Audit Finds Missing Documentation for $61M in North Dakota Development Fund Loans
The latest in this situation
- The North Dakota legislature recommended transferring loans to the Bank of North Dakota.
- Scrutiny over financial oversight of the North Dakota Development Fund led to legislative recommendations and civil lawsuit citations involving Drew Wrigley.
- Audit revealed missing documentation in NDDF transactions.
- Eide Bailly conducted a performance audit of the North Dakota Development Fund, which operates under the Commerce Department.
How it started
What happened
A five-year performance audit of the North Dakota Development Fund (NDDF), a state-administered financing program, was conducted by Eide Bailly. The audit analyzed 40 of 126 approved loans and equity investments made from 2019 to 2024, totaling approximately $61 million. The review found that 25 of these 40 transactions had documentation problems, and 11 transactions lacked proof of board review or authorization.
Why it matters
The NDDF provides loans and equity investments to help new or expanding businesses in North Dakota. The audit concluded that due to the missing and incomplete documents, Eide Bailly could not consistently verify the basis for funding decisions or determine if required reviews and approvals occurred in accordance with policy.
How it developed
Newest first. Tap a step to see who reported it.- Scrutiny over financial oversight of the North Dakota Development Fund led to legislative recommendations and civil lawsuit citations involving Drew Wrigley.Sub-event
Audit revealed missing documentation in NDDF transactions.1 source
Audit of NDDF, a program under the Commerce Department, was conducted by Eide Bailly.1 source