REPORT DIGEST

 

ILLINOIS ARTS COUNCIL FOUNDATION

 

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

 

For the Two Years Ended:

June 30, 2005

 

Summary of Findings:

 

Total this audit††††††††††††            † 0

Total last audit†††††††††††††             1

Repeated from last audit†††††††††† 0

 

Release Date:

March 2, 2006 

 

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 TTY (888) 261-2887

 

 

This Report Digest is also available on

the worldwide web at

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

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

†††† There were no material findings of noncompliance disclosed during our testing.We commend the Illinois Arts Council Foundation for maintaining effective systems of internal control.

 

 

 

 

AUDITORSí OPINION

 

††††††† Our auditors stated that the financial statements present fairly, in all material respects, the financial position of the Restricted Fund of the Illinois Arts Council Foundation, as of June 30, 2005 and June 30, 2004, and the changes in financial position thereof 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.

 

 

 

 

 

 

 

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

 



ILLINOIS ARTS COUNCIL FOUNDATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Two Years Ended June 30, 2005

 

 

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE

 

FY 2005

 
FY 2004

REVENUES

Contributions........................................................

Artist Registry.......................................................

Interest Income.....................................................

††††††† Other.......................................................................

Total Revenue...............................................................

 

EXPENDITURES

††††††††† Program Expenditures:

††† International Programs...........................................

 

††††††††† Other Expenditures:

††††††††††††† Contributions........................................................

Sidney R. Yates Award........................................

Conference and meetings....................................

Administrative.......................................................

Other.......................................................................

Total Expenditures........................................................

 

††††† Excess (deficiency) of revenues over (under) expenditures††

 

 

$2,570

†††††† 675

††††† 584

†††††††††† 0

$3,829

 

 

 

†††††††††† 0

 

 

†††††††††† 0

†††††††††† 0

†††††††††† 0

$2,157

†††††††† 28

$2,185

 

$1,644

 

 

$†††††††††† 0

††††† 1,375

†††††††† 950

†††††††††† 34

$††† 2,359

 

 

 

$166,641

 

 

135

1,000

59

5,665

††††††††††† 57

$173,557

 

$(171,198)

 

 

BALANCE SHEET ACCOUNTS

 

FY 2005

 

†† FY 2004

Assets:

Cash and cash equivalents.......................................

 

Total Assets........................................................................

Liabilities and Fund Balances:

Liabilities......................................................................

 

Fund Balance - unreserved and undesignated..............

 

Total liabilities and fund balance.....................................

 

 

$ 73,624

 

$ 73,624

 

$††††††††† 0

 

$ 73,624

 

$ 73,624

 

 

$ 71,980

 

$ 71,980

 

$††††††††† 0

 

$ 71,624

 

$ 71,624

EXECUTIVE DIRECTOR

During Audit Period:Richard Carlson (7/1/03 to 2/28/05) Acting Interim Executive Director

††††††††††††††††††††††††††††††† †††††† Terry Scrogum, (3/1/05 to 6/30/05)

Currently:Terry Scrogum