Miami Area Economic Development Service, Inc. Miami, Oklahoma Revolving Loan Fund (EDA Grant No. 08-39-02952.01)

摘要

The Miami Area Economic Development Service, Inc. assists existing industry and attracts new industry in order to increase employment in Miami, Oklahoma and the surrounding area. The corporation achieves its mission by operating six distinct revolving loan funds (RLF) including one RLF financed by two grants awarded to the corporation by the Economic Development Administration. Specifically, in September 1994, EDA awarded the corporation a $300,000 grant to establish an RLF and, in September 1997, EDA awarded the corporation a $350,000 grant to recapitalize the RLF. We performed a financial and compliance audit of the corporation's EDA RLF during May 2001. Our primary audit objective was to determine the reasons for the corporation's delay in drawing down and using the RLF recapitalization grant funds to make loans. Our other objectives were to assess the corporation's continued need for the recapitalization funds and to review the corporation's compliance with selected EDA administrative requirements.