REPORT DIGEST

 

WOLCOTT, WOOD AND TAYLOR, INC.

 

COMPLIANCE ATTESTATION EXAMINATION

For the Year Ended:

June 30, 2008

 

Summary of Findings:

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

Total prior audit†††††††††††††††† †††† 0

Repeated from last audit††††††† 0

 

Release Date:

January 29, 2009

 

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.auditor.il.gov

 

 

 

 

 

 

 

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.

 

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the Corporationís June 30, 2008 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 ATTESTATION EXAMINATION

For the Year Ended June 30, 2008

 

FINANCIAL OPERATIONS

FY 2008

FY 2007

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

†††††

OPERATING EXPENSES

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

††††† General Services........................................................

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

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

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

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

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

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

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

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

 

NONOPERATING REVENUES (EXPENSES)

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

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

††††† Income Tax Credit.....................................................

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

 

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

$8,640,949

 

 

$5,104,995

249,233

504,271

326,551

200,461

1,232,436

76,455

238,367

179,394

$8,112,163

 

 

$62,222

(102,767)

53,604

$13,059

 

$541,845

$8,298,735

 

 

$4,074,020

295,849

507,505

266,341

205,522

489,051

60,520

64,538

187,251

$6,150,597

 

 

$90,170

(190,872)

††††††††††††† 0

$(100,702)

 

$2,047,436

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2008

AT JUNE 30,

2007

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

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

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

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

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

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

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

$83,592

$272,835

$124,442

$279,653

$891,136

$0

$(77,010)

$1,912,878

$97,079

$144,078

$428,896

$2,254,972

$946,814

$(618,855)

 

PRESIDENT

During Audit Period and current:Dr. William R. Nicholas