REPORT DIGEST

 

CHICAGO TECHNOLOGY PARK CORPORATION

 

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

 

For the Year Ended:

June 30, 2007

 

Summary of Findings:

 

Total this audit                  0

Total last audit                  2

Repeated from last audit   0

 

Release Date:

May 20, 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

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. 

 

 

 

 

 

AUDITORS’ OPINION

 

        Our auditors stated that the financial statements present fairly, in all material respects, the respective financial position of the business-type activities of the Corporation

as of June 30, 2007, and the respective changes in net assets and cash flows thereof for the year then ended.

 

 

 

 

 

 

_________________________________________

           WILLIAM G. HOLLAND, Auditor General

 

WGH:KMC:drh

 

 

SPECIAL ASSISTANT AUDITORS

 

Our special assistant auditors on this audit were E.C. Ortiz & Co., LLP.

 

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

 

 


CHICAGO TECHNOLOGY PARK CORPORATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Year Ended June 30, 2007

 

 

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS

 

     FY 2007

 

   FY 2006*

OPERATING REVENUES

Federal Grants and Contracts

     State Grants and Contracts

     Other Revenue

            Total Operating Revenues

 OPERATING EXPENSES

     Grant Programs

     Depreciation and Amortization

            Total Operating Expenses

 

     OPERATING (LOSS) INCOME

 

NONOPERATING REVENUES (EXPENSES)

    Interest Income

      CHANGE IN NET ASSETS (DEFICIT)

 

 

$  640,845

               --   

         782,105

$1,422,950

 

$1,262,197

     474,538

$1,736,735

 

$ (313,785)

 

$           76

 

$ (313,709)

 

$1,152,353

     175,000

     250,718

$1,578,071

 

  $1,097,996

           2,754

 $1,100,750

 

 $   477,321

 

$          306

 

$    477,627

 

STATEMENT OF NET ASSETS

 

     FY 2007

 

FY 2006*

ASSETS

Cash and Cash Equivalents

Accounts Receivable

Due from other State Agencies

Other Assets

Capital Assets (net)

Total Assets

 

LIABILITIES

Accounts Payable and Accrued Expenses

Total Liabilities:

 

NET ASSETS

        Restricted for grant activities

        Invested in Capital Assets (net)

                Total Net Assets

 

       TOTAL LIABILITIES AND NET ASSETS

 

$   14,097

          68,245

             --    

        284,518

            2,748

     $369,608

 

 

     $   53,941

     $   53.941

 

 

$ 312,919

            2,748

     $ 315,667

 

     $ 369,608

 

 

$    82,280

531,181

94

554,531

         8,251

$1,176,337

 

 

$   546,961

$   546,961

 

 

$   621,125

       8,251

   629,376

 

$1,176,337

EXECUTIVE DIRECTOR

 

     During Audit Period:  Samuel Pruett

     Current:  Samuel Pruett.