REPORT DIGEST

REGIONAL OFFICE OF EDUCATION # 24

GRUNDY AND KENDALL COUNTIES

FINANCIAL AUDIT

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

For the Year Ended:
June 30, 2002

Summary of Findings:

Total this audit 2
Total last audit 1
Repeated from last audit 0

Release Date:
January 30, 2003

logo.jpg (8630 bytes)

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
Attn: Records Manager
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

  

 

 

 

 

 

 

 

 

 

SYNOPSIS
  • The total of grant funds in the Regional Office of Education # 24’s pooled cash account did not equal the total expenses for all transactions combined as required.
  • The Regional Office of Education # 24 had cash in the bank in excess of the FDIC insurance level and pledged collateral by the financial institutions.

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}

REGIONAL OFFICE OF EDUCATION # 24
GRUNDY AND KENDALL COUNTIES
FINANCIAL AUDIT
For The Year Ended June 30, 2002

FY 2002

FY 2001
TOTAL REVENUES

1$3,130,099

$2,539,018

Local sources

$527,181

$164,301

% of Total Revenues

16.84%

6.47%

State Sources

1$2,288,469

$2,120,589

% of Total Revenues

73.11%

83.52%

Federal Sources

$314,449

$254,128

% of Total Revenues

10.05%

10.01%
TOTAL EXPENDITURES

1$3,155,987

$2,574,674

Salaries and Benefits

1$1,807,592

$1,347,847

% of Total Expenditures

57.28%

52.35%

Purchased Services

$847,893

$799,887

% of Total Expenditures

26.87%

31.07%

All Other Expenditures

$500,502

$426,940

% of Total Expenditures

15.86%

16.58%
COST OF PROPERTY AND EQUIPMENT

$342,535

$326,822

Note: Fiscal Year 2001 data was obtained from audits of ROEs conducted under the direction of the Illinois State Board of Education.
1 Fiscal Year 2002 amounts include on-behalf payments ($161,939). These on-behalf payments were not included in Fiscal Year 2001.
* Percentages may not add due to rounding.
REGIONAL SUPERINTENDENT
During Audit Period: Honorable Thomas Centowski
Currently: Honorable Thomas Centowski
 

 

 

 

The total of grant funds in the Regional Office of Education # 24’s pooled cash account did not equal total expenses for all transactions combined.

 

 

 

 

 

The Regional Office of Education # 24 had cash in the bank in excess of the FDIC insurance level and pledged collateral by the financial institution.

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

RECONCILIATION OF THE POOLED CASH ACCOUNT

The Regional Office of Education # 24 maintains a pooled cash account for all the Education Service Network funds. The total of the funds did not equal the total expense for all transactions combined.

When a pooled cash account is maintained, the total of each fund combined should be in agreement with the total of all the transactions. (Finding 02-1, page 9)

The Regional Office of Education # 24 accepted the recommendation to research the pooled cash account funds and make adjustments to provide accurate cash balances.

UNDER COLLATERALIZATION OF BANK ACCOUNTS

During certain months of the year, the Regional Office of Education # 24 had cash in the bank in excess ($1,539,049) of the FDIC insurance level and pledged collateral by the financial institutions.

The total of FDIC insurance and pledged collateral should be sufficient to cover all of the Regional Office of Education # 24’s cash and investments from possible loss. (Finding 02-2, page 10)

The Regional Office of Education # 24 accepted the recommendation to ensure they monitor and maintain pledged collateral throughout the year at an amount sufficient to cover all of the cash and investments from possible loss.

AUDITORS’ OPINION

Our auditors state the Regional Office of Education # 24’s financial statements as of June 30, 2002 are fairly stated in all material respects.

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KJM:ro

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Clifton Gunderson LLP.