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Audit Audit of MassVentures

Audit calls on MassVentures (MV), a quasi-public corporation that provides financial assistance to startup companies in Massachusetts, to develop a strategic plan and improve oversight of employment survey data. The audit examined the period of July 1, 2017 through June 30, 2019.

Organization: Office of the State Auditor
Date published: March 19, 2020

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted an audit of certain activities of MassVentures (MV) for the period July 1, 2017 through June 30, 2019.

In this performance audit, we reviewed and assessed selected management activities of MV, including summarization and verification of employment data from companies that receive funding from its investment and grant programs, compliance with Chapter 30A of the General Laws (the Open Meeting Law), outreach reporting procedures for the purpose of reaching MV’s target audience, and administration of MV’s grant award processes.

Below is a summary of our findings and recommendations, with links to each page listed.

Finding 1

MV did not have documentation to support the review procedures completed for the verification of employment survey data.

Recommendation

MV should document procedures for data collection, verification, and reporting to provide supporting evidence that reviews have been completed.

Finding 2

The members of the board of directors had not signed the Certificate of Receipt of Open Meeting Law Materials.

Recommendation

Management should develop a formal policy informing newly appointed and reappointed board members that they are required to sign a Certificate of Receipt of Open Meeting Law Materials within two weeks of qualifying for office.

 

A PDF copy of the audit of MassVentures is available here.

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