21st Century Jobs Trust Fund Programs and Investment Fund Programs - 186-0410-22

Description of Agency

The Michigan Trust Fund Act (Public Act 489 of 2000, as amended) created the 21st Century Jobs Trust Fund to be used to fund programs implemented under the Michigan Strategic Fund Act (Public Act 270 of 1984). Through these programs, the Michigan Strategic Fund (MSF) provides grants and loans and makes investments for the purpose of diversifying Michigan’s economy by helping to create and retain jobs and increase economic development. The Michigan Strategic Fund Act created the Jobs for Michigan Investment Fund to establish a revolving funding source. MSF provides loans, grants, and equity funding to businesses with all interest, repayment of principal, and earnings deposited back into the investment fund. MSF contracts with the Michigan Economic Development Corporation to provide administrative services for all 21st Century Jobs Trust Fund and Jobs for Michigan Investment Fund programs. From October 1, 2020 through August 30, 2022, MSF expended $167.4 million from the 21st Century Jobs Trust Fund and $56.9 million from the Jobs for Michigan Investment Fund.

Audit Objectives

  1. To assess the sufficiency of MSF’s awarding processes for select 21st Century Jobs Trust Fund and Investment Fund programs.
  2. To assess the sufficiency of MSF’s monitoring efforts for select 21st Century Jobs Trust Fund and Investment Fund programs.
  3. To assess the sufficiency of MSF’s efforts to evaluate the economic development impact of select 21st Century Jobs Trust Fund and Investment Fund programs.
  4. To assess MSF’s compliance with selected statutory reporting requirements for the 21st Century Jobs Trust Fund and Investment Fund programs.

Timing

Estimated Release Date: Suspended


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