Audit Of Mo. Technology Corporation Cites Lack Of Documentation For Admin. Costs

Jul 25, 2013
Originally published on July 29, 2013 6:44 am

A state-run nonprofit corporation needs to improve its transparency, according to an audit released Thursday.

The Missouri Technology Corporation received an overall good rating, but the audit finds that MTC has not maintained detailed timesheets or other documents to support the funding it receives for administrative costs, and that those allocations don't always appear to be reasonable.  The audit also finds that financial documents provided to the MTC board don't have enough details needed to adequately monitor the funds given out to high-tech startup companies.

In response, Missouri Technology officials say their cost allocations are reasonable, and that they have received "irregular injections of funding at irregular intervals."

In addition, the audit commends board members for recusing themselves from votes where there may be conflicts of interest, but also faults them for not disclosing the nature of the potential conflicts in their minutes.

The Missouri Technology Corporation was created as a public-private partnership by the General Assembly, and is a division of the Missouri Department of Economic Development (DED).

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