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REPORT DIGEST ILLINOIS MATH & SCIENCE ACADEMY FINANCIAL AUDIT AND COMPLIANCE EXAMINATION For the Year Ended: June 30, 2004 Summary of Findings: Total this audit 0 Total last audit 2 Repeated from last audit 0 Release Date:
February 10, 2005
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 |
FINDINGS,
CONCLUSIONS, AND RECOMMENDATIONS There were no material findings of noncompliance
disclosed during our examination. We
commend the Illinois Mathematics and Science Academy for maintaining
effective systems of internal control. AUDITORS’ OPINION
Our auditors stated that 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, 2004 and June 30, 2003, 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.
{Expenditures and Activity Measures are summarized on the reverse page.} |
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For The Year Ended June 30, 2004
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STATEMENT
OF ACTIVITIES |
FY 2004 |
FY 2003 |
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REVENUES Operating Grant Revenue......................................... Interest/Investment Income....................................... State Appropriations................................................ Other....................................................................... EXPENDITURES Education............................................................ |
$7,956,711 5,673,129 10,898 14,359,200 2,415 $28,002,353 |
$ 2,375,552 3,420,170 16,174 618,305 $19,889,401 $20,927,406 $20,927,406 |
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SELECTED ACCOUNTS –
STATEMENT OF NET ASSETS |
FY 2004 |
FY 2003 |
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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........................................................................... |
$3,499,994 98,600 26,122,894 $1,626,782 1,938,543 181,380 706,000 $26,775,555
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$5,081,854 63,795 27,078,212 $1,387,047 3,500,996 143,152 815,000 $27,335,836 |
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SUPPLEMENTARY INFORMATION (unaudited) |
FY 2004 |
FY 2003 |
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Average Number of Employees...................................... Average Number of Students.......................................... Instructional Cost Per Student......................................... |
242 620 $6,150 |
223 627 $5,877 |
ACADEMY
PRESIDENT
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During
Audit Period: Stephanie P. Marshall,
Ph.D. |
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Currently: Stephanie P. Marshall Ph.D. |
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