Audit finds "material weaknesses" with EAGLE-Net's accounting

Independent auditors uncovered a handful of "material weaknesses" with EAGLE-Net Alliance's internal controls, including the intergovernmental entity's cash management and cost allocations. The findings were disclosed in the group's long-delayed state audit, submitted to the Colorado Office of the State Auditor this week. The report also revealed that EAGLE-Net, mired in controversy since last summer, has lost access to a $17 million revolving line of credit from UMB Bank after drawing just $500,000.