REPORT DIGEST
CHICAGO STATE UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For the Year Ended:
June 30, 1996
Release Date:
May 15, 1997
State of Illinois
Office of the Auditor General
WILLIAM G. HOLLAND
AUDITOR GENERAL
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046
INTRODUCTION
- This report covers our financial audit for the year ended June 30, 1996. A compliance audit covering the two years ending June 30, 1997 will be performed next year. However, during our financial audit work, we noted several compliance findings which have been reported in a separate letter stapled inside the back cover of the financial audit report. The findings noted included the following:
- The Foundation did not obtain signed promissory notes for two loans.
- The Foundation's bank account was not fully insured or collateralized.
- The Foundation did not maintain a complete accounting system.
- The Foundation awarded scholarships to students who did not meet the minimum academic achievement requirement.
- The Foundation has accepted all of our recommendations for corrective action, and we will follow up on each of these findings in our 1997 compliance audit.
AUDITORS' OPINION
- Our auditors state the financial statements of
Chicago State University Foundation at June 30,
1996 are fairly presented.
____________________________________
WILLIAM G. HOLLAND, Auditor GeneralWGH:ROQ:ak
SPECIAL ASSISTANT AUDITORS
- Pandolfi, Topolski, Weiss & Co., Ltd. were
our Special Assistant Auditors for this audit.
{Expenditures and Activity Measures are summarized on the reverse page.}