial reporting $50,000 to $100,000. Year 1 revenue $120,000 to $220,000 while the book builds. Year 3 stabilized $200,000 to $400,000.

Combined two-principal partnership. Year 1 revenue $270,000 to $470,000 across both legs. Year 3 stabilized $400,000 to $820,000. Founder draws split roughly 55-45 between the CPA principal and the operations principal, with combined annual draws $130,000 to $260,000 at maturity.

Founder-side capital $150,000 to $450,000 combined. Office lease and tenant-improvement in Olive Hill or Grayson $20,000 to $50,000. Accounting and audit software (Caseware, ProSystem fx, Engagement, or equivalent) plus payroll and time-keeping plus document-management $15,000 to $35,000. Initial professional-liability and errors-and-omissions insurance plus general-liability plus commercial-auto $15,000 to $35,000. Small service vehicle plus initial cleaning and grounds and small-repair tool inventory $25,000 to $70,000. Kentucky CPA licensure renewal plus AICPA single-audit-qualified continuing-education plus peer-review fees $4,000 to $10,000 annually. Working-capital reserve against the audit-cycle billing pattern (much of the audit revenue lands in March through July; cash-flow troughs September through December) $70,000 to $250,000.

• Northeast Kentucky Community Action Agency

  Carter-resident five-county community-action agency — primary counterparty

  Active in market

  539 Hitchins Avenue, Olive Hill. Chartered 1965. $19.3 million across two HHS awards. Operates Head Start, CSBG, LIHEAP, weatherization, senior services, and housing-assistance programs across Boyd, Carter, Elliott, Greenup, and Lawrence.
• FIVCO Area Development District

  Carter-resident regional ADD — primary counterparty

  Active in market

  32 FIVCO Court, Grayson. One of fifteen Kentucky ADDs chartered under KRS 147A.050. Founded 1968. 25-member board. $190,000 across one DOT award. Regional planning, AAA, workforce, FTA 5310 and 5311 transportation coordination, revolving-loan fund, and ARC Local Development District functions.
• Housing Authority of Olive Hill

  Public housing authority — primary counterparty

  Active in market

  Olive Hill. $1.94 million across 22 HUD awards. Carries annual REAC and FASS-PH compliance requirements.
• Multifamily and senior-housing cluster

  USDA Rural Development and HUD multifamily portfolio — primary counterparties

  Institution

  River Run, Logan Trace, Pine Ridge, Chapel House, Friendship House, Pathways Properties, Poplar Plains, and Gateway Homeless Coalition. Roughly $5 million combined over three years. Property-level audit and REAC inspection cycles.
• Carter County Fiscal Court

  County government — primary counterparty

  Active in market

  300 West Main Street Suite 227, Grayson. Judge-Executive Brandon Burton. $389,000 across one USDA award. Courthouse, road department, and jail facilities-services demand plus annual financial-statement audit.
• City of Grayson

  Home-rule city under KRS 83A — primary counterparty

  Active in market

  401 North Main Street. Mayor Troy Combs. Municipal facilities plus USDA Rural Development utilities sub plus small-DOT pass-through.
• City of Olive Hill

  Home-rule city under KRS 83A — primary counterparty

  Active in market

  225 Roger Patton Drive. Mayor Jerry Callihan, Clerk-Treasurer Steff Thomas, City Attorney Derrick Willis. $234,000 across one DHS award. Municipal facilities plus DHS and FEMA preparedness pass-through.
• AICPA and Kentucky Society of CPAs

  Single-audit qualified CPA practitioner roster

  Out-of-county

  The CPA principal carries an AICPA single-audit-qualified roster status plus current Kentucky CPA licensure.
• National CPA firms (BKD/FORVIS, BDO, Crowe)

  Out-of-region competition — uncompetitive at Carter scale

  Out-of-county

  Kentucky regional offices in Louisville or Lexington. Price multi-million-dollar single-audit engagements at the multi-county Fiscal Court or hospital-system scale; the Carter multi-counterparty book sits below their pricing floor.

The founder profile is a two-principal partnership. Principal 1 is a Kentucky-licensed CPA in good standing on the AICPA single-audit-qualified roster with prior regional-CPA-firm experience on Uniform Guidance 2 CFR 200 single-audit engagements at community-action agencies, Area Development Districts, public housing authorities, or comparable federal-grant recipients. Principal 2 is an operations and facilities-services practitioner with prior multi-site janitorial, HVAC, grounds, and small-repair coordination tenure plus federal-grant compliance-documentation familiarity. The two principals split equity 50-50 or 55-45 in favor of the CPA principal depending on capital contribution and book-of-business contribution at launch.

Relationship-portfolio target at launch: NEKCAA's executive director and finance director, FIVCO's executive director and finance director, the Housing Authority of Olive Hill executive director, the multifamily-cluster property managers (River Run, Logan Trace, Pine Ridge, Chapel House, Friendship House, Pathways Properties, Poplar Plains, Gateway Homeless Coalition), the Carter County Fiscal Court finance officer and county treasurer, the City of Grayson clerk and the City of Olive Hill clerk and treasurer, the FIVCO revolving-loan-fund administrator, the AICPA Kentucky Society of CPAs peer-review committee chair, and the Kentucky Auditor of Public Accounts office. Twelve to fifteen named contacts minimum by end of Year 1.

Entity and licensing posture. Kentucky business entity (limited-liability partnership or S-corporation) plus Kentucky CPA firm registration plus AICPA single-audit-qualified roster maintenance plus annual peer review plus errors-and-omissions and professional-liability insurance at the CPA-firm risk class plus a separate operations entity under common ownership for the facilities and compliance-documentation leg with general-liability, commercial-auto, workers'-comp, and umbrella insurance at the facilities-services risk class. Background-check infrastructure for crew members entering NEKCAA Head Start sites and Housing Authority of Olive Hill properties.

National CPA firms hold the multi-million-dollar engagement scope and do not compete at the Carter multi-counterparty book size. The Carter-resident two-principal partnership operating from inside the same county as the two regional aggregators is the structural advantage out-of-region firms cannot replicate. Mature run-rate above $820,000 requires a junior-staff hire on the CPA side plus a crew lead on the facilities side and pushes the firm outside the two-principal partnership envelope.

• — NEKCAA's current single-audit firm and contract term.
• — FIVCO's current single-audit firm and contract term.
• — The Housing Authority of Olive Hill's current REAC and FASS-PH consultant.
• — The multifamily cluster property-management identity and current audit-and-compliance roster.
• — Carter County Fiscal Court's current financial-statement audit firm and contract term.
• — City of Grayson and City of Olive Hill's current municipal-audit firm and contract term.
• — NEKCAA's executive director and finance director as of the date of inquiry.
• — FIVCO's executive director and finance director as of the date of inquiry.
• — Kentucky Auditor of Public Accounts posture on the Carter Fiscal Court and the two cities.
• — The peer-review status of the regional CPA firms in Ashland, Pikeville, Morehead, and Lexington that currently carry portions of the Carter book.
• — Operator P&Ls. The math above is industry-benchmarked, not measured.

Tonight, this week, this month — in that order. Each step produces a yes/no or a number, not a deeper understanding.