REPORT DIGEST

 

INTERMEDIATE

SERVICE CENTER #2

WEST COOK

 

FINANCIAL AND COMPLIANCE AUDIT

(In Accordance with the Single Audit Act and OMB Circular A-133)

For the Year Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                         0

Total last audit                         1

Repeated from last audit          0

 

Release Date:

March 24, 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

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

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

 

This Report Digest is also available on

the worldwide web at

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

 

INTRODUCTION

Our report covers the financial and compliance audit, in accordance with the Single Audit Act and OMB Circular A-133, for the period ending June 30, 2003.

 

AUDITORSí OPINION

Our auditors state the Intermediate Service Center #2ís financial statements as of June 30, 2003, are fairly presented in all material respects. For the year ended June 30, 2003, the Centerís revenue exceeded expenditures by $130,211. However, the auditors note that due to substantial deficiencies of revenues under expenditures in prior years, the Centerís total liabilities exceeded total assets by $273,196, as of June 30, 2003, which raises substantial doubt about the Intermediate Service Centerís ability to continue as a going concern. The Intermediate Service Center #2ís Board believes that the actions presently being taken to revise operating requirements provide the opportunity for the Intermediate Service Center #2 to continue as a going concern.

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JRB

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Lindgren, Callihan, Van Osdol & Co., Ltd.

 

 

 

 

{Expenditures and Revenues are summarized on the reverse page.}

 

                 INTERMEDIATE SERVICE CENTER #2

                                      WEST COOK

 

                FINANCIAL AND COMPLIANCE AUDIT

(In Accordance with the Single Audit Act and OMB Circular A-133)

                     For The Year Ended June 30, 2003

 

FY 2003

FY 2002

TOTAL REVENUES

$4,672,132

$5,735,638

Local Sources

$1,888,932

$3,080,841

% of Total Revenues

40.43%

53.71%

State Sources

$2,444,301

$2,588,146

% of Total Revenues

52.32%

45.12%

Federal Sources

$338,899

$66,651

% of Total Revenues

7.25%

1.16%

 

TOTAL EXPENDITURES

$4,541,921

$6,375,476

Salaries and Benefits

$2,592,198

$2,929,062

% of Total Expenditures

57.07%

45.94%

Purchased Services

$1,536,194

$2,938,416

% of Total Expenditures

33.82%

46.09%

All Other Expenditures

$413,529

$507,998

% of Total Expenditures

9.10%

7.97%

 

 

 

COST OF PROPERTY AND EQUIPMENT

$638,176

$615,028

* Percentages may not add due to rounding.

EXECUTIVE DIRECTOR

During Audit Period: Gretchen Alexander

Currently: Gretchen Alexander