Press Release  Audit Calls on MassVentures to Improve Strategic Planning and Management of Employment Information

Boston — In an audit released today, State Auditor Suzanne M. Bump 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 for the companies it financially supports. Bump’s audit examined the period of July 1, 2017 through June 30, 2019.

“Quasi-public entities, like MassVentures, must be held to the same high standards as all other state agencies,” Bump said of the audit. “To better reach its mission of increasing employment throughout the commonwealth, MassVentures must ensure it maintains accurate employment information while also taking steps to plan for success in the future. I commend them for taking these matters seriously.”

Bump’s audit recommends MV establish a formal strategic plan to better define and document the strategies and resources necessary to accomplish its mission. The audit also found that while MV appeared to follow a consistent set of procedures related to the collection, verification, and reporting of employment survey data, it did not have these procedures documented. The audit notes this hinders the ability to detect potentially inaccurate employment data. The audit recommends MV document these procedures.

Additionally, the audit found members of MV’s board of directors had not signed a certificate of receipt within the prescribed timeframe for materials they had received under the Open Meeting Law. The audit recommends MV develop a 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.

In its response, MV reported it has begun to take steps to address the audit findings and recommendations.

MV, a quasi-public corporation, works to increase employment through startups across the commonwealth. It is governed by an 11-member board of directors, eight of which are appointed by the Governor. During the audit period, the corporation invested $3,341,629 in startups and awarded $6,700,000 in grants.

The full audit report is available here.

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