REPORT DIGEST

 

PRAIRIELAND ENERGY, INC.

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

and

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2004

 

Summary of Findings:

Total this audit††††            ††††††††† 1

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

Repeated from last audit†††††††††† 0

 

Release Date:

March 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

 

 

 

INTRODUCTION

 

††††† Prairieland Energy, Inc. is an Illinois corporation formed and wholly owned by the Board of Trustees of the University of Illinois.Prairieland was formed November 19, 1996 for the purpose of producing, acquiring and selling various forms of energy for the University and other customers.

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

††††† Our report contains only one compliance finding regarding bank balances in excess of the FDIC insurance limit not being protected by collateral pledged in the name of the Corporation.The Corporation concurred with our finding and stated it has entered into the appropriate agreements with its bank and now believes it is in compliance.

 

††††† We will review progress towards implementation of our recommendation during our next compliance examination.

 

AUDITORSí OPINION

 

††††† Our auditors stated the Corporationís June 30, 2004 financial statements are fairly presented in all material respects.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KMA:pp

 

SPECIAL ASSISTANT AUDITORS

 

††††† Our special assistant auditors were Clifton Gunderson LLP.

 


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


PRAIRIELAND ENERGY, INC.

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Years Ended June 30, 2004

 

FINANCIAL OPERATIONS

FY 2004

FY 2003

OPERATING REVENUES

††††† Steam Sales...............................................................

††††† Chilled Water Sales...................................................

††††† Hot Water Sales........................................................

††††††††††† Total...................................................................

 

OPERATING EXPENSES

††††† Energy Costs.............................................................

††††† Facilities Rental..........................................................

††††† Salaries†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

††††† Office Rent................................................................

††††† Other........................................................................

††††††††††† Total...................................................................

 

NONOPERATING REVENUES (EXPENSES)

††††† Interest......................................................................

††††† Other........................................................................

††††† Income Tax (Expense) Credit....................................

††††††††††† Total...................................................................

 

INCREASE IN NET ASSETS.......................................

NET ASSETS - Beginning of Year..................................

NET ASSETS - End of Year...........................................

 

 

$6,410,722

1,692,780

†† 2,872,330

$10,975,832

 

 

$7,886,251

2,903,880

42,463

1,200

††††††† 16,375

$10,850,169

 

 

$1,873

45

(37,808)

$(35,890)

 

$89,773

$316,367

$406,140

 

$7,127,756

1,204,264

††† 2,912,953

$11,244,973

 

 

$8,215,649

2,903,880

40,515

37,692

†††††††† 15,154

$11,212,890

 

 

$5,770

156

(9,755)

$(3,829)

 

$28,254

$288,113

$316,367

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2004

AT JUNE 30,

2003

Cash..............................................................................

Accounts Receivable......................................................

Deferred Income Taxes Payable.....................................

$137,130

$391,113

$117,994

$136,855

$272,053

$81,697

 

CORPORATION PRESIDENT

During Audit Period:Mr. Lyle Wachtel

Currently:Mr. Lyle Wachtel