REPORT DIGEST

 

CHICAGO TECHNOLOGY PARK CORPORATION

 

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

(In accordance with the

Federal Single Audit Act and OMB Circular A-133)

For the Year Ended:

June 30, 2008

 

Summary of Findings:

 

Total this audit                   1

Total last audit                   2

Repeated from last audit    1

 

Release Date:

April 2, 2009

 

 

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 the Full Report are also available on

the worldwide web at

www.auditor.illinois.gov

 

 

 

 

 

 

 

 

 

 

 

SYNOPSIS

 

 

·        The Corporation filed inaccurate Financial Status Reports with the U.S. Department of Labor.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          {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, 2008

 

 

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS

 

     FY 2008

 

   FY 2007

OPERATING REVENUES

Federal Grants and Contracts

State Grants and Contracts

Services

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

 

 

    $  582,920

      100,000

2,764,273

$3,447,193

 

 

$3,273,622

     367,266

$3,640,888

 

$(193,695)

 

 

       -------

$ (193,695)

 

 

$   640,845

            ---     

         782,105

$1,422,950

 

 

$1,262,197

     474,538

$1,736,735

 

$ (313,785)

 

 

$            76

$  (313,709)

 

STATEMENT OF NET ASSETS

 

     FY 2008

 

FY 2007

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

 

$      7,343

32,534

179,251

           ­­­---

       ---

$  219,128

 

 

$     97,156

$     97,156

 

 

$   121,972

        ---

$   121,972

 

$   219,128

 

$     14,097

          68,245

           ---     

        284,518

            2,748

$   369,608

 

 

$     53,941

$     53.941

 

 

$   312,919

            2,748

$   315,667

 

$   369,608

 

EXECUTIVE DIRECTOR

 

     During Audit Period:  Samuel Pruett

     Current:  Samuel Pruett

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

The Corporation filed inaccurate Financial Status Reports in 3 of 4 quarters with the U.S. Department of Labor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

 

INACCURATE SUBMISSION OF QUARTERLY FINANCIAL STATUS REPORTS

 

      The Chicago Technology Park Corporation (Corporation) filed inaccurate Financial Status Reports (SF 269) in 3 of 4 quarters with the U.S. Department of Labor for WIA Pilots, Demonstration and Research Projects.

 

      The SF 269 reports filed by the Corporation did not reconcile with the Corporation’s accounting records for the quarters ended September 30, 2007; March 31, 2008; and June 30, 2008.  (Finding 1, pages 15-16)

 

Corporation officials agreed with our recommendation to improve procedures to ensure that Financial Status Reports were accurate.

 

 

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, 2008, 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.