REPORT DIGEST

IMSA FUND FOR
ADVANCEMENT OF
EDUCATION

FINANCIAL AUDIT
For the Years Ended:
June 30, 1998 and 1997







Release Date:
March 18, 1999





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

INTRODUCTION

This digest covers our financial audit of the IMSA Fund for Advancement of Education for the years ended June 30, 1998 and 1997.

AUDITORS' OPINION

Our auditors stated the June 30, 1998 and 1997 financial statements of the IMSA Fund for Advancement of Education are fairly presented.
 
 

____________________________________
WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Miller, Cooper & Co., LTD. were our special assistant auditors for this audit.



IMSA FUND FOR ADVANCEMENT OF EDUCATION
FINANCIAL AUDIT
For the Years Ended June 30, 1998 and 1997

FINANCIAL OPERATIONS (ALL FUNDS)

FY 1998

FY 1997

REVENUES
Contributions
Registration Fees
Investment Revenue
Net Gains (Losses) on investments
Other Revenue
  Total Revenue

EXPENSES
Program Service
Support Service - General
Fund Raising
  Total Expenditures

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENSES


$1,667,094
128,698
89,145
(108,181)
1,586
$1,778,342


$713,003
63,379
45,960
$822,342


$956,000


$1,002,345
68,107
65,672
950
(2,489)
$1,134,585


$701,459
58,378
29,016
$788,853


$345,732
SELECTED ACCOUNT BALANCES (ALL FUNDS)

AT JUNE 30, 1998

AT JUNE 30, 1997


Assets
Liabilities
Fund Balance:
Unrestricted
Restricted
 


$2,714,854
$22,103

$1,304,604
$1,388,147


$1,817,357
$80,606

$740,144
$996,607
FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Theodore Parge
Currently: Theodore Parge