Mississippi Prison Industries Corp., which has lost $6.7 million since 2012, must take drastic steps to survive, including possible bankruptcy, a scathing report by the state’s legislative watchdog concludes.
The board responded Monday that it takes the report “very seriously” and that when the board meets again in June, it will discuss the analysis, conclusion and recommendations.
Since fiscal 2012, the nonprofit has seen its net worth decline by $6.7 million — $3.2 million over the past two years — and its cash balance decline from $4.8 million to less than $600,000.
A previous review by PEER found that “many invoices from vendors … were not located in the office.”
You can view the PEER report here: