REPORT DIGEST

ILLINOIS MATH &

SCIENCE ACADEMY

 

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                       2

Total last audit                       0

Repeated from last audit        0

 

Release Date:

February 26, 2004

 

 

 

 

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

  1. 782-6046 or TDD (217) 524-4646

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

SYNOPSIS

 

  • The Academy did not monitor vendor invoices after submission to the Comptroller and did not pay interest penalties on late payments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


ILLINOIS MATHEMATICS AND SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For The Year Ended June 30, 2003

STATEMENT OF ACTIVITIES

FY 2003

FY 2002

REVENUES

          Charges for Services

          Operating Grant Revenue

          Interest/Investment Income

          State Appropriations

          Other

                    TOTAL REVENUES

 

EXPENDITURES

          Education

          Debt Service

          EXPENDITURES

          CHANGES IN NET ASSETS

 

$ 1,444,031

3,420,170

16,174

13,459,200

618,305

$18,957,880

 

 

$19,986,234

0

$19,986,234

($1,028,354)

 

$960,913

2,537,395

20,556

16,526,700

(511)

$20,045,053

 

 

$21,075,940

1,000

$21,076,940

($1,031,887)

SELECTED ACCOUNTS STATEMENT OF NET ASSETS

FY 2003

FY 2002

Assets:

          Cash and Cash Equivalents

          Receivables, Net

          Capital Assets, Net

Liabilities:

          Accounts Payable/Accrued Liabilities

          Deferred Revenues

          Compensated Absences (Short Term)

          Compensated Absences (Long Term)

Net Assets

 

$5,081,854

63,795

27,078,212

$1,387,047

3,500,996

143,152

815,000

$27,335,836

 

$4,527,185

39,193

28,254,000

$1,343,527

3,067,223

126,575

970,000

$ 28,619,748

SUPPLEMENTARY INFORMATION (unaudited)

FY 2003

FY 2002

Average Number of Employees

Average Number of Students

Instructional Cost Per Student

223

627

$5,877

238

609

$8,360

ACADEMY PRESIDENT

 

During Audit Period: Stephanie P. Marshall, Ph.D.

 

Currently: Stephanie P. Marshall Ph.D.

 

 

 

 

 

 

 

 

 

Interest owed on 12 late payments should have resulted in an additional $1,505 payment to vendors.

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

MONITORING AND PAYMENT OF INTEREST PENALTY

The Illinois Mathematics and Science Academy did not monitor vendor invoices after submission to the Comptroller and did not pay interest penalties on late payment of vendor bills as required by statute and administrative code.

Of 132 vouchers tested, 63 (47.7%) of payments were made more than 60 days after receipt. Interest owed on 12 of the late payments exceeded $50 and should have resulted in an additional $1,505 payment to vendors. (Finding 1, pages 12-13)

Academy officials responded that they will follow our recommendation to monitor payments to vendors to ensure interest penalties are paid, if applicable. The Academy was not aware that it was its responsibility to monitor the release date of payments by the Office of the State Comptroller.

 

OTHER FINDING

The remaining finding dealt with disposal of records without prior approval of the State Records Commission. We will review progress toward implementation of all recommendations during the next audit.

 

AUDITORS' OPINION

Our auditors stated the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the major fund, and the aggregate remaining fund information of the Illinois Mathematics and Science Academy, as of June 30, 2003 and June 2002, and the respective changes in financial position thereof for the years then ended.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMC:drh

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were

De Raimo Hillger & Ripp.