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REPORT
DIGEST GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION FINANCIAL AUDIT
For the Year Ended: June 30, 2005 And COMPLIANCE ATTESTATION
EXAMINATION
For the Two Years Ended: June 30, 2005 Summary
of Findings: Total last audit 2 Repeated from last
audit 1 Release Date:
March 1, 2006
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 is also
available on the worldwide web at http://www.state.il.us/auditor |
SYNOPSIS
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The Alumni Association did not have adequate controls
over its cash deposits. {Expenditures and Activity
Measures are summarized on the reverse page.} |
GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION
FINANCIAL AUDIT
For
the Year Ended June 30, 2005
COMPLIANCE ATTESTATION EXAMINATION
For the Two Years Ended June 30,
2005
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FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2005 |
FY 2004 |
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REVENUE Contributions .................................................. Investment Revenue......................................... Support from University................................... Total Revenue..................................... EXPENSES Scholarships.................................................... University Support........................................... Budget Allocation from GSU........................... Alumni Events.................................................. General........................................................... Total Expenses.................................... Income (Loss) before other revenues, expenses, gains and losses............................................... Endowment contributions..................................... Increase (decrease) in net assets..................... NET ASSETS Net Assets – beginning of year....................... Net Assets – End of year............................... |
$9,595 6,535 5,101 46,914 $68,145 $12,747 46,022 5,101 5,132 30,298 $99,300 ($31,155) $250 ($30,905) $182,145 $151,240 |
$81,285 6,926 6,892 27,317 $122,420 $35,062 30,373 6,892 22,906 47,824 $143,057 ($20,637) $17,949 ($2,688) $184,833 $182,145 |
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SELECTED ACCOUNT BALANCES |
AT JUNE 30, 2005 |
AT JUNE 30, 2004 |
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Cash, Certificates of Deposit and Investments Accounts Payable............................................ Unrestricted........................................... Restricted – Nonexpendable.................. Restricted – Expendable......................... Total Net Assets..................................... |
$237,734 0 $237,734 $86,494 $66,357 77,077 7,806 $151,240 |
$169,171 62,378 $231,549 $49,404 $76,050 76,827 29,268 $182,145 |
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ALUMNI ASSOCIATION DIRECTOR |
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During Audit Period and Currently: Rosemary D. Hulett |
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FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS INADEQUATE CONTROLS OVER CASH The Alumni Association did not have adequate controls over its cash deposits. During our testing of 50 receipts, we noted that three were not deposited timely. The receipts, each individually less than $500, were deposited 20 to 31 days after the date of receipt. According
to Association management, the receipt of incoming funds involves multiple
steps that must be performed in sequence by both the Association and the
University’s Business Office.
Association management states that these funds are secured at all
points in time. (Finding 1, page 12) We recommended the Association develop policies and procedures to ensure that deposits are made timely. Association management stated that the Association and the University are in the process of reengineering the receipt process. AUDITORS’ OPINION Our auditors state the June 30, 2005 financial statements of the Governors State University Alumni Association are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:TLK:PP SPECIAL ASSISTANT AUDITORS Our special assistant auditors for this audit were Nykiel Carlin & Co., LTD. |