Office of the Legislative Auditor - Financial Audit Division

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.

Audit Period:
Fiscal Years 2001-2003

Selected Audit Areas:

• Payroll
• Grant expenditures
• Other administrative expenditures

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.