Summary

Our operational audit for the fiscal year ended June 30, 2007, and selected actions taken through February 29, 2008, disclosed the following:

Finding No. 1:     The Board of Governors had not adopted rules requiring that State universities follow the provisions of Chapter 1013, Florida Statutes.

Finding No. 2:     The Board of Governors did not adequately document that universities met eligibility criteria prior to making awards.  The Board of Governors also did not obtain expenditure reports from the universities to document how Program funds were spent.

Finding No. 3:     The Board of Governors did not require the submission of written verification to document that nonuniversity matching funds were received before granting Research and Economic Development Investment Program awards.

The Board of Governors’ response is included as Appendix B of this report.