REPORT DIGEST

ILLINOIS FARM DEVELOPMENT AUTHORITY

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:
June 30, 2002

Summary of Findings:

Total this audit 0
Total last audit 4
Repeated from last audit 0

Release Date:
April 3, 2003

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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 TDD (217) 524-4646

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 audit tests. We commend the Authority for maintaining an effective system of internal controls.

 

 

AUDITORS’ OPINION

Our auditors state the financial statements of the Illinois Farm Development Authority as of and for the year ended June 30, 2002 are fairly presented in all material respects.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAF:pp

 

SPECIAL ASSISTANT AUDITORS

Cameron, Smith & Company were our special assistant auditors for this audit.

 

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

ILLINOIS FARM DEVELOPMENT AUTHORITY
FINANCIAL AND COMPLIANCE AUDIT
For The Year Ended June 30, 2002
ENTERPRISE FUNDS FINANCIAL INFORMATION

FY 2002

FY 2001

Total Operating Expenses

$941,209

$1,065,340
Personal Services
% of Total Expenses
Average No. of Employees
Other Payroll Costs (FICA, Retirement)
% of Total Expenses
Other Professional Fees and Services
% of Total Expenses
Rental of Office, Utilities and Equipment
% of Total Expenses
Travel
% of Total Expenses
Advertising
% of Total Expenses
Depreciation
% of Total Expenses
Bad Debts (Recoveries)
% of Total Expenses
Other Expenses
% of Total Expenses

$353,985
37.6%
7
$102,206
10.9%
$393,632
41.8%
$41,846
4.5%
$22,456
2.4%
$13,222
1.4%
$11,396
1.2%
$(17,659)
(1.9)%
$20,125
2.1%

$345,347
32.4%
7
$98,669
9.3%
$269,713
25.3%
$33,095
3.1%
$15,549
1.5%
$16,209
1.5%
$12,099
1.1%
$246,731
23.2%
$27,928
2.6%
Total Operating Revenues
Nonoperating Revenues (Expenses)
Capital Contributions to Guarantee Funds
Cash and Investments
Guarantee Claims Receivable, Net
Cost of Property and Equipment

$642,369
$793,251
$970,000
$24,881,972
$160,411
$84,492

$554,307
$1,143,681
$4,891,200
$23,030,758
$484,042
$109,829
SELECTED ACTIVITY MEASURES

FY 2002

FY 2001
Revenue Bonds Issued Since Inception
Number
Amount
Bond Principal Outstanding at June 30,
Bonds Issued During Year
Number
Amount


2,897
$237,677,792
$ 89,473,383

63
$8,639,030


2,834
$229,038,762
$ 91,804,834

98
$11,756,702
AGENCY DIRECTOR
During Audit Period: David Wirth, Executive Director
Currently: David Wirth, Executive Director