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Home > Press > NYS Comptroller Thomas P. DiNapoli Releases Audit That Determines Fuller Road Management Corporation is Safeguarding Public Funds: Report concludes that FRMC fosters ethical business climate in supporting growth at NanoCollege
New York State Comptroller Thomas P. DiNapoli today released an audit that determines that proper management of internal controls has been exercised by the Fuller Road Management Corporation (FRMC), ensuring that public funds are being spent appropriately in supporting the rapid nanotechnology-driven growth at the College of Nanoscale Science and Engineering (CNSE) of the University at Albany.
"On behalf of Fuller Road Management Corporation, I want to thank Comptroller DiNapoli for the professional, competent, objective, and thorough audit of the FRMC Management of Internal Controls," said John Cavalier, Chair of FRMC's Audit Committee. "FRMC is appreciative of the efficiency, speed, and expertise exhibited by the OSC's auditing team in providing timely, detailed, and beneficial analysis, as well as its effective guidance on oversight and governance matters."
"We concluded that the FRMC Board of Directors has fulfilled its duties to support and provide for appropriate internal controls over operations and activities," according to a summary of the audit findings. "We further concluded that, overall, internal controls at the FRMC are functioning as intended by the Board. Accordingly, the FRMC continues to properly support CNSE and continues to foster an ethical business climate and compliance with applicable laws, rules and regulations."
A press release from the Office of the State Comptroller (OSC), including a link to the complete report, Management of Internal Controls: Fuller Road Management Corporation, is available at www.osc.state.ny.us/press/releases/jan13/012513.htm.
FRMC is a private, not-for-profit corporation formed by the Research Foundation for SUNY (RF) and the University at Albany Foundation, Inc. to provide a vehicle for the construction of comprehensive research facilities at CNSE's Albany NanoTech Complex that support a high-tech business incubator, workforce development, research and development, and technology acceleration.
In April 2010, an audit conducted by OSC entitled, The Use of State Funding for Research into Emerging Technologies at the State University of New York at Albany: Nanotechnology, determined that state funds were spent as intended for capital projects and nanotechnology research initiatives at CNSE. It further stated that FRMC complied with all applicable terms and conditions placed on $876.1 million of state funding for nanotechnology research between 2000 and 2009.
Fuller Road Management Corporation (FRMC) is a private, not-for-profit corporation formed by the Research Foundation for SUNY (RF) and the University at Albany Foundation, Inc. to provide a vehicle for the construction of comprehensive research facilities at CNSE’s Albany NanoTech Complex that support a high-tech business incubator, workforce development, research and development, and technology acceleration.
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