Audit finds serious documentation issues at North Dakota Development Fund
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- Developments
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New informationRepeats or wire copies
What happened
The North Dakota Development Fund, a state-administered economic development corporation established in 1991, provides gap financing to primary-sector businesses in North Dakota. The fund is managed by the Department of Commerce and is governed by an eight-member board of political appointees. A recent audit found serious issues, including slipshod record-keeping and a paucity of documentation regarding investment impact metrics and potential conflicts of interest among board members.
From inforum.com, kfyrtv.com
Why it matters
The audit, which spanned over five years, found missing or incomplete documentation for about $4 million in transactions made by the fund. Given that the fund provides loans and financing to new and expanding businesses, lawmakers are now calling for the corporation to be dissolved.
From inforum.com, kfyrtv.com
Who's involved
- North DakotaThe state whose businesses the fund is intended to support
- Department of CommerceThe department that manages the fund under scrutiny
How it developed
Newest first. Tap a step to see who reported it.- North Dakota legislature urges shutdown of state-backed Development Fund.Sub-event
North Dakota's Department of Commerce manages a state development fund.1 source
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The entities involved
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North Dakota
state of the United States of America
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Department of Commerce
former department of the Government of Western Australia