REPORT DIGEST

ILLINOIS MATHEMATICS & SCIENCE ACADEMY

COMPLIANCE EXAMINATION
FOR THE TWO YEARS ENDED JUNE 30, 2024

Release Date:  May 13, 2025

FINDINGS THIS AUDIT: 6

CATEGORY:  NEW -- REPEAT – TOTAL
Category 1:  2 -- 0 -- 2
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  0 -- 0 -- 0

FINDINGS LAST AUDIT: 3

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General, 400 West
Monroe, Suite 306, Springfield, IL
62704-9849
(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are also
available on the worldwide web at
www.auditor.illinois.gov

INTRODUCTION

The Illinois Mathematics and Science Academy
(Academy) develops creative, ethical leaders
in science, technology, engineering and
mathematics.  As a teaching and learning
laboratory created by the State of Illinois,
the Academy enrolls academically talented
Illinois students (grades 10-12) in its
advanced, residential college preparatory
program, and it serves thousands of
educators and students in Illinois and
beyond through innovative instructional
programs that foster imagination and
inquiry.

This digest covers the Academy’s State
Compliance Examination for the year ended
June 30, 2024.  In total, this report
contains six findings, one of which was also
reported in the Financial Audit. A digest
covering the Academy’s Individual
Governmental Funds Financial Audit as of and
for the year ended June 30, 2024 was
separately released.

SYNOPSIS

• (24-02) The Academy did not fully comply
with the requirements applicable to its
property and equipment.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

NONCOMPLIANCE WITH PROPERTY AND EQUIPMENT
REQUIREMENTS

The Academy did not fully comply with the
requirements applicable to its property and
equipment.

During our examination, we requested the
Academy provide us with their property
control records in order to select samples
and test compliance with the specified
requirements. The Academy provided their
records, but by comparing it to other
records obtained during the examination, we
concluded the Academy’s property control
records were not complete and accurate.
Even given the population limitations noted
above which hindered our ability to conclude
whether a sample selected could be
representative of the population, we
performed additional testing and noted the
following exceptions:

• The Academy’s annual certification of
inventory (as of July 1, 2023) submitted to
the Department of Central Management
Services (DCMS) noted 32 items ($28,706) of
equipment that could not be located. An
additional 26 items ($34,352) on the
Academy’s property control records which
indicated “lost”, but were not included as
“unlocated” on the Academy’s Certification
of Inventory.
• The Academy had not adopted policies
clearly delineating categories of equipment
considered to be subject to theft.
• The Academy had not fully updated its
property control records for additions
occurring during Fiscal Year 2024. We
requested the Academy’s property control
listing on November 6, 2024 and were
informed at that time that all of the
additions for Fiscal Year 2024 were not yet
recorded.
• The Academy’s 4th quarter Agency Report of
State Property was not accurate. The
beginning balance reported for “Equipment”
was $7,646,388; however, the ending balance
of the 3rd quarter report was $7,692,868 (a
difference of $46,480). The ending balance
of equipment reported for the 4th quarter
differed from the reconciled property
control records received near the end of
fieldwork by $107,828. (Finding 2, pages
10-11)

We recommended the Academy maintain complete
and accurate property control records,
improve accountability for its equipment,
and properly complete the Agency Report of
State Property. We further recommended the
Academy properly report unlocated equipment
on its certification of inventory, timely
update property control records, and adopt a
policy that clearly identifies the
categories of equipment that are considered
to be high theft as required by the Code.

The Academy agreed with our recommendation
and stated they have already implemented
State requirements and improved internal
processes.

OTHER FINDINGS

The remaining findings are reportedly being
given attention by Academy personnel. We
will review the Academy’s progress towards
the implementation of our recommendations in
our next State compliance examination.

AUDITOR’S OPINION

The auditors stated the financial statements
of the General Fund, the IMSA Special
Purposes Trust Fund, the IMSA Income Fund,
the IMSA Operating Fund, and the IMSA
Student Activity Fund as of and for the year
ended June 30, 2024, are fairly stated in
all material respects.

ACCOUNTANT’S OPINION

The accountants conducted a State compliance
examination of the Academy for the year
ended June 30, 2024, as required by the
Illinois State Auditing Act.  The
accountants stated the Academy complied, in
all material respects, with the requirements
described in the report.

This State compliance examination was
conducted by Borschnack, Pelletier & Co.

COURTNEY DZIERWA
Division Director

This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.

FRANK J. MAUTINO
Auditor General

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