REPORT DIGEST

 

INTERMEDIATE SERVICE CENTER #4

 

SOUTH COOK

 

FINANCIAL AUDIT

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

For the Year Ended:

June 30, 2004

 

Summary of Findings:

 

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

Total last audit†††††††††††††             0

Repeated from last audit†††††††††† 0

 

Release Date:

August 30, 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

 

 

 

 

 

 

 

 

 

INTRODUCTION

 

††††† Our report covers the financial audit, in accordance with the Single Audit Act and OMB Circular A-133, for the period ending June 30, 2004.

 

 

AUDITORSí OPINION

 

††††† Our auditors state the Intermediate Service Center #4ís financial statements as of June 30, 2004 are fairly presented in all material respects.

 

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:JRB

 

 

 

 

SPECIAL ASSISTANT AUDITORS

 

††††† Lindgren, Callihan, Van Osdol & Co., LTD were our special assistant auditors in this audit.

 

 

 

 

 

 

 

 

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

 


INTERMEDIATE SERVICE CENTER #4

SOUTH COOK

 

FINANCIAL AUDIT

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

For The Year Ended June 30, 2004

 

 

FY 2004

FY 2003

TOTAL REVENUES

$4,881,388

$3,725,351

Local Sources

$1,295,257

$893,101

% of Total Revenues

26.53%

23.97%

State Sources

$1,209,125

2,519,501

% of Total Revenues

24.77%

67.63%

Federal Sources

$2,377,006

$312,749

% of Total Revenues

48.70%

8.40%

 

TOTAL EXPENDITURES

$5,030,444

$3,036,662

Salaries and Benefits

$2,076,836

$1,655,667

% of Total Expenditures

41.29%

54.52%

Purchased Services

$1,347,034

$718,616

% of Total Expenditures

26.78%

23.66%

All Other Expenditures

$1,606,574

$662,379

% of Total Expenditures

31.94%

21.81%

 

 

 

TOTAL NET ASSETS1

$3,846,722

$2,960,034

 

 

 

INVESTMENT IN CAPITAL ASSETS1

 

$2,241,552

 

$1,235,100

 

1         In fiscal year 2004, Regional Offices of Education and Intermediate Service Centers implemented Government Accounting Standards Board (GASB) Statement No. 34 which established a new financial reporting model for state and local governments.Government-wide financial statements are prepared using full accrual accounting that reports Total Net Assets.The fiscal year 2003 ending general fixed assets have been restated to reflect the changes required as part of the implementation of GASB Statement No. 34.

Percentages may not add due to rounding.

 

EXECUTIVE DIRECTOR

During Audit Period: Dr. Diana Grossi

Currently:Dr. Diana Grossi