Report: Tour of Missouri needs fiscal policy guide - KAIT Jonesboro, AR - Region 8 News, weather, sports

Report: Tour of Missouri needs fiscal policy guide

JEFFERSON CITY, Mo. (AP) - A financial review of the Tour of Missouri suggests improvements should be made by the nonprofit group running the bicycle race.

An analysis by a private accounting firm says the Tour of Missouri Inc. should adopt written policies and procedures for handling its finances. It says the group failed to provide some monthly profit and loss statements. It also cites a lack of documentation showing prior approval for travel expenses by race's management firm.

Gov. Jay Nixon's administration paid nearly $13,000 for the review, which covered all of 2008. The state provided more than half of the race's $3.3 million cost that year.

An attorney for the Tour of Missouri says the review shows the race was managed well but has room for improvement.

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