REPORT DIGEST

 

WOLCOTT, WOOD AND TAYLOR, 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†††††††††††††             0

Total prior audits††††††††††††††††††††† 2

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

 

††††† Wolcott, Wood and Taylor, Inc. (WWT) is an Illinois not-for-profit corporation created by the Board of Trustees of the University of Illinois.WWT was created to provide billing and collection services and practice management support services for the Medical Service Plan of the College of Medicine of the University of Illinois at Chicago.

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

††††† There were no material findings of noncompliance disclosed during our examination.We commend WWT for maintaining an effective system of internal controls.

 

 

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.

 

 

 

WOLCOTT, WOOD AND TAYLOR, INC.

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Years Ended June 30, 2004

 

FINANCIAL OPERATIONS

FY 2004

FY 2003

OPERATING REVENUES...........................................

†††††

OPERATING EXPENSES

††††† Salaries....................................................................

††††† Software Maintenance...............................................

††††† Rent..........................................................................

††††† Depreciation..............................................................

††††† Third Party Claim Processing.....................................

††††† Supplies....................................................................

††††† Professional and Contractual......................................

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

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

 

NONOPERATING REVENUES (EXPENSES)

††††† Investment Income.....................................................

††††† Interest Expense........................................................

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

 

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

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

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

 

$5,925,252

 

 

$3,547,328

214,147

341,589

334,700

692,353

58,373

66,006

353,375

$5,607,871

 

 

$10,536

(241,200)

$(230,664)

 

$86,717

$(3,909,438)

$(3,822,721)

$5,206,095

 

 

$3,030,834

165,914

333,206

512,275

322,237

78,712

37,954

328,208

$4,809,340

 

 

$10,093

(300,160)

$(290,067)

 

$106,688

$(4,016,126)

$(3,909,438)

 

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2004

AT JUNE 30,

2003

Cash and Investments.....................................................

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

Capital Assets................................................................

Current Liabilities............................................................

Long Term Debt.............................................................

$1,136,247

$91,203

$545,873

$1,590,088

$4,095,035

$858,909

$108,934

$668,838

$263,577

$5,360,000

 

PRESIDENT

During Audit Period:Mr. Morley Kerschner

Currently:Mr. Morley Kerschner