|Financial Audit Division Report 12-19||Released September 20, 2012|
The Minnesota State Arts Board’s internal controls were generally adequate to ensure that it safeguarded its financial resources, accurately paid grantees in accordance with management’s authorizations, created reliable financial data, and complied with significant finance-related legal requirements, including provisions relevant to the Arts and Cultural Heritage Fund.
For the items tested, the board generally complied with significant requirements contained in statutes, laws, grant agreements, and entity policies. However, the Minnesota State Arts Board had weaknesses and instances of noncompliance in the area of grant monitoring. The board partially resolved one prior audit finding related to risk assessment and monitoring and resolved a second finding related to administrative cost limits for the regional arts councils.
||May 1, 2010, through April 30, 2012|