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   REPORT DIGEST REGIONAL OFFICE OF EDUCATION #54 
  FINANCIAL AUDIT For the Year Ended: June 30, 2008 Summary of Findings: Total this audit 0 Total last audit 1 Repeated from last audit 0 Relea June 11, 2009 
 
 
 State of Il Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL 
 
 To obtain a copy of the
  Report contact: Office of the Auditor
  General 
   (217) 782-6046 or TTY (888)
  261-2887 This Report Digest and Full
  Report is also available on the worldwide web at http://www.auditor.illinois.gov  | 
  
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   INTRODUCTION          Our
  report covers the financial audit for the period ending June 30, 2008. AUDITORS’
  OPINION Our auditors state the Regional Office of Education #54’s financial statements as of June 30, 2008 are fairly presented in all material respects. _____________________________________ WILLIAM
  G. HOLLAND, Auditor General WGH:KJM SPECIAL ASSISTANT
  AUDITORS          Our special assistant
  auditors were West & Company, LLC. 
 {Expenditures
  and Revenues are summarized on the reverse page.}  | 
 
REGIONAL OFFICE OF
EDUCATION # 54
FINANCIAL AUDIT
For The Year Ended June
30, 2008
| 
   | 
  
  FY 2008
   | 
  
  FY 2007
   | 
 
  TOTAL REVENUES | 
  
   $683,667  | 
  
   $606,071  | 
 
| 
   Local Sources  | 
  
   $147,330  | 
  
   $141,218  | 
 
| 
   % of Total Revenues  | 
  
   21.55%  | 
  
   23.30%  | 
 
| 
   State Sources  | 
  
   $509,214  | 
  
   $440,322  | 
 
| 
   % of Total Revenues  | 
  
   74.48%  | 
  
   72.65%  | 
 
| 
   Federal Sources  | 
  
   $27,123  | 
  
   $24,531  | 
 
| 
   % of Total Revenues  | 
  
   3.97%  | 
  
   4.05%  | 
 
| 
   | 
 ||
| 
   TOTAL EXPENDITURES  | 
  
   $688,748  | 
  
   $622,095  | 
 
| 
   Salaries and Benefits  | 
  
   $307,931  | 
  
   $270,138  | 
 
| 
   % of Total Expenditures  | 
  
   44.71%  | 
  
   43.42%  | 
 
| 
   Purchased Services  | 
  
   $61,147  | 
  
   $57,180  | 
 
| 
   % of Total Expenditures  | 
  
   8.88%  | 
  
   9.19%  | 
 
| 
   All Other Expenditures  | 
  
   $319,670  | 
  
   $294,777  | 
 
| 
   % of Total Expenditures  | 
  
   46.41%  | 
  
   47.38%  | 
 
| 
   | 
 ||
| 
   TOTAL NET ASSETS  | 
  
   $117,373  | 
  
   $122,454  | 
 
| 
   | 
 ||
| 
   INVESTMENT IN
  CAPITAL ASSETS  | 
  
   $1,004  | 
  
   $0  | 
 
| 
   Percentages
  may not add due to rounding.  | 
 ||
| 
   REGIONAL
  SUPERINTENDENT    | 
 
| 
   During Audit Period: Honorable Michael Metzen Currently: Honorable Michael Metzen  |