Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Department of Commerce

 

Financial Audit Division Report 05-14 Released March 3, 2005

Key Findings:

  • The department did not reconcile unclaimed property investment activity, and one individual performed incompatible financial duties for the program.
  • The department did not ensure that two recipients of Low Income Home Energy Assistance funding resolved ongoing financial management weaknesses identified in annual audits.

The audit report contained two audit findings relating to internal control or legal compliance.
  

Audit Scope:

Programs material to the State of Minnesota’s financial statements and to federal program compliance for fiscal year 2004.

Selected Audit Areas:
  • Unclaimed Property Assets
  • Low Income Home Energy Assistance Program (CFDA #93.568)

Background:

The Department of Commerce managed unclaimed property cash and investments totaling $37.8 million as of June 30, 2004. Expenditures for the federal Low Income Home Energy Assistance Program totaled $74 million for fiscal year 2004.

More Information

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155