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.

 

 

 

 

 

AUDITORSí 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.