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REPORT DIGEST IMSA FUND FOR THE ADVANCEMENT OF EDUCATION FINANCIAL AUDIT AND COMPLIANCE EXAMINATION For The Two Years Ended: June 30, 2005 Summary of Findings
Release Date:
March 2, 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
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FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS There were no material findings of noncompliance disclosed during our testing. We commend the IMSA Fund for Advancement of Education 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 and fund information of the State of Illinois IMSA Fund for Advancement of Education, as of June 30, 2005 and June 30, 2004, 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.} |
IMSA FUND FOR ADVANCEMENT OF EDUCATION
FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For the Two Years Ended June 30
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STATEMENT OF ACTIVITIES |
FY 2005 |
FY 2004
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REVENUES Program Revenues: Contributions........................................... Gains (Losses) on Investments………………… General Revenues: Contributions........................................ Investment Incurred............................... EXPENDITURES Education Services................................ Management – General......................... Fund Raising......................................... Total Expenditures...................................... |
$622,435 (254) 255,573 47,095 39,504 16,974 $ 981,327
$ 777,014 91,612 29,111 $ 897,737 $ 83,590 |
$676,625 (416) 166,828 33,114 16,348 23,067 $ 915,566
27,684 38,000 $1,528,724 ($ 613,158) |
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STATEMENT OF NET ASSETS |
FY 2005 |
FY 2004 |
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Cash
and Cash Equivalents........................ |
$902,598 |
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Investments............................................... Account Receivable................................... Contribution Advances.............................. Prepaid Expenses...................................... Pledges Receivable (Short Term)............... |
1,654,781 69,628 43,672 87 248,311 |
555,026 77,437 92,317 2,203 208,354 |
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Pledges Receivable (Long Term)................ Total Assests............................................. Liabilities: Accounts Payable...................................... Deferred Contributions.............................. Due to IMSA............................................ Total Liabilities.......................................... |
500 $2,919,577
$ 8,360 35,000 45,099 $88,459 |
129,000 $2,795,023
$5,122 42,373 0 $47,495 |
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$2,747,528 |
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FUND AGENT
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Currently: Catherine C. Veal |
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