Ethics Commission
City and County of San Francisco

San Francisco Ethics Commission Final Audit Report: Jobs, Housing and Parks Now for Candlestick Point & Hunters Point Shipyard, Yes on O, With Major Funding by Five Point Holdings, LLC; FPPC ID #1386199

May 1, 2019

I. Introduction

This Audit Report summarizes results of the audit of the committee, Jobs, Housing and Parks Now for Candlestick Point & Hunters Point Shipyard, Yes on O, with Major Funding by Five Point Holdings, LLC FPPC Identification Number 1386199 (“the Committee”), for the period from January 1 through December 31, 2016. The Committee was selected using an objective criteria selection process, pursuant to the Commission’s authority under San Francisco Charter Section C3-699-11(4) and San Francisco Campaign and Governmental Code Section 2.135, from a pool of eligible committees active in elections during the 2016 calendar year. The audit was conducted by Ethics Commission staff following the 2016 City election as part of the Commission’s 2016 audit cycle to determine whether the Committee materially complied with the requirements of the Political Reform Act (“the Act”) (California Government Code section 81000, et seq.) and San Francisco’s Campaign Finance Reform Ordinance (“CFRO”) (San Francisco Campaign and Governmental Conduct Code section 1.100, et seq).

II. Audit Authority

San Francisco Charter section C3.699-11 authorizes the Ethics Commission to audit campaign statements that are filed with the Commission along with other relevant documents to determine whether a committee materially complied with applicable requirements of State and local laws. Section 1.150(a) of the CFRO requires the Commission to audit all candidates for City elective office who receive public financing and authorizes other audits to be initiated of other committees irrespective of whether the committee received any public funds.

III. Audit Scope and Procedures

This audit was performed in accordance with generally accepted auditing standards. The audit involved a review of the Committee’s records for the period covered by the audit. This review was conducted to determine:

  1. Compliance with all disclosure requirements pertaining to contributions, expenditures, accrued expenditures, and loans, including itemization when required;
  2. Compliance with applicable filing deadlines;
  3. Compliance with restrictions on contributions, loans, and expenditures;
  4. Accuracy of total reported receipts, disbursements, and cash balances as compared to bank records; and
  5. Compliance with all record-keeping requirements

The Commission posts audit reports to its web-site and, in cases of apparent violations of law, forwards them to the appropriate enforcement agency.

IV. Committee Information

On June 1, 2016, the Committee was established as a primarily-formed ballot measure committee supporting Measure O in the November 8, 2016 election. Measure O was a citizen initiative to exempt office development projects in the Candlestick Point and Hunter’s Point area from certain permit regulations. The measure was approved by voters. The Committee was sponsored by Five Points Holding, LLC, a developer of mixed-use, master planned communities including the San Francisco Shipyard development at Candlestick Point. Five Points provided more than 80% of the total contributions received by the Committee and therefore was designated as a sponsor. The Committee was terminated on January 31, 2017.

For the period covered by the audit, Vigo G. Nielsen served as the treasurer and Armeen Komeili served as the assistant treasurer. The Committee received $4,538,501.41 in contributions (including non-monetary contributions of $311.66 and loans of $500,000). The Committee incurred $4,538,501.41 (including non-monetary expenditures of $311.66) in campaign expenditures.

V. Audit Findings

The Commission determined that there were no material findings with respect to the audit of the Committee.

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