REPORT DIGEST

ILLINOIS MATH &
SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:

June 30, 2000

 

Summary of Findings:

Total this audit 1

Total last audit 3

Repeated from last audit 1

Release Date:
March 14, 2001

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State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

  

 

 

 

SYNOPSIS

 
  • The Academy did not have adequate controls over cash receipts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}


ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
FINANCIAL AND COMPLIANCE AUDIT
For The Year Ended June 30, 2000
CURRENT FUND OPERATIONS (ALL FUNDS)

FY 2000

FY 1999
REVENUES
State Appropriations
Investment Income
Donations
Federal Government Grants
Illinois State Agency Grants
Student activity fees
Property, from the Capital Development Board
Other Revenues
TOTAL REVENUES

EXPENDITURES
Personal Services
Educational and general expenditures
Other Expenditures
TOTAL EXPENDITURES


$14,089,782
36,353
1,004,200
36,624
277,559
635,420
2,497,609
1,020,804
$19,598,351


$10,931,021
5,312,704
590,320
$16,834,045


$13,728,854
41,092
1,033,823
35,445
223,016
652,938
1,472,481
1,220,139
$18,407,788


$10,513,909
5,458,586
547,359
$16,519,854
SELECTED BALANCE SHEET ACCOUNTS

JUNE 30, 2000

JUNE 30, 1999
Assets:
Cash
Cash on deposit with State Treasurer
Certificates of deposit, at cost
Property, Plant and Equipment
Liabilities and Fund Equity:
Accounts payable
Accrued salaries and benefits
Accrued vacation pay and sick leave



$89,861
560,651
628,515
53,818,848
$264,257
659,166
1,068,000



$95,893
774,240
707,430
51,225,518
$521,509
653,164
1,165,000
SUPPLEMENTARY INFORMATION

FY 2000

FY 1999
Average Number of Employees
Average Number of Students
Instructional Cost Per Student

225
642
$7,194

223
663
$6,565
ACADEMY EXECUTIVE DIRECTOR
During Audit Period: Stephanie P. Marshall, Ph.D.
Currently: Stephanie P. Marshall Ph.D.

 

 

 

 

 

 

The Academy did not deposit all receipts in a timely manner

 

 

 

 

 

 

FINDING, CONCLUSION, AND RECOMMENDATION

IMPROVEMENTS NEEDED IN CONTROLS OVER CASH RECEIPTS

The Academy did not deposit all cash receipts promptly as required by the State Officers and Employees Money Disposition Act (Act).

Of the sixty receipts and refunds tested, seven (11.67%) were not deposited timely. The sixty deposits totaled $517,545. Two receipts of less than $10,000 were deposited from 3 to 4 business days after receipt. Five receipts of greater than $10,000 were deposited from 1 to 3 days after receipt.

The Academy is required by the Act to pay monies received on behalf of the State, into the State Treasury on the actual date of receipt, any amount over $10,000; within 24 hours of receipt, any accumulation of $10,000; and within 48 hours any accumulation of receipts between $500 and $10,000. (Finding 1, page 14)

We recommended the Academy implement controls over cash receipts to ensure that all checks are deposited in a timely manner as required by the Act.

Academy officials agreed with our recommendation and stated it would be appropriate to adopt a more formal policy concerning the timely deposit of funds.

 

AUDITORS' OPINION

Our auditors stated the Academy's June 30, 2000 financial statements are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

DeRaimo, Hillger & Ripp were our special assistant auditors for this audit.