Funds Spent on Intended Projects at Albany Nanotech Complex
$876.1 Million Spent on Construction, Equipment and Operations
State funding intended to build and equip nanotechnology research facilities at the State University of New York was spent appropriately by the SUNY Research Foundation and the Fuller Road Management Corp., according to an audit released today by State Comptroller Thomas P. DiNapoli.
"SUNY Albany's NanoTech Complex required a major investment from the state to get off the ground," DiNapoli said. "Taxpayers have a right to expect that money to be spent as intended. I'm happy to report that the officials in charge of the facility together made sure that funding went where it was supposed to go."
In all, 13 separate nanotechnology research projects at the Albany NanoTech Complex received state support totaling $876.1 million. DiNapoli's auditors reviewed nine of those projects accounting for $802.1 million in state funding in detail.
Auditors found that the foundation and the corporation used the state funds to pay for building construction, equipment and operations. When restrictions were placed on the types of purchases that could be made, they complied with those restrictions.
The research foundation and the corporation also complied with other requirements on the state funding, including submitting reports on the financial condition and progress of programs receiving state funding, and obtaining matching funds from private sources.
Auditors said the internal controls of state-funded expenditures also appeared adequate.
The NanoTech Complex, which has received more than $5.5 billion in public and private investments, is dedicated to nanotechnology research, development and prototyping, as well as education. The complex includes five buildings with more than 800,000 square feet of office, laboratory and classroom space, including 80,000 square feet of cleanroom facilities.
SUNY expects the facility to encourage economic development in the state by making New York a leader in nanotechnology research and by providing outreach and business incubation services. The audit did not assess job growth and economic development outcomes.
Click here for a copy of the audit.