REPORT DIGEST

 

REGIONAL OFFICE OF EDUCATION #50

 

ST. CLAIR COUNTY

 

FINANCIAL AUDIT

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

 

For the Year Ended:

June 30, 2007

 

Summary of Findings:

 

Total this audit                 0

Total last audit                 1

Repeated from last audit  0

 

Release Date:

April 3, 2008

 

 

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 and Final Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

 

 

 

INTRODUCTION

 

         Our report covers the financial audit for the period ending June 30, 2007.

 

 

 

 

AUDITORS’ OPINION

 

         Our auditors state the Regional Office of Education #50’s financial statements as of June 30, 2007 are fairly presented in all material respects.

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JRB

 

 

SPECIAL ASSISTANT AUDITORS

 

         Our special assistant auditors were Kemper CPA Group, LLP.

 

 

 

 

 

 

 

 

 

 

 

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

 

REGIONAL OFFICE OF EDUCATION #50

 ST. CLAIR COUNTY

 

FINANCIAL AUDIT

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

For The Year Ended June 30, 2007

 

 

FY 2007

FY 2006

TOTAL REVENUES

$6,195,222

$6,025,221

Local Sources

$709,415

$415,848

% of Total Revenues

11.45%

6.90%

State Sources

$3,116,195

$2,618,587

% of Total Revenues

50.30%

43.46%

Federal Sources

$2,369,612

$2,990,786

% of Total Revenues

38.25%

49.64%

 

TOTAL EXPENDITURES

$6,126,830

$6,082,962

Salaries and Benefits

$3,888,768

$3,433,129

% of Total Expenditures

63.47%

56.44%

Purchased Services

$1,452,367

$1,349,560

% of Total Expenditures

23.71%

22.19%

All Other Expenditures

$785,695

$1,300,273

% of Total Expenditures

12.82%

21.38%

 

 

 

TOTAL NET ASSETS

$1,785,346

$1,716,954

 

 

 

INVESTMENT IN CAPITAL ASSETS

 

$219,975

 

$135,728

 

Percentages may not add due to rounding.

 

REGIONAL SUPERINTENDENT 

During Audit Period:  Honorable Brad J. Harriman

Currently:  Honorable Brad J. Harriman