REPORT DIGEST

 

WOLCOTT, WOOD AND TAYLOR, INC.

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

 

 

 

Release Date:

November 16, 2006 

 

 

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

 

††††† This digest covers the financial audit for the period ending June 30, 2006. A compliance examination covering the two years ended June 30, 2006 is being issued separately.

 

 

 

 

AUDITORSí OPINION

 

††††† 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.

FINANCIAL AUDIT

For the Year 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.......................................

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

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

 

$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

$(3,135,365)

$(2,666,291)

 

$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

$(3,822,721)

$(3,135,365)

 

 

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

$1,723,129

$36,818

$146,030

$340,122

$2,124,824

$2,787,566

$1,517,748

$36,111

$136,424

$374,713

$640,361

$4,560,000

 

PRESIDENT

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

Currently:Dr. William R. Nicholas