JEFFERSON CITY, Mo. (AP) -- The nonprofit group running the Tour of Missouri needs to improve its financial management of the $3.3 million bicycle race, according to an accountants' review released Monday.
The report said the Tour of Missouri Inc. lacks written policies and procedures for handling its finances. It also said the nonprofit group failed to provide monthly profit-and-loss statements for several months last year and had no documentation on whether prior written approval was given for the travel expenses of the race's management firm.
The analysis by the Jefferson City-based accounting firm Evers and Co. was provided at the request of The Associated Press by the state Office of Administration. It also was distributed Monday to several entities involved in financing the race, said administration spokeswoman Lori Simms.
Gov. Jay Nixon's administration paid $12,600 for the review, which covered all of 2008. The state provided more than half of the race's $3.3 million covered that year.
Simms said the accountants' review found "irregularities that raise some questions" about the Tour of Missouri.
Jefferson City attorney Joe Bednar, who represents the Tour of Missouri, said the report "reflects that overall the Tour of Missouri was managed well but improvements could be made in regards to our internal policies and procedures, which we're actively reviewing."
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