Foundation for Science, Technology and Innovation
Internal Controls Over Financial Operations The New York State Office of Science, Technology, and Academic Research (NYSTAR) was created in 1999 to provide a mechanism through which the State and its regional partners could develop regional economic development strategies. NYSTAR was expected to promote the construction and development of new and existing research centers, provide grants for colleges and universities to commercialize high technology initiatives, and provide grants to attract and retain quality research faculty. The Foundation for Science, Technology and Innovation was created in April 2005 to replace NYSTAR, continue its programs, and administer two funds that were intended to promote new job creation and economic growth. We examined the actions taken by the Foundation in changing from a State agency (as NYSTAR) to public benefit corporation, and in establishing and maintaining a system of internal controls over its financial operations.
We found that the Foundation had taken most, but not all, of the actions necessary to complete its transition to a public benefit corporation. We recommended that the remaining actions be taken. We also found that the Foundation had, for the most part, established an adequate system of internal controls over its financial operations.
For a complete copy of Report 2006-S-121 click here.
For a copy of the 90-day response click here.