{"id":858,"date":"2024-12-03T19:52:36","date_gmt":"2024-12-03T19:52:36","guid":{"rendered":"https:\/\/sites.ncleg.gov\/houseoversight\/?p=858"},"modified":"2024-12-03T19:52:40","modified_gmt":"2024-12-03T19:52:40","slug":"ncinnovation-provides-latest-audit","status":"publish","type":"post","link":"https:\/\/sites.ncleg.gov\/houseoversight\/2024\/12\/ncinnovation-provides-latest-audit\/","title":{"rendered":"First look at NCInnovation FY24 financials"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"428\" src=\"https:\/\/sites.ncleg.gov\/houseoversight\/wp-content\/uploads\/sites\/15\/2024\/12\/Hearing-use-this-one-copped.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" \/><\/figure>\n\n<div class=\"wp-block-post-date\"><time datetime=\"2024-12-03T19:52:36+00:00\">December 3, 2024<\/time><\/div>\n\n\n<p>NCInnovation provided its 2024 audit to General Assembly on November 21. You can find the audit <a href=\"https:\/\/sites.ncleg.gov\/houseoversight\/wp-content\/uploads\/sites\/15\/2024\/12\/NCInnovation-2024-FS_FINAL_Independent-Audit.pdf\">here<\/a> and an Excel spreadsheet of the financials <a href=\"https:\/\/sites.ncleg.gov\/houseoversight\/wp-content\/uploads\/sites\/15\/2024\/12\/NCI-FY2024-financials.xlsx\">here<\/a>. Of note in the cover letter from independent auditor BDO is the acknowledgement that NCInnovation did not have an independent audit before receiving its first $250 million in state funds:<\/p>\n\n\n\n<p class=\"has-text-align-left\"><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>The 2023 financial statements of the Organization were reviewed by other auditors, whose report dated January 10, 2024[,] stated that they were not aware of any material modifications that should be made to those statements for them to be in accordance with accounting principles generally accepted in the United States of America. <strong>A review is substantially less in scope than an audit and does not provide a basis for the expression of an opinion on the financial statements as a whole.<\/strong> [emphasis added]<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>NC Gen. Stat. 143-728(d)(9) requires NCI to &#8220;maintain separate accounting records for and separate accounts [for State and private funds] and shall not commingle [the two],&#8221; but the audited financial statements do not make clear the separation of public and private funds. Despite this, it appears that grants are the only thing currently being paid from state funds. This is the largest expense for NCI as projects in the pilot round of grants qualify for their second tranche of funding and as NCI completes its first statewide round of grantmaking in early 2025. The <a href=\"https:\/\/ncinnovation.org\/statewide-rfp\/\">Request for Proposals page<\/a> states, \u201c<strong>The deadline for the fall 2024 pre-application is Friday, December 13, 2024. Applicants can anticipate hearing a response from NCI within one to two months from the application deadline.\u201d<\/strong><\/p>\n\n\n\n<p>The second largest expense for NCI is salaries and benefits, totaling $2.6 million for the fiscal year. Because the regional hub personnel did not start until November, the annualized expense is more than $3.0 million.<\/p>\n\n\n\n<p>NCInnovation FY2024 Audited Financial Statements and Report [<a href=\"https:\/\/sites.ncleg.gov\/houseoversight\/wp-content\/uploads\/sites\/15\/2024\/12\/NCInnovation-2024-FS_FINAL_Independent-Audit.pdf\">PDF<\/a>]<\/p>\n\n\n\n<p>Annotated NCInnovation FY2024 Audited Financial Statements [<a href=\"https:\/\/sites.ncleg.gov\/houseoversight\/wp-content\/uploads\/sites\/15\/2024\/12\/NCI-FY2024-financials.xlsx\">Excel<\/a>]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCInnovation provided its 2024 audit to General Assembly on November 21. You can find the audit here and an Excel spreadsheet of the financials here. Of note in the cover letter from independent auditor BDO is the acknowledgement that NCInnovation did not have an independent audit before receiving its first $250 million in state funds: [&hellip;]<\/p>\n","protected":false},"author":59,"featured_media":859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1],"tags":[22,20,19,21,56,18,32],"class_list":["post-858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-general-assembly","tag-house","tag-johnson","tag-legislature","tag-ncinnovation","tag-oversight","tag-warren"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>First look at NCInnovation FY24 financials - House Oversight and Reform Committee<\/title>\r\n<meta name=\"description\" content=\"First look at NCInnovation FY24 financials\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/sites.ncleg.gov\/houseoversight\/2024\/12\/ncinnovation-provides-latest-audit\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"First look at NCInnovation FY24 financials - 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