Compliance and Control Report for FY 2012 Released
A compliance and control review of JobsOhio and JobsOhio Beverage System by the Auditor of State’s office largely reflects minor discrepancies and finds no conflicts of interest.
Compliance and Control Report Released Today
Auditor’s office determines no conflicts of interest
COLUMBUS – A compliance and control review of JobsOhio and the JobsOhio Beverage System (JOBS) for fiscal year ending June 30, 2012 has been completed by Auditor of State Dave Yost’s office.
“We are pleased that overall the report was positive, largely identifying the types of minor discrepancies that are not uncommon to other companies during their first year in business,” said Jim Boland, JobsOhio Board Chairman.
Boland added that a significant finding of the report was the determination that no conflicts of interest existed among 28 projects selected for review by the audit team. Fifteen of the 28 selected for review involved a company that the Ohio Ethics Commission had previously flagged as having the possibility of raising a potential conflict of interest with a JobsOhio Board member or employee. The State’s auditing team identified only three of the 28 as raising a potential conflict of interest. Yet, after a detailed review, the Auditor’s staff determined that two of these had no conflict of interest and a third “was so slight as to constitute a de minimis conflict,” according to the report.
In a letter to Auditor Yost, Boland expressed his appreciation for the opportunity to review the report and provide Yost’s office with a written response. Boland also acknowledged the fair, thorough, and professional manner in which the Auditor’s staff conducted their work. “As we continue our mission to promote job creation and retention, capital investment and economic growth for Ohio, we will carefully consider the audit results and take into consideration the recommendations presented in this final report,” Boland said.
JobsOhio and JOBS provided the Auditor’s office with thousands of pages of documents to complete the review. The Auditor’s report included recommendations that ranged from the reinforcement of existing internal expenditure controls to improvements in documenting JOBS board meeting minutes. JobsOhio and JOBS included in their written response to the Auditor that the corporations had previously identified some of the same issues during the start-up year and had already taken steps to improve its procedures.
The compliance and control report comes on the heels of JobsOhio and JOBS receiving a clean opinion on their fiscal year 2013 annual financial statements. The statements were audited by an independent certified public accounting firm.
“This report reflects more than our compliance with the policies and procedures that we established during the corporation’s start-up year. It speaks to JobsOhio’s commitment to good corporate governance and dedication to the highest ethics principles,” said Boland.
JobsOhio drives job creation, capital investment, and business growth in Ohio through business attraction, retention, and expansion efforts. Unique among other states’ economic development models, JobsOhio is the most transparent and accountable private, nonprofit in Ohio.
For more information, contact:
Matt Englehart, JobsOhio