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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary

Financial-Related Audit

Minnesota Technology, Incorporated

For the Period July 1, 1996, through June 30, 1999

Overall Conclusion:

Minnesota Technology, Incorporated's (MTI), payroll, administrative, and grant expenditures were properly authorized, supported, and recorded on MTI accounting records and in compliance with board policies and applicable finance-related legal provisions. MTI transferred its Seed Capital (Equity) Fund assets to the Minnesota Investment Network Corporation according to the transfer agreement. The audit report contained no findings or recommendations for improvement.

Agency Background:

Minnesota Technology, Incorporated (MTI), is a public nonprofit corporation established to assist Minnesota companies in becoming more competitive through the application and development of technology. MTI operates six offices throughout the state. The main office is located in Minneapolis with other offices in Rochester, Redwood Falls, St. Cloud, Virginia, and Moorhead. MTI is governed by a 15 member board of directors. Jacques Koppel has served as president since September 1990.

Financial-Related Audit Reports address internal control weaknesses and noncompliance issues found during our audits of state departments and agencies. The scope of our work at the Minnesota Technology, Incorporated, included payroll, grants, and other administrative expenditures.

Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708