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Audit Audit of the Massachusetts Life Sciences Center

This audit examined the Massachusetts Life Sciences Center's administration of its its capital and investment fund programs, as well as its tax incentive program. The audit covered the period of July 1, 2013 through June 30, 2017.

Binder organization: Office of the State Auditor
Date published: February 14, 2018

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of the Massachusetts Life Sciences Center (MLSC) for the period July 1, 2013 through June 30, 2017. According to its website,

The Massachusetts Life Sciences Center (MLSC) is an investment agency that supports life sciences innovation, education, research & development, and commercialization. The MLSC is charged with implementing a $1-billion, state-funded investment initiative.

In this performance audit, we examined MLSC’s administration of its capital and investment programs and its tax incentive program to determine (1) whether MLSC awards and monitors grants, loans, and tax incentives in accordance with applicable laws, contracts, and policies and (2) whether programs related to grants, loans, and tax incentives promote MLSC’s mission of encouraging innovation in the life sciences; commercializing health-related products, cures, and treatments; and fostering economic development and job creation.

Our audit revealed no significant instances of noncompliance by MLSC that must be reported under generally accepted government auditing standards.

A PDF copy of the Massachusetts Life Sciences Center audit is available here.

Abbreviations

ACL

Audit Command Language

CEO

chief executive officer

CFO

chief financial officer

DOR

Department of Revenue

MLSC

Massachusetts Life Sciences Center

SAB

Scientific Advisory Board

Contact

Phone

Fax

(617) 727-3014

Address

Massachusetts State House
Room 230
Boston, MA 02133

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