REPORT DIGEST

 

REGIONAL OFFICE OF EDUCATION #45

 

MONROE AND RANDOLPH 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††††††††††††            † 0

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

Repeated from last audit†††††††††† 0

 

Release Date:

June 23, 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 and compliance 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 Regional Office of Education #45ís financial statements as of June 30, 2004 are fairly presented in all material respects except the effects of any adjustments, if any, as might be necessary, associated with the fiscal year ended June 30, 1996 audit, which has not been finalized.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:JRB

 

 

SPECIAL ASSISTANT AUDITORS

 

††††† Our special assistant auditors were J.W. Boyle & Co., LTD.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 


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

REGIONAL OFFICE OF EDUCATION #45

MONROE AND RANDOLPH 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

$1,441,683

$1,625,274

Local Sources

$346,148

$322,135

% of Total Revenues

24.01%

19.82%

State Sources

$579,684

$929,862

% of Total Revenues

40.21%

57.21%

Federal Sources

$515,851

$373,277

% of Total Revenues

35.78%

22.97%

 

TOTAL EXPENDITURES

$1,496,223

$1,621,268

Salaries and Benefits

$1,104,433

$1,163,424

% of Total Expenditures

73.81%

71.76%

Purchased Services

$251,665

$299,367

% of Total Expenditures

16.82%

18.46%

All Other Expenditures

$140,125

$158,477

% of Total Expenditures

9.37%

9.77%

 

 

 

TOTAL NET ASSETS1

$795,710

$851,861

 

 

 

INVESTMENT IN CAPITAL ASSETS

 

$129,851

 

$158,634

 

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 Marc Kiehna

Currently:Honorable Marc Kiehna