INV-2013-0384

This special review answered questions asked by the General Assembly regarding all state funds received by the Friends of Elizabeth II, Inc. from the Roanoke Island Commission or any other state entity. The review determined that the Friends received $8.3 million in state funds from 1998 through 2010. As of December 31, 2012, the Friends maintained a cash balance of $88,557.12 and investment balance of $7.2 million from multiple funding sources. The Friends spent funds in support of Roanoke Island Festival Park in compliance with its articles of incorporation and by-laws, guidance from the Commission, and the General Statutes. The majority of funds were properly transferred in accordance with the law although two transfers in 2001 and 2003 were not properly transferred. The Friends did not file some necessary reports regarding state funds received from 1998 through 2006. The Friends and the Commission have operated without a signed memorandum of agreement since 2002.