REPORT DIGEST REGIONAL OFFICE OF EDUCATION # 1 ADAMS AND PIKE COUNTIES FINANCIAL AUDIT For the Year Ended: June 30, 2002 Summary of Findings: Total this audit 3 Release Date: State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
SYNOPSIS
{Expenditures and Revenues are summarized on the reverse page.} |
REGIONAL OFFICE OF EDUCATION # 1
ADAMS AND PIKE COUNTIES
FINANCIAL AUDIT
For The Year Ended June 30, 2002
FY 2002 |
FY 2001 |
|
TOTAL REVENUES | 1 $1,818,410 |
$1,762,420 |
Local sources |
$145,486 |
$161,434 |
% of Total Revenues |
8.00% |
9.16% |
State Sources |
1 $1,584,124 |
$1,305,481 |
% of Total Revenues |
87.12% |
74.07% |
Federal Sources |
$88,800 |
$295,505 |
% of Total Revenues |
4.88% |
16.77% |
TOTAL EXPENDITURES | 1 $1,737,938 |
$1,823,779 |
Salaries and Benefits |
1 $856,322 |
$661,944 |
% of Total Expenditures |
49.27% |
36.30% |
Purchased Services |
$304,210 |
$403,390 |
% of Total Expenditures |
17.50% |
22.12% |
All Other Expenditures |
$577,406 |
$758,445 |
% of Total Expenditures |
33.22% |
41.59% |
COST OF PROPERTY AND EQUIPMENT | 2 |
2 |
Note: Fiscal
Year 2001 data was obtained from audits of ROEs conducted under the direction of the
Illinois State Board of Education. |
REGIONAL SUPERINTENDENT |
During Audit Period: Honorable Raymond Scheiter Currently: Honorable Raymond Scheiter |
The Regional Office of Education # 1 does not maintain a schedule of general fixed assets.
The Regional Office of Education # 1 does not properly account for the monthly excess balances in the payroll imprest bank account.
The Regional Office of Education # 1s bank reconciliation for the projects account had an adjustment of $29,991, which was not properly recorded in the accounting records.
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FINDINGS, CONCLUSIONS AND RECOMMENDATIONS NO GENERAL FIXED ASSET ACCOUNT GROUP The Regional Office of Education # 1 does not maintain a schedule of general fixed assets. Generally accepted accounting principles require that entities maintain a General Fixed Asset Account Group. Because the Regional Office of Education # 1 omitted this account group, the audit opinion on the general-purpose financial statements was qualified. (Finding 02-1, page 11) The Regional Office of Education # 1 accepted the recommendation to follow its policy for recording general fixed assets. MAINTENANCE OF THE PAYROLL BANK ACCOUNT The Regional Office of Education # 1 does not account for the monthly excess balances in the payroll imprest bank account. The various grants and the county are charged their proportionate share of the payroll and the funds are deposited into the payroll imprest account. After each payroll is disbursed, the Regional Office of Education # 1s payroll bank account has a balance ranging from $16,329 to $19,354 when the balance in the payroll account should be $500. The payroll account should be accurately maintained, and any excess balances investigated and accounted for so that the county or grants are not over/under charged for payroll expenses. (Finding 02-2, page 12) The Regional Office of Education # 1 accepted the recommendation to accurately maintain the payroll account so that the grants and county are properly charged for payroll expenditures. BANK RECONCILIATIONS The Regional Office of Education # 1s bank reconciliation for the projects account had an adjustment in the amount of $29,991, which was not properly recorded in the accounting records. During the year there were transfers made and not recorded, in addition to transfers recorded and not made which resulted in this adjustment. Generally accepted accounting principles require that bank reconciliations be performed to insure that all transactions have been recorded. (Finding 02-3, page 13) The Regional Office of Education # 1 accepted the recommendation to properly perform monthly reconciliations on all bank accounts and investigate and account for any adjustments noted on the reconciliation. AUDITORS OPINION Our auditors state the Regional Office of Education # 1s financial statements as of June 30, 2002 are fairly presented in all material respects except for the effect of the omission of the General Fixed Asset Account Group. The General Fixed Asset Account Group should be included in order to conform with generally accepted accounting principles.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KJM:ro SPECIAL ASSISTANT AUDITORS Our special assistant auditors were Bennett & Middendorf, LTD. |