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AC 04-25-2022 Presentation
City of Cupertino 6/30/2021 Audit Audit Committee Update April 25, 2022 Audit Update Crowe Exchange Request © 2022 Crowe LLP Single Audit and Management Letter •OMB Extended Deadline –September 30, 2022 •2 major programs –Coronavirus Relief Funds (CRF) and Highway Planning and Construction (HPC) •No material noncompliance noted •Immaterial non-compliance –reported in management letter only •Procurement policy documentation •Draft acceptance and finalization “Crowe” is the brand name under which the member firms of Crowe Global operate and provide professional services, and those firms together form the Crowe Global network of independent audit, tax, and consulting firms. “Crowe” may be used to refer to individual firms, to several such firms, or to all firms within the Crowe Global network. The Crowe Horwath Global Risk Consulting entities, Crowe Healthcare Risk Consulting LLC, and our affiliate in Grand Cayman are subsidiaries of Crowe LLP. Crowe LLP is an Indiana limited liability partnership and the U.S.member firm of Crowe Global. Services to clients are provided by the individual member firms of Crowe Global, but Crowe Global itself is a Swiss entity that does not provide services to clients. Each member firm is a separate legal entity responsible only for its own acts and omissions and not those of any other Crowe Global network firm or other party. Visit www.crowe.com/disclosure for more information about Crowe LLP, its subsidiaries, and Crowe Global. The information in this document is not –and is not intended to be –audit, tax, accounting, advisory, risk, performance, consulting, business, financial, investment, legal, or other professional advice. Some firm services may not be available to attest clients. The information is general in nature, based on existing authorities, and is subject to change. The information is not a substitute for professional advice or services, and you should consult a qualified professional adviser before taking any action based on the information. Crowe is not responsible for any loss incurred by any person who relies on the information discussed in this document. © 2022 Crowe LLP. Thank you Investment Earnings City of Cupertino As of March 31, 2022 Investment Earnings April 2021 172,684 May 2021 156,254 June 2021 181,220 July 2021 183,692 August 2021 157,972 September 2021 159,892 October 2021 151,138 November 2021 176,398 December 2021 149,494 January 2022 160,604 February 2022 161,702 March 2022 167,198 Total 1,978,248 Change in Fair Value Unrealized Gain/Loss Position 3/31/2021 2,316,951 Unrealized Gain/Loss Position 3/31/2022 (4,905,797) Change in Fair Value (7,222,748)