REPORT DIGEST

 

ILLINOIS ARTS COUNCIL FOUNDATION

 

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

 

For the Two Years Ended:

June 30, 2007

 

Summary of Findings:

 

Total this audit††††††††    ††††† 0

Total last audit†††††††††††††     0

Repeated from last audit   0

 

Release Date:

February 14, 2008

 

 

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

Attn:Records Manager

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

 

 

This Report Digest and Full Report

are also available on

the worldwide web at

www.auditor.illinois.gov

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

†††† There were no material findings of noncompliance disclosed during our testing.

 

 

 

 

 

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, asof June 30, 2007 and June 30, 2006, 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, 2007

 

 

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE

 

FY 2007

 
†††††††††† FY 2006

REVENUES

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

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

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

††††††† Governorís Awards..............................................

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

 

EXPENDITURES

††††††††††††† Governorís Award................................................

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

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

Administrative / Other.........................................

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

 

††††† Excess of revenues over expenditures......................

Fund Balances, beginning of year.....................

Fund Balances, end of year.................................

 

 

$†† 4,095

††††††† 700

†††† 2,200

†† 21,348

$ 28,343

 

 

$ 21,589

††††††††††† 0

†††† 3,751

††††††† 480

$ 25,820

 

$†† 2,523

†† 74,748

$77,271

 

$†††† 835

†††††† 475

††† 2,035

†††††††††† 0

$3,345

 

 

$†††††††† 0

†††††† 750

†††††††††† 0

$1,471

$2,221

 

$1,124

††† 1,124

$ 74,748

 

BALANCE SHEET ACCOUNTS

 

FY 2007

 

††††††††† FY 2006

Assets:

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

 

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

 

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

 

Fund Balance.......................................................................

 

Total Liabilities and Fund balance...................................

 

 

$ 77,271

 

$ 77,271

 

$††††††††† 0

 

$ 77,271

 

$ 77,271

 

 

$ 74,748

 

$ 74,748

 

$††††††††† 0

 

$ 74,748

 

$ 74,748

 

EXECUTIVE DIRECTOR

During Audit Period:Terry Scrogum

 

Currently:Terry Scrogum