REPORT DIGEST

ILLINOIS MATHEMATICS AND SCIENCE ACADEMY

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For the Year Ended: June 30, 2015

Release Date:  March 17, 2016

FINDINGS THIS AUDIT:  2

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

FINDINGS LAST AUDIT: 0

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

• (15-02) The Academy failed to report all
fees collected by the Academy to the
Illinois Office of the Comptroller

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

IMPROPER AGENCY FEE IMPOSITION REPORT

The Academy did not properly report all
fees collected on the 2015 Agency Fee
Imposition Reports (Report) submitted to
the Illinois Office of the Comptroller
(Comptroller).

We noted the Academy excluded $809,579 in
fees from their 2015 Report submitted to
the Comptroller. Excluded fees were for
various other programs such as seminars
held at the Academy, fees for school
camps, fees for rental of school
facilities etc. (Finding 2, page 14).

We recommended the Academy properly report
all fees collected.

The Academy agreed with the finding and
will include all fees in the future.

OTHER FINDINGS

The remaining finding is reportedly being
given attention by Academy officials. We
will review progress toward implementation
of our recommendations in our next audit.

AUDITOR’S OPINION

The auditors stated the financial
statements of the General Fund, the
Special Purposes Trust Fund, the IMSA
Income Fund, the IMSA Operating Fund, and
IMSA Student Activity Fund as of and for
the year ended June 30, 2015, are fairly
stated in all material respects.

ACCOUNTANT’S OPINION

The accountants conducted a compliance
examination of the Academy for the year
ended June 30, 2015, as required by the
Illinois State Auditing Act. The
accountants stated the Academy complied,
in all material respects, with the
requirements described in the report.

FRANK J. MAUTINO
Auditor General

FJM:JGR

SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this
engagement were Washington, Pittman &
McKeever, LLC.