REPORT DIGEST

 

INTERMEDIATE SERVICE CENTER #1

 

NORTH COOK

 

FINANCIAL AUDIT

(In Accordance with the
Single Audit Act and OMB Circular A-133)

For the Year Ended:

June 30, 2004

 

Summary of Findings:

 

Total this audit                          0

Total last audit                          0

Repeated from last audit           0

 

Release Date:

August 30, 2005 

 

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 is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

 

     INTRODUCTION

 

        Our report covers the financial audit, in accordance with the Single Audit Act and OMB Circular A-133, for the period ending June 30, 2004.

 

 

AUDITORS’ OPINION

 

      Our auditors state the Intermediate Service Center #1’s financial statements as of June 30, 2004 are fairly presented in all material respects.

 

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KJM:ro

 

SPECIAL ASSISTANT AUDITORS

 

      Our special assistant auditors were Lindgren, Callihan, Van Osdol & Co., Ltd.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        {Expenditures and Revenues are summarized on the reverse page.}

 

                                                                                   

INTERMEDIATE SERVICE CENTER #1

NORTH COOK

 

FINANCIAL AUDIT

(In Accordance with Single Audit Act and OMB Circular A-133)

For The Year Ended June 30, 2004

 

 

 

FY 2004

FY 2003

TOTAL REVENUES

$3,627,422

$3,715,008

Local Sources

$1,264,011

$1,032,356

% of Total Revenues

34.85%

27.79%

State Sources

$255,529

$2,519,643

% of Total Revenues

7.04%

67.82%

Federal Sources

$2,107,882

$163,009

% of Total Revenues

58.11%

4.39%

 

TOTAL EXPENDITURES

$3,693,937

$3,245,365

Salaries and Benefits

$1,980,992

$1,924,619

% of Total Expenditures

53.63%

59.30%

Purchased Services

$1,491,369

$1,081,859

% of Total Expenditures

40.37%

33.34%

All Other Expenditures

$221,576

$238,887

% of Total Expenditures

6.00%

7.36%

 

 

 

TOTAL NET ASSETS1

$1,848,095

$1,914,610

 

 

 

INVESTMENT IN CAPITAL ASSETS1

 

$122,735

 

$152,541

 

1  In fiscal year 2004, Regional Offices of Education implemented Government Accounting Standards Board (GASB) Statement No. 34 which established a new financial reporting model for state and local governments.  Government-wide financial statements are prepared using full accrual accounting that reports Total Net Assets.  The fiscal year 2003 ending general fixed assets have been restated to reflect the changes required as part of the implementation of GASB Statement No. 34.  

Percentages may not add due to rounding.

 

EXECUTIVE DIRECTOR

During Audit Period: Dr. Barbara Habschmidt

Currently: Dr. Barbara Habschmidt