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<br /> <br />www.in.gov/dot/ <br />An Equal Opportunity Employer <br />100 North Senate Avenue Room N749 Indianapolis, Indiana 46204 Eric Holcomb, Governor <br />Joe McGuinness, Commissioner <br /> <br /> <br />July 23, 2021 <br /> <br />Robert Boyd, Controller <br />Shrewsberry & Associates, LLC <br />7321 Shadeland Station <br />Suite 160 <br />Indianapolis, IN 46256 <br /> <br />Dear Mr. Boyd: <br /> <br />We have performed a cognizant review of the examination, and supporting workpapers, of the Indirect Cost Rate of <br />Shrewsberry & Associates, LLC as presented in the Statement of Direct Labor, Fringe Benefits, and General Overhead for <br />the year ended December 31, 2020, in accordance with our role as Cognizant Agency as defined in 23 U.S.C. 112(b)(2)(c) <br />and 23 CFR 172.3 and 172.7. The audit was performed by the independent CPA firm Somerset CPAs. The CPA <br />represented that the audit was conducted in accordance with the Government Auditing Standards, as promulgated by the <br />Comptroller General of the United States of America, and the audit was designed to determine that the indirect cost rate <br />was established in accordance with Cost Principles contained in the Federal Acquisition Regulation, 48 CFR Part 31. Our <br />cognizant review was performed in accordance with the AASHTO Review Program for CPA Audits of Consulting <br />Engineers’ Indirect Cost Rates. <br /> <br />In connection with our cognizant review, nothing came to our attention that caused us to believe that the examination, <br />supporting workpapers for the Indirect Cost Rate, and the related Accountant Report we reviewed, did not conform in all <br />material respects to the aforementioned regulations and auditing standards. <br /> <br />Accordingly, we recommend acceptance of the following rates: <br /> <br />Home Office: 154.96% <br />Facilities Capital Cost of Money (FCCM): 0.25% <br />Branch/Field Office: 163.08% <br />Facilities Capital Cost of Money (FCCM) 0.0 2% <br /> <br />We would like to draw attention to Note G to the Statement of Direct Labor, Fringe Benefits, and General Overhead for <br />the year ended December 31, 2020. <br /> <br />Note G – Paycheck Protection Program Loan: <br /> <br />Shrewsberry & Associates, LLC applied for, and received, funds of $1,650,193 under the Paycheck Protection Program <br />(“PPP”) of the Coronavirus Aid, Relief and Economic Security (CARES) Act during the year ending <br />December 31, 2020. As of December 31, 2020, the Company had not applied for forgiveness of the loan. <br /> <br />Yours truly, <br /> <br /> <br /> <br />Penny Royer-Pitcock <br />External Auditor