State University of New York
Institute for Entrepreneurship: Financial Practices, Program Results and Ongoing Operations (Follow-Up Review) The Institute for Entrepreneurship was created by SUNY to support small business and entrepreneurial efforts through research and the development of academic programs. In our initial audit report 2001-S-46, we examined the Institute’s use of State funds and its effectiveness in achieving its objectives. We found that State funds were used for inappropriate purposes, including the personal benefit of the Institute’s former Executive Director, who was asked by SUNY to resign because of allegations of financial irregularities. We also found that the Institute achieved few of its objectives, and had little to show for the $5.3 million in funds that had been spent since it began operation in August 1998. We recommended that the Institute’s staffing and organizational structure be re-evaluated by SUNY, and future Institute activities be more closely monitored by SUNY. Subsequent to our audit, the activities of the Institute were transferred to the SUNY Small Business Development Center, and the Institute itself became dormant. Our follow-up review determined that significant progress had been made by SUNY officials in implementing our audit recommendations.
For a complete copy of Report 2004-F-6 click here.