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STEM CELL BATTLES
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300 Capitol Mall Sacramento, CA 95814 916.445.2636 www.controller.ca.gov PR08:026 FOR IMMEDIATE RELEASE: CONTACT: HALLYE JORDAN MAY 12, 2008 916-445-2636 Chiang Releases Results of Financial Review of California’s Stem Cell Institute SACRAMENTO – State Controller John Chiang today unveiled the results of an audit conducted on the California Institute for Regenerative Medicine (CIRM), the stem cell grant program created in 2004 by Proposition 71. The review found CIRM’s conflict-of-interest policies, grant administration, administrative expenses and expenditures conform with Proposition 71 and generally were followed. The State Controller ordered the audit to determine whether the Institute was following the conflict-of-interest policies, grant administration and expense guidelines established by Proposition 71, the California Stem Cell Research and Cures Act. The results of the audit found the Institute has adopted adequate policies in each area, often basing its standards on National Institute of Health requirements and industry best practices. The Controller chairs the Citizens Financial Accountability and Oversight Committee (CFAOC), which also was created by Proposition 71 to oversee the finances of the publicly funded stem cell research program. The Controller called for the audit of CIRM’s policies and procedures at the last CFAOC meeting in November 2007. Chiang has scheduled a meeting of the CFAOC on July 7 in San Diego to publicly review the audit findings and discuss the Institute’s financial reporting. The complete audit can be found at www.sco.ca.gov.
71, the California Stem Cell Research and Cures Act. The results of the audit found the Institute has adopted adequate policies in each area, often basing its standards on National Institute of Health requirements and industry best practices.
The Controller chairs the Citizens Financial Accountability and Oversight Committee (CFAOC), which also was created by Proposition 71 to oversee the finances of the publicly funded stem cell research program. The Controller called for the audit of CIRM’s policies and procedures at the last CFAOC meeting in November 2007.
Chiang has scheduled a meeting of the CFAOC on July 7 in San Diego to publicly review the audit findings and discuss the Institute’s financial reporting.
The complete audit can be found at www.sco.ca.gov.
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