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Home > Press > Independent Financial Audit Gives Clean Financial Health Bill to Fuller Road Management Corporation: Audit by KPMG LLP Public Services Group follows an audit by NYS Comptroller Thomas P. DiNapoli that determined FRMC is safeguarding public funds
Following on the heels of a recent audit by New York State Comptroller Thomas P. DiNapoli that concluded that the Fuller Road Management Corporation (FRMC) "…officers, directors and committee members have done well to make sure taxpayer and private dollars are being safeguarded and being spent appropriately…," the annual financial report by KPMG LLP Public Services Group, the FRMC external independent auditing firm, awarded FRMC its "unqualified opinion," the cleanest type of financial audit report that can be awarded by an auditor.
KPMG LLP determined that FRMC's financial condition, position, and operations are accurately presented in its financial statements.
The report by the FRMC independent auditing firm, the KPMG LLP Public Services Group, marks the 10th year in a row that FRMC has been awarded an "unqualified opinion" by an external independent auditing firm.
The KPMG LLP Public Services Group was recruited by FRMC to perform its annual financial audits, as well as advise on governance, management, and controls, after FRMC had released its prior auditors, the ones used by the SUNY Research Foundation, due to a single reporting error on its 2010 IRS 990 form, which was corrected during the New York State Comptroller audit.
"All of us at Fuller Road Management Corporation are pleased with the conclusions in the KPMG LLP report," said Norman Massry, Chair of FRMC's Finance Committee. "As the NanoCollege expands in Albany and across New York, this thorough and detailed analysis will be invaluable in keeping the organization on a sound financial path. It also gives us great confidence that FRMC is well-positioned to support continued growth."
"On behalf of the Fuller Road Management Corporation, I want to thank KPMG LLP for its comprehensive, professional, and objective review of FRMC's financial operations," said John Cavalier, Chair of FRMC's Audit Committee. "We are gratified to know that this independent review has given FRMC a clean bill of health, and we look forward to continuing to advance its mission to generate further high-tech economic growth in the Capital Region and across New York State."
According to the summary of the KPMG LLP Public Services Group audit findings, "In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fuller Road Management Corporation as of June 30, 2012 and 2011, and the changes in its net assets, and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles." And added that, "In our opinion, the information is fairly stated in all material respects in relation to the 2012 basic financial statements as a whole."
An audit released January 25, 2013 by Comptroller DiNapoli determined that proper management of internal controls has been exercised by FRMC, ensuring that public funds are being spent appropriately. 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.
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.
About Fuller Road Management Corporation (FRMC)
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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