REPORT DIGEST

 

ILLINOIS ARTS COUNCIL FOUNDATION

 

FINANCIAL AND COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                       1

Total last audit                       0

Repeated from last audit       0

 

Release Date:

April 6, 2004

 

 

 

 

 

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

 

 

 

To obtain a copy of the Report contact:

Office of the Auditor General

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TDD (217) 524-4646

 

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

SYNOPSIS

  • The Foundation maintained bank balances in excess of FDIC limits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}

 

 

                                        IILINOIS ARTS COUNCIL FOUNDATION

 

                                        FINANCIAL AND COMPLIANCE AUDIT

                                           For the Two Years Ended June 30, 2003

 

STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE

FY2003

FY 2002
REVENUES
      Program Revenues:
            International Programs

General Revenues:
      Contributions
      Governor's Registry
      Arts in Education
      Artist Registry
      Interest Income
      Other
Total Revenue

EXPENDITURES
      Program expenditures:
      International Programs

Other Expenditures:
      Governor's Awards
      Arts in Education
      Conference and meetings
      Strategic planning
      Administrative
      Other
Total Expenditures

Excess (deficiency) of revenues over (under) expenditures



$    0


375
0
0
958
1,850
141
$3,324



$390,835


4,750
0
1,154
0
2,394
85
$399,218

($395,894)

 

$  750,000


5,050
7,075
3,200
725
3,639
0
$  769,689

 

$  390,830


4,976
3,200
0
11,415
14,064
1,106
$425,591

$  344,098

BALANCE SHEET ACCOUNTS

FY 2003

FY 2002

Assets:
      Cash and cash equivalents

Total Assets
Liailities and Fund Balances
      Liabilities

Fund Balance -- unreserved and undesignated

Total liabilities and fund balance


$ 243,179

$243,179

$  0

$  243,170

$  243,179


$  639,073

$  639,073

$  0

$  639,073

$  639,073

EXECUTIVE DIRECTOR
During Audit Period:  Ms. Rhoda Pierce (7/1/01-4/30/03)
                                       Richard Carlson (5/1/03 to 6/30/03) Acting Interim Executive Director

Currently:  Richard Carlson, Acting Interim Executive Director

 

 

 

 

 

 

 

 

 

Uninsured balances at June 30, 2003 were approximately $81,700 and $450,500 at June 30, 2002.

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

LACK OF ADEQUATE COLLATERAL SECURING BANK DEPOSITS

The Illinois Arts Council Foundation maintained bank balances in excess of FDIC limits.

The Foundation maintained bank balances which exceeded FDIC limits during fiscal years 2003 and 2002. The approximate amount of uninsured balances at June 30, 2003 and 2002 were $81,700 and $450,500, respectively. (Finding 1, page 10)

We recommended the Foundation ensure bank balances do not exceed FDIC limits or are adequately collateralized. The Foundation response stated that in the future, large balances will be divided among accounts at different institutions so as to not exceed FDIC limits.

 

AUDITORSí OPINION

Our auditors stated the financial statements present fairly, in all material respects, the financial position of the Restricted Fund of the State of Illinois Arts Council Foundation, as of June 30, 2003 and June 30, 2002, and its changes in financial position for the years then ended.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMC:drh

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors on this audit were De Raimo Hillger & Ripp.