Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Abstract:
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.

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

Albany, NY | Posted on February 7th, 2013

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.

For more information, please click here

Contacts:
Steve Janack
CNSE
Vice President
Marketing and Communications
(518) 956-7322

Copyright © Fuller Road Management Corporation (FRMC)

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Scientists reveal breakthrough in optical fiber communications December 21st, 2014

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Govt.-Legislation/Regulation/Funding/Policy

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Zenosense, Inc. - Hospital Collaboration - 400 Person Lung Cancer Detection Trial December 17th, 2014

SUNY Poly NanoCollege Faculty Member Selected as American Physical Society Fellow: SUNY Poly Associate Professor of Nanoscience Dr. Vincent LaBella Recognized for Significant Technological Innovations that Enable Interactive Learning December 17th, 2014

Academic/Education

SUNY Poly NanoCollege Faculty Member Selected as American Physical Society Fellow: SUNY Poly Associate Professor of Nanoscience Dr. Vincent LaBella Recognized for Significant Technological Innovations that Enable Interactive Learning December 17th, 2014

Nanomedicine expert joins Rice faculty: Gang Bao combines genetic, nano and imaging techniques to fight disease December 17th, 2014

FEI and Oregon Health & Science University Install a Complete Correlative Microscopy Workflow in Newly Built Collaborative Science Facility December 16th, 2014

Student Nanotechnology Laboratories Network Set Up in Iran December 15th, 2014

Announcements

Scientists reveal breakthrough in optical fiber communications December 21st, 2014

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Financial Reports

Harris & Harris Group Reports Financial Statements as of September 30, 2014 November 11th, 2014

Harris & Harris Group to Host Conference Call on Third Quarter 2014 Financial Results on November 12, 2014 November 3rd, 2014

Aspen Aerogels, Inc. Schedules Third Quarter 2014 Earnings Release and Conference Call for November 6, 2014 October 17th, 2014

Nanometrics to Announce Third Quarter Financial Results on October 28, 2014 October 8th, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE