Hertz report
PORT OF SEATTLE HERTZ CORPORATION
INDEPENDENT ACCOUNTANTS' REPORT ON
AGREED-UPON PROCEDURES RELATING TO I-IERTZ
CORPORATION AGREEMENT FOR THE TWO TWELVE
MONTH PERIODS ENDED OCTOBER 31, 2008 AND 2007
INDEPENDENT ACCOUNTANTS' REPORT
ON AGREED-UPON PROCEDURES
July 29, 2009
To: Applicable Management of Port of Seattle
We have performed procedures requested by you with respect to the calculation and payment of
concessionable revenue, and audit requirements included in the Rental Car Lease and
Concession Agreement (the Agreement) dated "November lSt 2004 between the Port of Seattle
(POS) and Hertz Corporation (Hertz) for the two twelve month periods ended October 3151 2008
and 2007. This report is solely for your information and is not to be used for any other purpose.
It is intended to assist the Port of Seattle (P08) in evaluating compliance with the rental lease
requirements, This agreedupon procedures engagement was performed in accordance with
attestation standards established by the American Institute of Certied Public Accountants. The
sufficiency of these procedures is solely the responsibility of the specied users of the report.
Consequently, we make no representation regarding the sufciency of the procedures described
below either for the purpose for which this report has been requested or for any other purpose.
Following is a listing of the procedures that we performed with respect to the above noted lease
period and the results and conclusions we formed as a result of such procedures.
General Description of Procedures Performed
The majority of our eldwork was performed with the assistance of Hertz's accounting
personnel in Oklahoma City, Oklahoma. Hertz uses a "counter automated system" (ASAP),
which is generated at the point of entry into a rental agreement (RA) by a customer. The
customer's information is entered into the system eld for documentation. Then, the customer's
information is downloaded to the CARRENT System, which tracks rental activity and reconciles
RAs. Upon completion of this entry, ASAP assigns a sequential number to the RA and when the
car is checked back in, the sale is closed and a nal payment is calculated by the system.
Revenue is posted to the applicable month by type and based on the closing date. Hertz
generates an Excel spreadsheet called the Rental Agreement Detail report (RAD), [See Exhibit A]
February 2007. This spreadsheet lists all rental agreements in numeric sequence by month and
revenue type. From the RAD Report, Hertz prepares the Rental Agreement Summary Report
(RAS), [See Exhibit B] February 2007. This RAS report shows the monthly revenue breakout by
category and totals to Concessionable Revenue used to calculate concessionable amounts due the
POS.
We obtained the entire RAD report for the test months February 2007, September 2007 March
2008, and October 2008. We also obtained the RAD report for the two twelve month periods
ended October 31, 2008 and 2007 for the off site locations: Seatac Marriot and Pacic
HWY/HLE. Finally, we obtained the Rental Agreement Summary (RAS) reports for the two
twelve month periods ended October 31, 2008 and 2007. The following is a listing of procedures
performed during this engagement.
l
.
Rental Agreements
We selected a sample of 80 total closed rental agreements from the months of February
2007, September 2007, March 2008, and October 2008 and obtained copies of each closed
RA, In selecting these samples, we analyzed the revenue collected on each agreement and
agreed it to the amount posted in the RAD report. We noted no exceptions.
Agreed RAD report to RAS ~ The RAD report shows the monthly detail revenue totals by
account, Local, Intercity, LIS, PAI, LDW, Fuel, Additional Driver, etc. For the two twelve
month periods ended October 31, 2008 and 2007, we agreed totals in the RAD report to the
revenue amounts in the RAS report for our test months of February 2007, September 2007,
March 2008 and October 2008.
We noted that certain revenue categories in the RAS report were excluded or deducted from
concessionable revenue reported to the POS. The Agreement denes Gross Revenue as to
what must be included and what is excluded from concessionable revenue. Based on that
denition, we reviewed all revenue sources and deductions to determine whether Hertz was
properly including or excluding all appropriate revenue. RAS reports revenue and
deductions based on specic revenue accounts in the RAD report. Additionally, we analyzed
revenue and deduction line item to make our determinations as to contract compliance.
Following are descriptions of the findings resulting from this analysis, which we have
included in our Schedule of Findings.
0 We noted that Local Rentals at the airport location were deducted from concessionable
revenues during the twelve months ended October 31, 2007. These revenues should be
concessionable per rental agreement contract denition of an "Airport Customer" at POS
Lease Concession Agreement 1.5. As such, for the twelve months ended October 31,
200 7, Local Rental deduction totaled $609, 3 63, which has been included in the Schedule
ofFindings.
0 We noted that revenue from off airport locations Pacific HWY/H1415 and Seatac Marriot
were omitted from concessionable revenue for the twelve months ended October 31,
2007. These locations are within 3 miles from the airport; per the Lease agreement
Airport Customers at these locations are concessionable. The Pacific HWY/H1115 location
had Airport Customer revenues of $242, 087 and the Seatac Marriot location hadAirport
Customer revenues of$75,533for the twelve month period ended October 31, 200 7,
which has been included in the Schedule ofFindings.
For the twelve months ended October 31, 2008, total revenues for both off airport
locations discussed above were reported to the POS. These revenues which totaled
$746,268, included both Airport Customers and NonAirport Customers, have been
shown in the Schedule of Findings as being reported to the POS. Based on the lease
agreement, revenues from Non-Airport Customers at offairport locations is not
concessionable. As such, we have shown revenuesfrom Non-Airport Customers at
Paczjic HWY/HLE location of ($414, 761) and the t
eatac Marriot location of ($4, 61 0) as
deductionsfrom concessionable revenues reported,for the twelve months ended October
31, 2008 in the Schedule ofFindings.
0 We noted that revenue from off airport locations Pacic HWY/H.116 and Seatac Marriot
were reported net of local rentals in the months of June, July, August and September of
2008, '[hese revenues totaled $58,157 and have been included in the Schedule of
Findings as Under Reported Revenuesfor the twelve month period ended October 31,
2008.
0 We noted that Pacic HWY/HLE Non-local Rentals of$1, 995 and Seatac Marriot Non
local Rentals of$3 71, for the twelve months ended October 31, 2008 and Pacific HWY
Non-Local Rentals of $2, 433 for the twelve months ended October 31, 2007 were
deducted from concessionable revenues on the RAD These totals represent rental
agreements entered into by out of state customers, based on their address, whose zip
codes were changed to a local zip code by Hertz personnel in order to eliminate the
concession charge on the rental agreement, The Rental Lease Agreement which denes
an "Airport Customer" is not based on zip code, but rather on arrival at the airport in the
last 12 hours. As there is no way for us to verify when the customer arrived as it is not
documented in the Hertz supporting documentation and the fact that Hertz personnel have
changed the zip code in order to eliminate the concession charge, wefeel that these
customers are concessionable; hence, we have included these revenues as part of
concessionable revenue in our Schedule ofFindings.
0 We noted that Local Rentals deductionfor Pacific HWY/HLE and Seatac Marriot
location totaling $16,5 73for the twelve month period ended October 31, 2008 and
$6, 431/2" the twelve month period ended October 31, 2007 were deducted from
concessionable revenues, Based on review of supporting documentation, Hertz was
charging some of its local rental customers' concession fee. 'lhus, we have included
those rental agreement revenues as concessionable in the Schedule ofFindings.
0 We noted that a Business Rebate of $1,596 was deducted from revenue twice in the
month of June 2007. We have included this as concessionable revenue in the Schedule of
Findingsfor the twelve month period ended October 31, 200 7.
3
1 Testing for Contract Compliance Items Contract compliance items of the Agreement
that we tested included Article 51 Concession Fees; 522 Annual Report; 5.2.5 Rental Car
Concession Fee; and 7.2.1 Report Forms and Records
Concession Fee and Recovery of Percentage Fee - We agreed the total monthly
Concessionable Revenue for the Airport location for each month of the two twelvemonth
periods ended October 31, 2008 and 2007 per the Port of Seattle Revenue Report to the
monthly concession payments received by the Port of Seattle. We were able to verify that
amounts paid were ten percent of total concessionable revenue per the fee worksheet for the
months that concessionable revenues exceeded the monthly minimum guarantee. In the
months that concession revenue did not exceed the monthly minimum guarantee amount, we
noted that Hertz paid the minimum guarantee.
0 We noted that monthly statement letters for the offsite locations, Seatac Marriot and
Pacic HWY/HLE, were reported to the POS for the twelve months ended October
31, 2008, but not for the twelve months ended October 31, 2007. Also, for the two off
site locations." Seatac Marriot andPacic HWY we were unable to determine that
Concessionable payments were paid The Port of Seattle will be responsible for
reconciling the concession payments.
Annual Report Based on the Agreement, "Concessionaire shall submit, for the approval of
the Port, an "Annual Report" for each Agreement year during the Term of this Agreement.
Such Annual Report shall be submitted no later than ninety (90) calendar days following the
last day of each Agreement Year. Concessionaire shall bear the entire cost of preparing and
providing such reports. The Annual Report shall be prepared by Concessionaire and
signed by its chief financial ofcer, or their designee, attesting to the amounts shown. The
Annual Report shall also be audited by an independent certied public accounting firm in
accordance with generally accepted auditing standards ("GAAS"), with a copy of the
independent certied public accounting firms audit report sent to the Port stating that in its
professional opinion, based on the audit, the Concession Fees paid by the Concessionaire
during the previous Agreement Year were properly calculated and paid in accordance with the
terms and conditions of the Agreement. Based on the date per the audit reportfor the two
twelvemonth periods ended October 31, 2008 and 200 7, the reports are dated within the
90 calendar days, as required by the agreement. However, we are unable to verify that
the POS received the annual report within the 90 calendar days requiredper lease
agreement.
Customer Facility Charge - The Port requires Hertz to collect a Customer Facility Charge
(CFC) of $4/day, which started in 2006 on all vehicle rental transactions originating at the
Airport. This fee increased to SSS/day effective July 1St 2008. For the rental agreements
selected in the Months of February 2007, September 2007, March 2008, and October 2008,
we were able to verify that Hertz is charging customers appropriately on the rental
agreements. We were also able to verify that total CFC's for the above selected months were
paid to the POS, per its cash receipt report. Based on our testing, it appears that CFC 's are
being collected andpaid to the Port as required in the Agreement.
Conclusion
Based upon our detailed testing, nothing came to our attention that rental agreement revenue per
supporting rental agreements is not being captured by the system's summary reports used to
report revenue. The discrepancies resulting from our testing and disclosed above, relate
primarily to the types of revenue deducted and adjustments made in RAS by Hertz in reporting
and paying concession rent. Included on the next page is a Schedule of Findings that quantify
the revenue items we have added to total concessionable revenue including Local Rental
deductions, Unreported revenuefrom Pacific HWY/HLE, Seatac Marriot, and adjustmentsfor
Nonlocal Rentalsfor Pacific HWY and Seatac Marriot. These unreported revenues and revenue
adjustments total $937,443 for the twelve month period ended October 31, 2007 and ($342,275)
for the twelve month period ended October 31, 2008.
We were not engaged to and did not conduct an examination, the objective of which would be
the expression of an opinion on nancial balances of Hertz or compliance of the audited parties
with contract requirements. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would have been
reported to you,
An agreed-upon procedures engagement is one in which a practitioner is engaged by a client to
issue a report of ndings based on specific procedures performed on a subject matter. The
specified parties and the practitioner agree upon the procedures to be performed by the
practitioner that the specified parties believe are appropriate. In an engagement performed under
this section, the practitioner does not perform an examination or a review, and does not provide
an opinion or negative assurance. Instead, the practitioner's report on agreed-upon procedures is
in the form of procedures and findings.
Sincerely,
Certified Public Accountants
Seattle, Washington
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EXHIBIT A
SAMPLE RAD
(RENTAL AGREEMENT DETAIL REPORT)
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