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

Marshall Griffin/St. Louis Public Radio

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 thatMTChas 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 theMTCboard 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 forrecusingthemselves 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).

Follow Marshall Griffin on Twitter:  @MarshallGReport

Copyright 2013 St. Louis Public Radio

St. Louis Public Radio State House Reporter Marshall Griffin is a native of Mississippi and proud alumnus of Ole Miss (welcome to the SEC, Mizzou!). He has been in radio for over 20 years, starting out as a deejay. His big break in news came when the first President Bush ordered the invasion of Panama in 1989. Marshall was working the graveyard shift at a rock station, and began ripping news bulletins off an old AP teletype and reading updates between songs. From there on, his radio career turned toward news reporting and anchoring. In 1999, he became the capital bureau chief for Florida's Radio Networks, and in 2003 he became News Director at WFSU-FM/Florida Public Radio. During his time in Tallahassee he covered seven legislative sessions, Governor Jeb Bush's administration, four hurricanes, the Terri Schiavo saga, and the 2000 presidential recount. Before coming to Missouri, he enjoyed a brief stint in the Blue Ridge Mountains, reporting and anchoring for WWNC-AM in Asheville, North Carolina. Marshall lives in Jefferson City with his wife, Julie, their dogs, Max and Liberty Belle, and their cat, Honey.