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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Minnesota Technology, Inc. (MTI)


Financial Audit Division Report 04-38 Released September 17, 2004

Key Findings:

  • MTI did not maintain adequate supporting documentation for some administrative expenditures.
  • MTI did not comply with its purchasing policy regarding some purchase orders.

Other Conclusions:

  • MTI’s internal controls provided reasonable assurance that expenditures were properly authorized and recorded in the accounting system.
The audit report contained 3 audit findings relating to internal control or legal compliance. There were no findings in our prior audit report.
   Audit Scope:

Audit Period:
Fiscal Years 2001-2003

Selected Audit Areas:

  • Payroll
  • Grant expenditures
  • Other administrative expenditures

Agency Background:

MTI is a public, nonprofit corporation established to assist Minnesota companies to become more competitive through the application and development of technology. MTI operates under the provisions of Minn. Stat. Chapter 1160. MTI receives direction from a 7-member board. Fiscal year 2003 expenditures totaled $7,852,368. The Legislature appropriated $3 million in transition funding for fiscal year 2004, but did not provide base funding for any future year.

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