REPORT DIGEST

ILLINOIS CONSERVATION FOUNDATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
FOR THE TWO YEARS ENDED JUNE 30, 2016

Release Date:  December 15, 2016

FINDINGS THIS AUDIT:  1

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

FINDINGS LAST AUDIT: 2

Category 1:	Findings that are material
weaknesses in internal control and/or a
qualification on compliance with State
laws and regulations (material
noncompliance).
Category 2:	Findings that are
significant deficiencies in internal
control and noncompliance with State laws
and regulations.
Category 3:	Findings that have no
internal control issues but are in
noncompliance with State laws and
regulations.

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, 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
www.auditor.illinois.gov

SYNOPSIS

• (16-1) The Foundation’s financial
reporting process lacked sufficient
internal controls.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

NEED TO IMPROVE FINANCIAL REPORTING
PROCESS

The Illinois Conservation Foundation
(Foundation) does not have sufficient
internal controls over the financial
reporting process.

Several errors were identified during the
audit of the Foundation’s financial
statements. The Foundation’s financial
statements were adjusted for the following
reporting errors:

•The Foundation failed to make numerous
adjusting entries to present the financial
statements in accordance with Generally
Accepted Accounting Principles (GAAP).

•The Foundation recorded realized losses
as unrealized losses in error. A net audit
adjustment of $49,844 was recorded to
correct the balances in the realized loss
and unrealized loss accounts. (Finding 1,
pages 11-12)This finding was first
reported in 2011.

We recommended the Foundation implement
additional internal control procedures to
ensure financial statements are prepared
in accordance with GAAP.

Foundation management accepted our
recommendation. (For the previous
Foundation response, see Digest Footnote
#1.)

AUDITOR’S OPINION

The auditors stated the financial
statements of the Foundation as of June
30, 2016, and for the year ended, are
fairly stated in all material respects.

ACCOUNTANT’S OPINION

The accountants conducted a compliance
examination of the Foundation for the year
ended June 30, 2016 as required by the
Illinois State Auditing Act. The
accountants stated the Foundation
complied, in all material respects, with
the requirements described in the report.

FRANK J. MAUTINO
Auditor General

FJM:CSW

SPECIAL ASSISTANT AUDITORS

Kemper CPA Group, LLP was our special
assistant auditor for this engagement.

DIGEST FOOTNOTES

#1 – NEED TO IMPROVE FINANCIAL REPORTING
PROCESS

2015: The Foundation agrees.