Riding Off Course: Audit Shows Financial Management Problems Inside Tour Of Missouri

An independent analysis made public yesterday found "irregularities that raise some questions" about the management at the Tour of Missouri, Inc.  From the Associated Press:

The nonprofit group [Tour of Missouri, Inc.] 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.

Lt. Governor Peter Kinder is Chairman of Tour of Missouri, Inc. and Deputy Lt. Governor Jerry Dowell is its Executive Director. The treasurer for TOM, Inc. is Division of Tourism employee who spends 50-60% of her time on Tour matters, and is also paid to do campaign work for Kinder.