REPORT DIGEST

 

REGIONAL OFFICE OF EDUCATION #10

 

CHRISTIAN AND MONTGOMERY COUNTIES

 

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††††††††††††            † 1

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

Repeated from last audit†††††††††† 0

 

Release Date:

February 24, 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

 

 

 

 

 

 

 

SYNOPSIS

 

 

        The Regional Office of Education #10 was late in filing a financial report with the county boards, and the report filed did not contain all statutorily required information (105 ILCS 5/3-6).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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


†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

†††††††††††††††††††††††††††††††††††††††††††††† REGIONAL OFFICE OF EDUCATION #10

††††††††††† CHRISTIAN AND MONTGOMERY COUNTIES

 

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† 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

$1,273,224

$1,252,105

Local Sources

$165,550

$116,095

% of Total Revenues

13.00%

9.27%

State Sources

$598,079

$968,297

% of Total Revenues

46.97%

77.33%

Federal Sources

$509,595

$167,713

% of Total Revenues

40.02%

13.39%

 

TOTAL EXPENDITURES

$1,264,584

$1,261,568

Salaries and Benefits

$938,472

$961,784

% of Total Expenditures

74.21%

76.24%

Purchased Services

$213,818

$85,979

% of Total Expenditures

16.91%

6.82%

All Other Expenditures

$112,294

$213,805

% of Total Expenditures

8.88%

16.95%

 

 

 

TOTAL NET ASSETS1

$152,709

$144,069

 

 

 

INVESTMENT IN CAPITAL ASSETS1

 

$38,916

 

$46,399

 

1         In fiscal year 2004, Regional Offices of Education 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.

 

REGIONAL SUPERINTENDENT

During Audit Period: Honorable Greg Springer

Currently: Honorable Greg Springer


 

 

 

 

 

 

 

 

 

 

 

 


The Regional Office of Education #10 was late in filing a financial report with the county boards, and the report filed did not contain all statutorily required information (105 ILCS 5/3-6).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

 

 

STATUTORILY REQUIRED REPORT

 

††††† †††† The Illinois School Code (105 ILCS 5/3-6) requires the Regional Superintendent to report, in writing, to the county board, on or before January 1 of each year, stating: (1) the balance on hand at the time of the last report, and all receipts since that date, with the sources from which they were derived; (2) the amount distributed to each of the school treasurers in his or her county; and (3) any balance on hand.

 

†††††††††† The Regional Superintendent is also required to submit, in writing, to the county board a statement of the condition of the Institute Fund and of any other funds in his or her care, custody or control.

 

†††††††††† The required report was submitted late, on January 15, 2004.Also, the report did not contain all of the required elements included in the statute. Management stated that they had never read the statute in its entirety; therefore, they were unaware of all the required elements. (Finding 04-01, page 13).

 

†††††† The Regional Office of Education #10 accepted the recommendation stating that the Regional Superintendent will verify that all required elements are included in the fiscal year 2004 report.

 

 

AUDITORSí OPINION

 

††††††† Our auditors state the Regional Office of Education #10ís financial statements as of June 30, 2004 are fairly presented in all material respects.

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KJM:ro

 

SPECIAL ASSISTANT AUDITORS

 

††††††† Our special assistant auditors were West & Company, LLC.