NOTE:

The IMSA Fund for Advancement of Educationís FY09 financial statements should be read in conjunction with the FY10 financial statements. In the FY09 financial statements, the June 30, 2009 net assets have been restated (decreased restricted net assets, expendable and increased unrestricted net assets by $103,964) to correct errors in the classification of net assets. Because the June 30, 2009 net assets have been restated, the previously issued auditorsí report dated December 8, 2009 is not to be relied upon without consideration of the auditorsí report dated January 4, 2011 on the restatement of the June 30, 2009 net assets.

 

REPORT DIGEST

 

IMSA FUND FOR THE ADVANCEMENT OF EDUCATION

 

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

 

For the Two Years Ended:

June 30, 2009

 

 

Summary of Findings:

 

Total this audit†††††††††        †††† 0

Total last audit†††††††††††††         3

Repeated from last audit     † 0

 

Release Date:

January 7, 2010

 

 

 

 

 

 

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 and Full Report†††††
are also available on

the worldwide web at

http://www.auditor.illinois.gov

 

 

 

†††††††††††††††††††††††††††† INTRODUCTION

 

This digest covers our financial audit of the IMSA Fund for the Advancement of Education for the year ended June 30, 2009 and our compliance examination for the two years ended June 30, 2009.

 

 

 

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the June 30, 2009 financial statements of the IMSA Fund for Advancement of Education are fairly presented in all material respects.

 

 

 

 

__________________________________

†††††††††† WILLIAM G. HOLLAND, Auditor General

WGH:AKS

 

 

 

 

 

AUDITORS ASSIGNED

 

††††† Our special assistant auditors for this audit were Borschnack, Pelletier & Co.

 

 

 

 

 

 

 

 

 

 


††††††††††† {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, 2009

 

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2009

FY 2008

REVENUES

Operating Revenues:

Contributions.........................................................

†† Operating Agreement with Academy..................

Other Operating Revenues.................................

Total Operating Revenues.......................................

 

EXPENSES

Operating Expenses

Academy Support.................................................

Management and General......................................

Fund Raising.........................................................

†† Operating Agreement with Academy.....................

Total Operating Expenses...........................................

 

Other Revenues and Expenses

 

Changes in Net Assets...................................................

 

 

 

$ †††††907,479

263,964

††††††††† (3,576)

††† $† †1,167,867

 

 

 

††† $†††† †598,390

143,402

99,292

††† ††††††††††263,964

$†††† 1,105,048 

 

(546,253)

 

†† $ ††††(483,434)

 

 

 

††††† $ 942,839

271,924

†† ††††††42,789 

††† $1,257,552

 

 

 

††$†††† 561,977

101,563

47,122

†††††† 271,924

††† $†††† 982,586

 

121,316

 

†† $†††† 396,282

 

STATEMENT OF NET ASSETS

†† FY 2009

†† FY 2008

Assets:

Cash and Cash Equivalents...................................

Investments............................................................

Accounts Receivable..............................................

Prepaid Expenses...................................................

Pledges Receivable.................................................

Total Assets..................................................................

 

Liabilities:

Accounts Payable.....................................................

Total Liabilities..........................................................

 

Net Assets.....................................................................

 

†††††$†††† †741,709 

2,720,884

200,047

3,603

†† ††††††61,751 

††† $3,727,994

 

 

††† $†††††† 11,976

$†††††† 11,976
 

†† $3,716,018

 

 

†††††$†††† 640,442

3,272,712

138,157

5,423

††† †††186,118

$ 4,242,852

†††

 

$†††††† 43,400

††† $†††††† 43,400

 

†††  $4,199,452

 

FUND AGENT

 

††††† During Period:Suzyn Price

††††† Currently:Suzyn Price