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Audit Conclusion Presentation
Year ended March 31, 2026
Santa Clara Stadium Authority
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Agenda
• Audit scope and process
• Audit opinions and results
• Engagement finalization
• Key financial highlights
• GASB standards
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Audit Scope
Independent
Auditors’ Report on
financial
statements
Independent
Auditors’ Report
debt compliance
Agreed Upon
Procedures Report
on the shared
stadium expenses
Required
governance
communications
letter
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Audit Process
4 Internal controls Revenue recognition
Leases Debt and covenants
Expenses SBL revenues
RISK-BASED APPROACH
SBL revenues
Capital Assets
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No internal material weakness
noted.
No non-compliance noted.
No uncorrected adjustments
proposed.
No corrected adjustments
identified.
Financial statement
Financial statement audit opinion
is unmodified.
Debt compliance
No noncompliance identified.
Agreed Upon Procedures
No discrepancies noted to date.
AUDIT OPINIONS AUDIT RESULTS
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Approval
from audit
committee
Signed
representation
letter
6 STEPS TO FINALIZE AUDIT ENGAGEMENT
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Key Financial Highlights
• Management’s Discussion and Analysis (page 4)
• Introduces the financial statements and provides an analytical overview of the SCSA financial activities.
• Basic Financial Statements (page 9)
• Financial statements that reports the assets, liabilities, net position, expenses and revenues of the Stadium Authority.
• Includes the Statement of Net Position, Statements of Revenues, Expenses, and Changes in Net Position, and Statement of Cash Flows ©2026 CliftonLarsonAllen LLP
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Key Financial Highlights (cont.)
• Notes to Financial Statements (page 12)
• An integral part of the audit report that provides information on significant financial transactions of the Stadium Authority.
• Note 1 – Organization and Reporting Entity
• Note 4 – Capital Assets
• Note 5 – Long-Term Debt
• Note 6 – Leases
• Note 7 – Commitments and Contingencies
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Key Financial Highlights (cont.)
• Assets exceeded Liabilities and Deferred Inflows of Resources by $209.1 million, an increase of $30.7 million
• Total Assets were $1.4 billion, with Levi’s Stadium being the largest asset with a carrying value of $647.2 million, net of depreciation.
• Total Liabilities were $660.3 million made up mostly of outstanding debt equaling $209.7 million and unearned revenues relating to Stadium Builder’s Licenses (SBL’s) of $407.4 million. ©2026 CliftonLarsonAllen LLP
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Key Financial Highlights (cont.)
• Operating revenues exceeded operating expenses by $23.5 million.
• Total operating revenue was $89.1 million, with Non-NFL events generating $24.7 million in revenue and contributing $8.1 million in net revenue after $16.6 million in related expenses. • Total operating expenses were $65.6 million, including $13.1 million in ManagementCo shared expenses, $5.3 million in ManagementCo’s other operating and management expenses, $3.5 million in performance-based rent paid to the City. ©2026 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer .
Securities and investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC -registered investment advisor, member FINRA/SIPC.
GASB Standards
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Implemented in FY 2026
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Text Text
GASB 102 Certain Risk Disclosures
Effective date
March 31, 2026
Increased footnote disclosures surrounding risk:
• Limitations on raising revenues
• Concentrations related to tax revenue or vendors
• Debt or mandated spending — especially unfunded mandates • Impact of major employer leaving the community
• Collective bargaining agreements
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Impact
Evaluated in the
year ended
March 31, 2026,
noting no
triggering events
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To be implemented in 2027 and
beyond
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CLA can help by
assisting with or
evaluating financial
statement
presentation and
disclosure updates
Text Text
GASB 103 Financial Reporting
Model Improvements
Effective date
March 31, 2027
Impacts financial statement presentation
Updated disclosure guidance for:
• MD&A consistency
• Clearer definition of unusual or infrequent items
• Presentation of proprietary fund statements
• Major component unit information
• Budgetary comparison information
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Text Text
GASB 104 – Disclosure of Certain
Capital Assets
Effective date
March 31, 2027
Will clarify how capital
assets are disclosed in
financials:
• Capital assets held for sale
and related pledged debt
• Leased assets
• Subscription assets
• Right to Use PPP assets
• Other intangible assets
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assisting with or evaluating
financial statement
disclosure updates
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Text Text
GASB Implementation Guide 2025-1
Effective date
March 31, 2027,
except for Question
4.16, which is effective
immediately
Will provide explanatory
guidance in the following
areas:
• Cash flow reporting
• Subsidies
• Lease Term and Modifications
• Accounting Changes and
Error Corrections
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assisting with or evaluating
accounting and financial
statement presentation
and disclosure updates
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Text Text
GASB 105 Subsequent Events
Effective date
March 31, 2028
Clarifies subsequent event definition and
establishes specific note disclosure requirements:
• Subsequent event time frame
• Recognized vs nonrecognized events
• Disclosure of date through which subsequent events were evaluated
• Specific disclosure requirements for nonrecognized events CLA can help by
assisting with or
evaluating financial
statement
disclosure updates
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Questions and Feedback
We appreciate the opportunity to serve you
and welcome any feedback relative to our
performance and to the engagement.
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CPAs | CONSULTANTS | WEALTH ADVISORS
©2026 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
Securities and investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor, member FINRA/SIPC. 20 Ricky Hegner
Senior Associate
[email protected]
916-218-7118
Brianne Wiese, CPA
Principal
[email protected]
310-592-3940
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