Report No. 2011-26
June 2011
Complete Report
Findings in the audit of the Office of State Treasurer
Background
On January 12, 2009, Clint Zweifel was inaugurated as the forty-fifth Missouri State Treasurer. This audit report is for the year ended June 30, 2010.
The Office of State Treasurer is an elective office as provided in the Missouri Constitution. The duties of the State Treasurer are to be the custodian of all state funds, and determine the amount of state monies not needed for current operating expenses and invest such monies as allowed by state law. The Office of State Treasurer operates in four major functional areas: 1) accounting and banking services, 2) disbursements and records, 3) investments and deposit programs and 4) unclaimed property.
Transition Specialist
After resigning his position as Deputy State Treasurer, a former employee was paid $15,791 for two months' work as a Transition Specialist. In this temporary position, the former employee was responsible for preparing a memorandum describing the status of all current projects, being available to answer questions, and assisting in the transition of duties to other personnel. Although the former employee reported eight hours per day of work on his timesheet during this time period, minimal documentation exists to support the work performed or services provided. State Treasurer Office personnel indicated that contact with the former employee during this time consisted primarily of a few emails and approximately 2 to 3 telephone conversations per week.
In the areas audited, the overall performance of this entity was Good.*
American Recovery and Reinvestment Act 2009 (Federal Stimulus)
The Office of State Treasurer did not receive any federal stimulus monies during the audited time period.
*The rating(s) cover only audited areas and do not reflect an opinion on the overall operation of the entity. Within that context, the rating scale indicates the following:
Excellent:
The audit results indicate this entity is very well managed. The report contains no findings. In addition, if applicable, prior recommendations have been implemented.
Good:
The audit results indicate this entity is well managed. The report contains few findings, and the entity has indicated most or all recommendations have already been, or will be, implemented. In addition, if applicable, many of the prior recommendations have been implemented.
Fair:
The audit results indicate this entity needs to improve operations in several areas. The report contains several findings, or one or more findings that require management's immediate attention, and/or the entity has indicated several recommendations will not be implemented. In addition, if applicable, several prior recommendations have not been implemented.
Poor:
The audit results indicate this entity needs to significantly improve operations. The report contains numerous findings that require management's immediate attention, and/or the entity has indicated most recommendations will not be implemented. In addition, if applicable, most prior recommendations have not been implemented.
Complete Audit Report
Missouri State Auditor's Office
moaudit@auditor.mo.gov
