SSanta Clara
SStadium Authority
Audit Committee Meeting
June 28, 2023
Background
Summary of Findings
Timeline
Tasks Performed
Findings
Recommendations
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Background
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Background
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Background
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lf1l
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11 0 • .1 ·
1411 :1.74 238 ''] I .77, 5)
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Sp 752Jf91.6,
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YoY Comparison Prior to Findings
FYE 03/31/15 FYE 03/31/16 FYE 03/31/17
Description ManCo P&L Variance SCSA Financials ManCo P&L Variance SCSA Financials ManCo P&L Variance SCSA Financials Revenue:
Seating Bowl Revenue 31,687,995 $ - $ 31,687,995$ 54,789,589 $ - $ 54,789,589$ 26,657,484 $ - $ 26,657,484$ TM Fees 1,171,724 - 1,171,724 3,637,978 - 3,637,978 2,318,523 - 2,318,523 Suite Revenue 936,123 - 936,123 2,117,436 - 2,117,436 1,592,175 - 1,592,175 F&B Revenue 4,533,163 - 4,533,163 7,083,351 - 7,083,351 5,093,523 - 5,093,523 Parking Revenue 1,932,537 - 1,932,537 2,517,284 - 2,517,284 2,291,326 - 2,291,326 Rent - - - - - - - - - Sponsorship 502,500 - 502,500 150,000 - 150,000 1,332,125 - 1,332,125 Merchandise 186,059 - 186,059 584,887 - 584,887 261,478 - 261,478 Other Revenue 9,976,463 53,956 10,030,419 18,570,544 303,012 18,873,557 12,014,351 677,777 12,692,128 Sales Tax - - - - - - (150,701) 150,701 - Total Revenue 50,926,563$ 53,956 $ 50,980,519$ 89,451,069 $ 303,012 $ 89,754,081$ 51,410,284 $ 828,478 $ 52,238,762$ Expenses:
Public Safety/Security 3,074,248 $ - $ 3,074,248$ 5,118,914 $ - $ 5,118,914$ 5,243,558 $ 181,373 $ 5,424,931$ Utilities/Solid Waste 205,456 - 205,456 385,508 - 385,508 308,623 - 308,623 Parking 2,061,550 - 2,061,550 2,878,854 - 2,878,854 2,466,020 - 2,466,020 Misc Rentals 68,604 - 68,604 88,142 274,599 362,741 149,242 - 149,242 F&B 7,261,698 - 7,261,698 12,187,832 - 12,187,832 6,955,050 - 6,955,050 Operations/Janitorial/Maintenance 4,321,913 767,285 5,089,198 7,794,599 702,030 8,496,629 6,919,623 290,064 7,209,687 Fees & Commissions 1,448,370 - 1,448,370 1,539,696 - 1,539,696 612,090 - 612,090 Transportation 286,616 - 286,616 180,363 - 180,363 (31,999) - (31,999) Marketing 948,319 - 948,319 371,248 - 371,248 493,953 - 493,953 Misc Expenses 1,219,373 228,697 1,448,070 3,045,911 1,054,185 4,100,096 1,854,262 111,632 1,965,894 Other 23,880,838 - 23,880,838 48,053,184 - 48,053,184 21,368,377 - 21,368,377 Total Expenses 44,776,984$ 995,982 $ 45,772,966$ 81,644,250 $ 2,030,814 $ 83,675,065$ 46,338,799 $ 583,069 $ 46,921,868$ Net Income (Loss) 6,149,578 $ (942,026) $ 5,207,552 $ 7,806,818 $ (1,727,802) $ 6,079,016 $ 5,071,484 $ 245,409 $ 5,316,894$ Compete
or
EE l X
. Ex
E'
Findings
Yl to Y4
Incomplete ❖ Methodology ~-~~
•:• Systems
SCSA Development
SANTA CLARA STADIUM 11urnmmY
E X
Legend E = Event
Yr= Year
I = Accounting Principles
Total Events from Yl to Y4= 660
Validate
YrX :ll3
or
Find not Valid
YrX~ ■
2 Summary of Findings: 1
Regarding the reported results of the individual
Ticketed Events, on an overall basis, the
underlying documentation provided by ManCo
is inadequate for determining whether or not
the financial results for each event were
reported accurately.
This does not mean the results reported are
necessarily inaccurate; rather, it means JSH
cannot determine from the provided records if
the reported results are accurate or inaccurate,
and additional documentation and information
is needed to make that determination.
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Summary of Findings: 2
There were six primary reasons why the NNE
revenue was significantly less in FYEs March
2018 – 2020 than FYEs ending March 2015 –
2017
Number of concerts decreased
Profitability of soccer matches decreased
Losses for college football games increased
Number of special events decreased
Net revenue from special events decreased
No large alternative events, such as
hockey/wrestling
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Summary of Findings: 3
Sampled settlement statement with promoter
appeared to adhere to terms of the event
contract, management agreement, and ground
lease.
However, there were differences between the
revenues and expenses reported on the
settlement statement and what was reported
on the profit and loss statement for the event
that we cannot reconcile without conversations
with ManCo.
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Summary of Findings: 4
• We observe evidence of capital purchases being
placed into service and related depreciation
calculations; however, we were not presented
with enough documentation to determine the
treatment of the original payment for the
equipment.
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Timeline of Non-NFL Event Analysis
2018 Jun I Jul I Aug I Sep I Oct I Nov I Dec
SCSAsends
letter to I Jun 5 - Jun 5
Manco re:
documents
SCSA discuss~s docu~entation I Jun 28 _ Jun 28
issues with HSNO
HSNO meets with SCSA staff to discuss scope I Aug 23 - Aug 23 HSNO provides year-end analysis to SCSA I Sep 17 - Sep 17 HSNO meets with SCSA to discuss year-end analysis I Oct 24 - Oct 24 HSNO provides draft RFI to SCSA I Nov 1 - Nov 1
Conference calls to discuss RFI - Nov 19- Nov 27
HSNO receives authorization to contact Manco I Dec 7 - Dec 7 HSNO emails Manco I Dec 10 - Dec 10
Manco respond s to HSNO and suggests discussing week of Jan 7, 2019 1 Dec 13 - Dec 13 2018
HSNO sends RFI memo I Dec 26 - Dec 26
Timeline of Non-NFL Event Analysis
2019 Jan I Feb I Mar I Apr I May I Jun I Jul I Aug I Sep I Oct HSNO and Manco I Jan 23 _ Jan 23 phone call
JSH and Manco meet to discuss requests I Jun 10 - Jun 10 Manco provides year-end adjustment data for FYE 2017 1 Aug 28 - Aug 28 JSH emails Manco to request meeting to discuss year-end adjustments I Oct 3 - Oct 3 2019
JSH and Manco meet to discuss year-end adjustments for FYE 2017 1 ~t 31 - Oct Timeline of Non-NFL Event Analysis
2020 Feb I Mar I Apr I May I Jun I Jul I Aug I Sep
ManCo
provides
workbook
with year- I Feb 4 - Feb 4
end
adjustments
for FYE 2015
JSH follow ups on year-end adjustments Mar 24 -Aug 31
Manco terminates direct communication I Sep 1 - Sep 1
2020
Tasks Performed
1. ManCo P&L Statements (FYE March 2018, 2019, & 2020) Ticketed & Special Events
› Performed math check (tie-out) over total amounts
› Performed analytics
Ticketed Events
› Analyzed 100% of the population
› Vouched recorded amounts to underlying documentation as provided by ManCo to the SCSA
› Reviewed key terms of Stadium Use/Partnership Agreements › Performed analytics to determine reasons why NNE revenue had decreased significantly
› Compared terms of sample event to settlement statement, ground lease and management agreement
› Reviewed management agreement provisions regarding
treatment of depreciation and compared to ManCo provided documentation regarding depreciation and capital
expenditures
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Findings - Ticketed Events
Examples of Adequate Documentation
Report from Ticketmaster for ticket sales
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Remittance Summary-Fa ce Value
Client Name:332251 FORTY NINERS STADIUM MANAG EMENT
Payment Period: For Sa les Due:11I16I2014
PAYMENT DETAIL B Y EVENT :
Eve nt Code
NCAELV04 11
NCAELV04 18
lOTALAE T:
NCAELV0411U
NCAELV0<l-18U
TOTALA ET :
Act De,;cr iplion
NOCCIC
---
NON 49ERS EVENTS Pff CCIC
NCAELV0329
NCAELV0502
TOTAL FOR AET: ALL
Check Total;
EE
$7.054.603.65
$654 ,00
$2,835.00
-$304,20
$181,957.84
$7,989 .98
$3.173,62
$224.25
TM TklSales Fac e Value- Facili Fee s
16 $530.00 $64.00
40 $2,495.00 $160,00
56 $3,025.00 $224 ,00
6 $60.00 $0.00
18 $180.00 $0.00
24 $240.00 $0,00
35,395 $7,092,810 .00
1,673 $159,929 .00
-3 -$312 .00
$186.617 .00
$8,195.00
$3,255 .00
$230,00
3B,897 $7,460,264 .00 $ 141.B04.00
FV + FC CC Fees
$7.234,300.00 -$179,786.35
$654.00
$2,835.0 0
-$312 .00
$186,61 7.00
$8, 195.00
$3,255.00
$230 .00
Crodi t Card lnsid <>
Cha r es
S0.00
SO.OD
S0.00
so.co
S0.00
S0.00
-$179,786.35
-$3 ,634.65
S7.80
-$188,521.42
Dale :11/21/2014
P50D-ALL:121940
NelFac eVal
Remittance
$594.00
$2,655 .00
$3,249 .00
$60.00
$180.00
$240.00
57,054,603 .65
$156,294 .35
-$304.20
5181,957.84
$7,989.98
$3,173 .62
$224 .25
$7.413,546,58
$7,413 546.56
Findings - Ticketed Events
Examples of Adequate Documentation
Invoice from 3rd party vendor
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Invoice
FORTY IINIE R STAOI U M !al '"l\olo.GE l'I. INT OOMIPA N Y 4900 ' MARIE P DEBARTOLO WP.Y
,,,.,,._.TA. CL.ARA CA 8-5054
:S-:::r.-JC-e Locat. iC':1111:
~TY 11',EJRS S T AID I UM
,igoo MAl'U p D El 'TOLO w,r..,v
SAN T A C~RA,. CA 95o:l4
Jo # ;
T g .r;,;
o.istonn · "' CUston1 PO .,..;
lff,(OiGel N.
Seirvlce Th-'u :
l,vJOk: e- Dat e::
Invoice Due Data:
Arnounl! e::
39103000
7190650
7a256 57
1CV3 '11 ...
11 /0f.J 1 4
12'2. 4
S 91 .28 0. 8
P L 5E RE.URN OP PORTION 'WlT YOlA'C Rl!!M I ANCI!
R,arn11:11"k:!:::r.i
ve SUP V ISOR s , -"'1FF
EVEl'r LEADS
EVE SUIT=IC L UB STAEF
IEVE N!T R ESTROON S A.FF
IE'<!\EN!T C0>.1P AC T'O R S A
E'VeNT P AR.KING PJCKERS
EVEN T P A NG SU R 5 RVI SORS
PARKI N G SE
E .VENT DISP,O.TCHEIR
POST EVEl',(l'" SUPEF:V ISOR s· ... FF
POST E.VENiT LJEAD<S
POST ': \,\ENfT $UJT£.ICLUB $ T AFF
POS.T"iEViEN Rl:.S"'i .R.00 STA F
POS'T - ~ I\IT ~ 1PACT,OR STAR F
P OST EVE N T WINDOW WA.SHERS
POST E VEN T SCRIJBBE S
PO.ST EVEl<IT SUB S UPERVISORS
POST EVENT SUB OSE ,_..fASI-.ERS
POS T J:;VENT SUB CLEAKlEJRS
Evianll. Cle: fo r
OC T OBER :.:0•4
ea.oo 30,.JE.80J
1 6 .00 21 . 3100
.2ro.s ,, 2 '1 .,3,'ICO
·21"2.ao 6.;11.~QO
40.00 ::>2 ,gsoo
332 _00 2:2.9800
...0.00 22.9800
1.2~ •~50i .6800
212 _0 22.9800
1"-32.07 16-'6 1 00
Lue p.;a:,,r-.e:a-ai; s; h .all ~ DJ_bfe'cl D ii .Ill!! p.:;a ~ cturi,eo. ::111 lllll!Lo!! Ill!! o:1r I [, _ _ JJ-el" RI.Cfflh s
s
$
I',
Amount
4 -,$4 2
4,262 .O!J
7,71306
5 ,73;2 3
:t 919...Ztu
~ 4,437
,41128
$ 4-1..:l,6
613.60
$ 2:,45.$ ... 0
$ 3, 7::.0..66
$ 5,900...95
!$ 4,5 72 .:32
S 9 9 20
S 7 , 629 .36
S 919 . 0
S 3 . 819 .66
S G. 250. 6
,5 ;;i-,,, .073. 0~
Customer#":
ob a ,.
Ser..•ice Thnu :
age,
T mx
s
s
:s
::I
s
!F,
s
71906S0
~103010
C\'31114
1 o4" 1
T -c,nl I
4 .954.82
4. 262 . □ 0
7·. ne . □
5,.732.73
'9 1 '9.2 0
4 7 ,El4
1 .41'1 1.:.2S
941 36
61'.3.fiO
2 . - .4!0
3 ,750.56
5 ,900 .95
4 . 57:2 .:;12
g 1 9 20
.62-9.38
$ !w19 . .i0
S -3,819.SS
$ ,250.SS
S 24,073 . 08
S 9'11-2BD.'11B
$,
Findings - Ticketed Events
Examples of Inadequate Documentation
Printouts of spreadsheets prepared by ManCo
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nd
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61.034,5{1 J0.7.3;L50 - -
120.00 ,100 .a ~
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Event# Event Name
7357
-wnts . - Payro I Tax. Adjus.tme ·
Event. n Ev,ent Nanile
7357
Payroll! Payroll Tax,es
60-74-6005-000 6(}.~ - . 5-000
~\Ut~ ,m.87
Pavmlll Payroll Taxe,s
60-74-6005-000 0-14-603 5-000
9.50%
42,259.76,
Workers Com[P
60~ 70~16518~000
30%
113'9457
0 . AL ACCQiu nt
46,887.20 60-00-141,8-200
ADJUSTMENT
TOTAi!. Account
4,i0141t.68 60 00-1418,..200
50,901.88
Findings - Ticketed Events
Examples of Inadequate Documentation
Invoice prepared by ManCo without proof of deposit
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Find your expert. • FORTY NINERS STADIUM MANAGEMENT COMPANY LLC 4949 M,mt;t • e-Bartolo rv y • S.i a Clare, CA 950 4 •
Dale : August 19, .2015
lnvolce Number: SLS - 5508
Customer:-
! IT EM
Tickets & Parking
INVOICE
Less : 7% Commiss ion on Gro p Tickets
Total
Payment is due, on upon receipt.
Please, remi your payment to:
Forty Niners Stadium Man eme,1r C mpany LLC
A TTN: Accounts Rece iva ble
4949 MBde P, DeBerto lo Vay
Santa Clara, CA 950:54
A Limited Part11ershii0fFederal Tax ID
PRICE
$82,210 .0 0
$1,464.00
$80 ,746 .. 00
7f"c.~c. t5 '. -=1'2.., t;p!C CG
?~'Hn : <,,co . oo
'
'o2 2..10, 00
I
Findings - Ticketed Events
Examples of Inadequate Documentation
Copy of Journal Entry without source document(s) attached
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System: 11/ 6/2017 1: 32 :54 FM
User ate: 11/ 6/ 017
Journal En y:
Fiscal ear:
Transaction te :
Source Documen· :
A d't r 11 COde:
ccount
60-00-2000-000
60-00· 1 18-200
Fort iners St d1um Manageme t
OUR .L INQUIRY REPORT
10369:
20 6
9/9/20 6
PMTRX
Gen ral Ledger
Batch IO: PITT 00001136
Reference: - ERM
c rrency ID:
L R.X00006281 o ig Jo rna :
Orig Audi Tra1l Code: .KT 00001136
Rep ring edger'. BASE
Des ... rip · o
Distrib 'on Refere.ce
A/P • Tra e
cc un s ayable
-p. epaid - Non-N
Purchases
Di"ere ce: $0 .00 To als:
Page: 1
User ID: · ntern3
Debit Credit
~0.00 1,430.68
0.00 $1 / .30,68 $11 ,430.68
Findings - Ticketed Events
Examples of Inadequate Documentation
Screenshot of entry recorded in the accounting system
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Account 6 0 -00 -1, 19 -200
..•-•·•••_,-,.-.. ,.•-•-•• OL ,, ... o,, __ ,_ ... ---
Description __ Prepaid · N · FL Eve=n't Expen:se:s
Posting Amount__ " $7,135.86
D · ment Number
I Ana~sis Group ID
121493
Group D escripUon
l
Total Amount
NOl~-NFL EVENTS I Non-t~FL Events -- i $7,135.86
I-NON-NFL P&L
Current Group
i Anal_ysis Code_lD
Code Description
; NON-NFL P&L CODES
ND -NFL EVEN TS
Pas ing Description - -
· 1x COMMISSIONS
·1-·----
I
I
I ·= L
I ...
i
l '=--
$7,135.86
V
Quantit}' .6.mounl
0 $7,135.86 A
I - -
I
··-
·---·
V
·=
Tol I $: 7,1 35. gg . -
Findings - Ticketed Events
Examples of Inadequate Documentation
Emails between ManCo accounting staff
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_ _ I-------------------
Fro :
Sent :
l o:
5,Ulbje c:t:
Se
f Hf$ Pf f flfl ,rer5
SAP P'emmi te F~ lity
4'949, a e P'. DeBartolo Wey
Sanlti Cla , CA 96054
tlOME O'f SIJPER IBOWL ~(I
m
Fr-om:
Wedni.>~day, S ptember 02, 2015 3:Dl PM
R : Box ffice Charges Non• FL Events
Sent: Monday, Augu_ 31, 2015 10:2:3 AM
l o:
subject: Box Office Charges Non-NFL Events
HI
Could you s rul me lhe costs incurred per NM-NFL Event? I'm lryin~ to class from box oHk:e part time wages to I e speci~ic vents
Tile last tn1~ you sent me 01 613115 was lhe si::reen prlflt below. Jam laol<lng fa- the lolb wtng even.ts. f1P 5TPfllr3 tr
0 ws
SAP Petrform::imce acl lily
~9"19 Marie I". De12 trtolo Wmy
Sa n Clara . CA '9505<!l
H:OME Of SUPER BOWL :50
_I.;(!_ ·e:Stiicdl !111J,.Gom
,700
2,025
l ,170
1,073
2,243
,5 30
(11
::I
C
(11
>
(11
0::::
....J
u..
z
I
C
0 C
+-' (11
z
$7,000,000
$6,000 '., 0001
$5,000 jOOO
$4,000'.,0001
$3,000'.,0001
s2,ooo jooo1
$1000 0001
I I
S
$(1.,000'..ooo)
$(2.,000'.,000)
$(3.,000'.,000)
$(4.,000'.,000)
Net Non-NFL Revenue
2015 2016 2017
2015
l ■ Net non -IN FL Revenue per Year $5,.207,552
2016
$6,.079.,016
2017
$5,.316.,894
2018
2018
$5,163,329
2019
2019
$18,591
2020
$(2"7 41.,014)
16 14-
12 10
8 6
4 2
Nlumber of !Events by Type
2015 2016 2017 2018 2019 2020
■ Concerts ■ Soccer ■ College Football
■ Motorspo 1rt ■ High School Football ■ Hlodkey/Wrestling 6 5
4 IA
t:: au u 3
C:
0 u
2 1
Nlumber of Concerts and Net Concert
Revenue Each !Fiscal Year
201s 2016 2011 201s 2019 2oeo
$4iJOO,O 00
$31500,000
$3iX)O,OOO
OJ
$21500,000 :::J
C:
au
$21000,000 ~
0::
+-'
$11500,000 ~
$11000,000
$500,000
$-
6 5
ill'1
di 4 ..c u
+-'
ro
2 3 ....
di u u
O 2
Vl
1 Number of Soccer Mlatches and Net Soccer
Revenue Each Fiscal Year
2015 2016 2017 2018 2019 2020
$4,500lr000I
$4)f000lr000I
$3)f500lr000I
$ 3,. 00 0lr 0 001
$2)f500lr000I
$2 000000 1 )f :f
s 1,.500lr000I
$1,.000lr000I
$500\,000
$
$(5001,.000)
$(1,.000lrOOO)i
di
::J
C:
di
>
di
cc
+-' di
z
Average Net Soccer Revenue
6 5 - $2,000 ir OO()
QJ
::J
1.1'1
$1,SOOir OO()
C
QJ 4 QJ
..c: > u QJ
+"' er::: ro +"'
~ 3 $100000() QJ
J J'
z L...
QJ QJ u bJ) u
0 2 $500\,000 ro
L...
V'l QJ
> <t:
1 $-
$ ( 5 O{))JO O)
2015 2016 2017 2018 2019 2020
3/23/18 Mexico vs. Iceland 03/26/19 Mexico vs. Paraguay Per ManCo
% of Total
Revenue
Cost per
Attendee Per ManCo
% of Total
Revenue
Cost per
Attendee
Revenue:
Seating Bowl Revenue 4,238,761$ 80.06% 65.85$ 2,852,047$ 79.67% 59.98$ TM Fees 287,283 5.43% 4.46 216,131 6.04% 4.55 Suite Ticket Revenue 78,042 1.47% 1.21 50,784 1.42% 1.07 F&B Revenue 333,734 6.30% 5.18 221,064 6.18% 4.65 Parking Revenue 347,341 6.56% 5.40 237,265 6.63% 4.99 Sponsorship - 0.00% - - 0.00% - Merchandise 3,287 0.06% 0.05 2,612 0.07% 0.05 Other Revenue 5,866 0.11% 0.09 - 0.00% - Sales Tax 0.00% - - 0.00% -
Total Revenue 5,294,313$ 100.00% 82.25$ 3,579,902$ 100.00% 75.29$ Expenses:
Public Safety Costs:
Public Safety Cost 255,477$ 4.83% 3.97$ 263,945$ 7.37% 5.55$ Security 118,631 2.24% 1.84 191,829 5.36% 4.03 Total Public Safety Costs 374,108 7.07% 5.81 455,774 12.73% 9.59 Utilities 20,845 0.39% 0.32 18,245 0.51% 0.38 Parking:
Parking Operations 185,293 3.50% 2.88 115,811 3.24% 2.44 Parking - 3rd Party Lot Rental 22,212 0.42% 0.35 3,038 0.08% 0.06 Total Parking 207,505 3.92% 3.22 118,849 3.32% 2.50 Misc Rentals - 0.00% - - 0.00% - Catering 35,566 0.67% 0.55 60,355 1.69% 1.27 Operations/ Janitorial/ Maint:
Janitorial / Maintenance 142,386 2.69% 2.21 269,510 7.53% 5.67 Field Conversion / Replacement - 0.00% - - 0.00% - Other Stadium Operations 53,789 1.02% 0.84 176,104 4.92% 3.70 Other Gameday Staff 83,517 1.58% 1.30 59,399 1.66% 1.25 Total Operations/ Janitorial/ Maint 279,692 5.28% 4.35 505,013 14.11% 10.62 Fees & Commissions:
Credit Card Fees 16,290 0.31% 0.25 7,389 0.21% 0.16 Ticket Sales Commissions - 0.00% - - 0.00% - Total Fees & Commissions 16,290 0.31% 0.25 7,389 0.21% 0.16 Transportation 48,990 0.93% 0.76 - 0.00% - Marketing Expense 31,246 0.59% 0.49 127,009 3.55% 2.67 Guest Service Representatives 53,143 1.00% 0.83 51,769 1.45% 1.09 Other:
Advertising - 0.00% - - 0.00% - Bowl Committee Expenses - 0.00% - - 0.00% - Partner Payments & Guarantees 2,436,989 46.03% 37.86 2,500,000 69.83% 52.58 Partner Reimbursement - 0.00% - 270,003 7.54% 5.68 Total Other 2,436,989 46.03% 37.86 2,770,003 77.38% 58.26 Total Expenses 3,504,373$ 66.19% 54.44$ 4,114,406$ 114.93% 86.53$ Net Income (Loss) 1,789,940$ (534,504)$
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Nlet College !Football Losses per Fiscal Year
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Revenue v. Partner Payments: Pac-12 Championships
2015 2016 2017 2018 2019 2020
■ Pac-12 Games Revenue ■ Partner Payments
Special Events Nlet !Revenue
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2015 2016 2017 2018 2019 2020