Investigators looking into the Mayo Foundation's research-grant awards said they had "never seen an accounting system with such basic failures," according to court documents released last week.

In late May, the foundation settled a $6.5-million civil court case brought by a former employee (who received more than $1 million in the settlement) under the False Claims Act, although the foundation denied wrongdoing. The foundation has said the documents show the federal government's failure to put together a criminal case and that it has changed its research-grant accounting procedures as a result of the investigation.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access