NOTE:

The IMSA Fund for Advancement of Education’s FY09 financial statements should be read in conjunction with the FY10 financial statements. In the FY09 financial statements, the June 30, 2009 net assets have been restated (decreased restricted net assets, expendable and increased unrestricted net assets by $103,964) to correct errors in the classification of net assets. Because the June 30, 2009 net assets have been restated, the previously issued auditors’ report dated December 8, 2009 is not to be relied upon without consideration of the auditors’ report dated January 4, 2011 on the restatement of the June 30, 2009 net assets.

REPORT DIGEST IMSA FUND FOR THE ADVANCEMENT OF EDUCATION FINANCIAL AUDIT AND COMPLIANCE EXAMINATION For the Two Years Ended: June 30, 2009 Summary of Findings: Total this audit 0 Total last audit 3 Repeated from last audit 0 Release Date: January 7, 2010 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 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 http://www.auditor.illinois.gov

INTRODUCTION This digest covers our financial audit of the IMSA Fund for the Advancement of Education for the year ended June 30, 2009 and our compliance examination for the two years ended June 30, 2009. AUDITORS’ OPINION Our auditors stated the June 30, 2009 financial statements of the IMSA Fund for Advancement of Education are fairly presented in all material respects. __________________________________ WILLIAM G. HOLLAND, Auditor General WGH:AKS AUDITORS ASSIGNED Our special assistant auditors for this audit were Borschnack, Pelletier & Co. {Expenditures and Activity Measures are summarized on the reverse page.}

IMSA FUND FOR ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Two Years Ended June 30, 2009

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS	FY 2009	FY 2008
REVENUES Operating Revenues: Contributions......................................................... Operating Agreement with Academy.................. Other Operating Revenues................................. Total Operating Revenues....................................... EXPENSES Operating Expenses Academy Support................................................. Management and General...................................... Fund Raising......................................................... Operating Agreement with Academy..................... Total Operating Expenses........................................... Other Revenues and Expenses Changes in Net Assets...................................................	$ 907,479 263,964 (3,576) $ 1,167,867 $ 598,390 143,402 99,292 263,964 $ 1,105,048 (546,253) $ (483,434)	$ 942,839 271,924 42,789 $ 1,257,552 $ 561,977 101,563 47,122 271,924 $ 982,586 121,316 $ 396,282
STATEMENT OF NET ASSETS	FY 2009	FY 2008
Assets: Cash and Cash Equivalents................................... Investments............................................................ Accounts Receivable.............................................. Prepaid Expenses................................................... Pledges Receivable................................................. Total Assets.................................................................. Liabilities: Accounts Payable..................................................... Total Liabilities.......................................................... Net Assets.....................................................................	$ 741,709 2,720,884 200,047 3,603 61,751 $ 3,727,994 $ 11,976 $ 11,976 $ 3,716,018	$ 640,442 3,272,712 138,157 5,423 186,118 $ 4,242,852 $ 43,400 $ 43,400 $ 4,199,452
FUND AGENT
During Period: Suzyn Price Currently: Suzyn Price