REPORT DIGEST

 

WOLCOTT, WOOD AND TAYLOR, INC.

 

 

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2006

 

Summary of Findings:

Total this audit†††††††††††††             0

Total prior audits††††††††††††††††††††† 0

Repeated from last audit†††††††††† 0

 

Release Date:

 March 8, 2007

 

 

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 Full Report are 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 compliance examination.We commend WWT for maintaining an effective system of internal controls.

 

 

AUDITORSí OPINION

 

††††† Our financial statement audit for the year ended June 30, 2006 was previously issued. Our auditors stated the Corporationís June 30, 2006 financial statements are fairly presented in all material respects.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

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

 

 

 

 

WOLCOTT, WOOD AND TAYLOR, INC.

COMPLIANCE EXAMINATION

For the Years Ended June 30, 2006

 

FINANCIAL OPERATIONS

FY 2006

FY 2005

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.......................................

$6,291,158

 

 

$3,740,444

360,250

276,613

201,330

226,875

43,667

360,453

500,348

$5,709,980

 

 

$70,677

(182,781)

$(112,104)

 

$469,074

$6,142,679

 

 

$3,781,571

264,149

314,895

257,214

137,053

56,332

57,761

419,216

$5,288,191

 

 

$30,848

(197,980)

$(167,132)

 

$687,356

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

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

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

Prepaid Expenses...........................................................

Capital Assets, net..........................................................

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

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

Net Assets.....................................................................

$1,723,129

$36,818

146,030

$340,122

$1,772,434

$2,787,566

$(2,666,291)

$1,517,748

$36,111

$136,424

$374,713

$640,361

$4,560,000

$(3,135,365)

 

PRESIDENT

During Audit Period:Mr. Morley Kerschner through August 2005, Dr. William R. Nicholas, ††††††††††††††† ††††††††††††††††††††††† April 2006 to present

Currently:Dr. William R. Nicholas