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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. AUDITORS’ OPINION Our auditors stated the Corporation’s 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
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FINANCIAL
OPERATIONS |
FY 2006 |
FY 2005 |
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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) |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2006 |
AT JUNE 30, 2005 |
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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 |
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PRESIDENT |
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During Audit Period: Mr. Morley Kerschner through August 2005, Dr. William R. Nicholas, April 2006 to present Currently: Dr. William R. Nicholas |