REPORT DIGEST

ILLINOIS MATHEMATICS & SCIENCE ACADEMY

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  May 13, 2025

FINDINGS THIS AUDIT: 1

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

FINDINGS LAST AUDIT: 0

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 report covers our financial audit of
the Academy’s Individual Governmental Funds
(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.  A digest covering the
Academy’s State Compliance Examination for
the year ended June 30, 2024 will be
released separately.

SYNOPSIS

• (24-01) The Academy did not establish
adequate internal controls over identifying
and recording deferred revenue, unavailable
revenue, and accounts payable for financial
reporting purposes.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUATE CONTROLS OVER IDENTIFYING AND
RECORDING UNEARNED REVENUE, UNAVAILABLE
REVENUE, AND ACCOUNTS PAYABLE

The Academy did not establish adequate
internal controls over identifying and
recording deferred revenue, unavailable
revenue, and accounts payable for financial
reporting purposes.

During our audit, we noted various errors in
the Academy’s accounting records. We
proposed adjustments related to those errors
and the Academy recorded the required
adjustments to its accounting records. The
posted adjustments related to the following:

Fund 1223 (Local Fund):
• An increase to unearned revenue ($40,450)
for amounts received in Fiscal Year 2024 but
were for the Fiscal Year 2025 school year.
• An increase in accounts receivable and
unavailable revenue ($8,271) for accounts
that were overlooked and not received within
60 days of the end of the fiscal year.
• An increase in accounts payable ($17,280)
for a liability which had not been recorded.
Fund 1366 (Student Activity Fund):
• An increase to unearned revenue ($22,400)
for amounts received in Fiscal Year 2024 but
were for Fiscal Year 2025 activities.
(Finding 1, pages 36-37)

We recommended the Academy improve its
procedures to ensure accurate financial
reporting.

The Academy agreed with our recommendation
and stated they will be implementing
procedures necessary to identify all
unearned and unavailable revenues, accounts
payable, and any accompanying year-end
accruals and adjustments as necessary to
comply with current accounts standards.

AUDITOR’S OPINION

The auditors stated the financial statements
of the Academy’s Individual Governmental
Funds as of and for the year ended June 30,
2024, are fairly stated in all material
respects.

This financial audit 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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