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Board of Investments F/C Report

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Board of Investments F/C Report Legislative Audit Division State of Montana Report to the Legislature December 2004 Financial-Compliance Audit For the Two Fiscal Years Ended June 30, 2004 Board of Investments Department of Commerce We performed a financial-compliance audit of the Board of Investments for the two fiscal years ended June 30, 2004. This report contains the audited financial statements and accompanying notes for the two fiscal years 2003-04 and 2002-03. We issued unqualified opinions on the financial statements of the Board of Investments’ Retirement Funds Bond Pool, Trust Funds Bond Pool, Short Term Investment Pool, Montana Domestic Equity Pool, Montana International Equity Pool, Montana Private Equity Pool, All Other Funds, and Enterprise Fund. This report contains two recommendations relating to: Timely Financial Reporting Required Rural and Special Improvement District Bond Report This report also contains a disclosure issue discussing concerns that certain recent INTERCAP loans to state agencies may constitute state debt. Direct comments/inquiries to: Legislative Audit Division Room 160, State Capitol PO Box 201705 04-03 Helena MT 59620-1705 Help eliminate fraud, waste, and abuse in state government. Call the Fraud Hotline at 1-800-222-4446 statewide or 444-4446 in Helena. FINANCIAL-COMPLIANCE AUDITS Financial-compliance audits are conducted by the Legislative Audit Division to determine if an agency’s financial operations are properly conducted, the financial reports are presented fairly, and the agency has complied with applicable laws and regulations. In performing the audit work, the audit staff uses standards set forth by the American Institute of Certified Public Accountants and the United States Government Accountability Office. Financial-compliance audit staff members hold degrees with an emphasis in accounting. Most staff members hold Certified Public Accountant (CPA) certificates. Government Auditing Standards, the Single Audit Act Amendments of 1996 and OMB Circular A-133 require the auditor to issue certain financial, internal control, and compliance reports. This individual agency audit report is not intended to comply with these reporting requirements and is therefore not intended for distribution to federal grantor agencies. The Legislative Audit Division issues a statewide biennial Single Audit Report which complies with the above reporting requirements. The Single Audit Report for the two fiscal years ended June 30, 2005, will be issued by March 31, 2006. The Single Audit Report for the two fiscal years ended June 30, 2003, was issued on March 23, 2004. Copies of the Single Audit Report can be obtained by contacting: Single Audit Coordinator Legislative Audit Division Office of Budget and Program Planning Room 160, State Capitol State Capitol PO Box 201705 Helena MT 59620 Helena MT 59620-1705 Phone (406) 444-3616 MEMBERS OF THE LEGISLATIVE AUDIT COMMITTEE Senator John Cobb Representative Dee Brown Senator Mike Cooney Representative Tim Callahan Senator Jim Elliott, Vice Chair Representative Hal Jacobson Senator John Esp Representative John Musgrove Senator Dan Harrington Representative Jeff Pattison, Chair Senator Corey Stapleton Representative Rick Ripley LEGISLATIVE AUDIT DIVISION Scott A. Seacat, Legislative Auditor Deputy Legislative Auditors: John W. Northey, Legal Counsel Jim Pellegrini, Performance Audit Tori Hunthausen, IS Audit & Operations James Gillett, Financial-Compliance Audit December 2004 The Legislative Audit Committee of the Montana State Legislature: This is our financial-compliance audit report on the Board of Investments (board) for the two fiscal years ended June 30, 2004. This report contains unqualified Independent Auditor’s Reports for each of the following eight sets of financial statements of the Board of Investments. The Independent Auditor’s Reports cover two fiscal years because the board presents two fiscal years in the financial statements for comparative purposes. • Retirement Funds Bond Pool • Trust Funds Bond Pool • Short Term Investment Pool • Montana Domestic Equity Pool • Montana International Equity Pool • Montana Private Equity Pool • All Other Funds, and • Enterprise Fund. The prior financial-compliance audit report, issued for the two fiscal years ended June 30, 2002, contained two recommendations to the board. During our financial audit for the fiscal year ended June 30, 2003, we determined the board implemented these recommendations. This report contains two recommendations to the board. The board’s response to this report is at the end of the report. We thank the members of the Board of Investments and their staff for their cooperation and assistance during the audit. Respectfully submitted, (Signature on File) Scott A. Seacat Legislative Auditor Room 160, State Capitol Building PO Box 201705 Helena, MT 59620-1705 Phone (406) 444-3122 FAX (406) 444-9784 E-Mail [email protected] Legislative Audit Division Financial-Compliance Audit For the Two Fiscal Years Ended June 30, 2004 Board of Investments Department of Commerce Members of the audit staff involved in this audit were Pearl M. Allen, Hollie Koehler, Jim Manning, Vickie Rauser, and Jeff Tamblyn. Table of Contents Appointed and Administrative Officials...................................................ii Report Summary....................................................................................S-1 Introduction................................................................................................................................................. 1 Introduction............................................................................................... 1 Audit Objectives ....................................................................................... 2 Prior Audit Recommendations.................................................................. 2 Findings and Recommendations................................................................................................................ 3 Timely Financial Reporting...................................................................... 3 Required Bond Review and Report .......................................................... 4 Disclosure Issue ........................................................................................................................................... 7 Certain Recent INTERCAP Loans to State Agencies May Constitute State Debt ................................................................................ 7 Independent Auditor’s Report & Board Financial Statements-Index...............................................A-1 Board Response.......................................................................................................................................C-1 Board of Investments.............................................................................. C-3 Page i Appointed and Administrative Officials Term Expires Board of Investments Richard Anderson, Chairman Helena 1/2005 Terry Moore Billings 1/2007 Dennis Beams Kalispell 1/2005 Karen Fagg Billings 1/2007 Maureen Fleming Missoula 1/2007 Jay Klawon Hamilton 1/2005 Joel T. Long Billings 1/2005 Tim Ryan Bozeman 1/2005 Calvin Wilson Busby 1/2007 Administrative Officials Carroll South Executive Director Bob Bugni Interim Chief Investment Officer Gayle L. Moon Accounting Fiscal Manager For further information on the Montana Board of Investments contact Carroll South, Executive Director, at: PO Box 200126 Helena MT 59620-0126 (406) 444-0001 e-mail: [email protected] Page ii Report Summary Board of Investments This financial-compliance audit report documents the results of our audit of the Board of Investments (board) for the two fiscal years ended June 30, 2004. We issued unqualified opinions on the eight sets of statements contained in this report. This report contains two recommendations for improving timeliness of financial reporting and compliance with state law by the board. It also contains a disclosure issue, beginning on page 7, which discusses concerns that certain recent INTERCAP loans to state agencies may constitute state debt. The prior financial-compliance audit report for the two fiscal years ended June 30, 2002, contained two recommendations that have been implemented. The listing below serves as a means of summarizing the recommendations contained in the report, the board’s response thereto, and a reference to the supporting comments. Recommendation #1 We recommend the Board of Investments: A. Publish its annual financial report by December 31, as required by state law. Board Response: Concur. See page C-3. B. Provide timely draft financial statements to the Department of Administration as required by state policy. Board Response: Concur. See page C-3. C. Consider adopting industry standards for the completion and release of the annual audited financial statements...................... 4 Board Response: Do not concur. See page C-3. Recommendation #2 We recommend the Board of Investments review its participation in issuing rural and special improvement district bonds and provide the report required by state law to the next legislature. .......................... 5 Board Response: Concur. See page C-4. Page S-1 Introduction Introduction The 42nd Legislature of the state of Montana created the Board of Investments (board) in 1971. The board has the sole authority to invest all state funds. Funds are to be invested under the prudent expert principle. This principle, as defined in section 17-6-201, MCA, requires the board to: (a) discharge the duties
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