Leading Russian nonprofit state owned corporation, Rusnano, does not spend enough to finance its projects in nano-technology, the state audit commission announced Friday.

The commission's report published Friday in Moscow's Vedomosti business daily said that Rusnano has received 65 billion rubles (2. 14 billion U.S. dollars) since it was established in 2007. By 2015 the company will get another 65 billion rubles.

However, the corporation's work so far has been ineffective, said the report.

Of the fund received Rusnano spent only 68.5 percent for developing its target projects, which the commission believed was insufficient.

Additionally, the corporation spent nothing for scientific research and merely 0.1 percent for hi-tech experts training.

Meanwhile, Rusnano managers led by Anatoly Chubais spent 14.4 percent of money for various sorts of paperwork.

After the commission made its report public, one of Rusnano's managers Yelena Sanarova told Vedomosti that in 2010 her corporation would spend 82 percent of the year's budget for the target work rather than sideline activity.

Rusnano explained its books imbalance with lack of worthy projects to invest on. By 2010, the corporation shortlisted 61 projects for total sum of 92.3 billion rubles (3.03 billion dollars).

Rusnano employees enjoy lavish wages of 8,200 dollars monthly, while top managers could earn twice as much.

The commission has sent its report to Russian Education and Science Minister Andrei Fursenko for further consideration.

Rusnano was founded as the incubator for scientists in nano- technology and for financing of starter-ups in the sector.