REPORT DIGEST IMSA Fund for Advancement of Education Financial Audit For the Year Ended June 30, 2014 Release Date: December 18, 2014 FINDINGS THIS AUDIT: 0 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 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 www.auditor.illinois.gov INTRODUCTION The IMSA Fund for Advancement of Education (Fund) was incorporated February 6, 1986 as an Illinois not-for-profit corporation. The Fund serves as the primary source of private funding for the Illinois Mathematics and Science Academy (Academy). The primary functions of the Fund are to raise funds from the private sector, oversee the management and distribution of the Fund’s assets and enrich the Academy’s education programs. Private sector contributions also provide resources to enhance the Academy’s continuing development as an educational laboratory for schools and teachers throughout the State. There were no findings disclosed during our audit. AUDITORS' OPINION Our auditors state the June 30, 2014 financial statements of the IMSA Fund for Advancement of Education are presented fairly in all material respects. WILLIAM G. HOLLAND Auditor General WGH:JGR SPECIAL ASSISTANT AUDITORS Our Special Assistant Auditors for this audit were Borschnack, Pelletier & Co.