Audit Report 0-25: Results Act Performance Measurement for the Small Business Investment Company Program
On September 7, 2000, the OIG issued Audit Report 0-25, Results Act Performance Measurement for the Small Business Investment Company Program. The Government Performance and Results Act of 1993 (Results Act) mandated that the Office of Inspector General initiate a series of audits to evaluate performance indicators that the SBA developed for the Small Business Investment Company (SBIC) program. The OIG found that the SBIC program did not have performance goals and indicators to show that the program was meeting certain purposes of the Small Business Investment Act. Further, the OIG found that some of the underlying data supporting performance measurement data was not reliable. Specifically, 26 percent of the FY 1999-dollar amount of SBIC financings were from prior years. Lastly, data for performance goals and measures relating to whether a business was 50 percent owned by women or minorities were unsupported. The report contains one finding and seven recommendations.