REPORT DIGEST

 

REGIONAL OFFICE OF EDUCATION #47

 

LEE AND OGLE COUNTIES

 

FINANCIAL AND COMPLIANCE AUDIT

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

For the Year Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                     1

Total last audit                     1

Repeated from last audit      0

 

Release Date:

March 2, 2004

 

 

 

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 TDD (217) 524-4646

 

This Report Digest is also available on

the worldwide web at

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

 

 

 

 

 

SYNOPSIS

 
  • The Regional Office of Education #47’s cash checking account balance in the general ledger did not agree with the bank reconciliation for up to six months during the fiscal year.

 

 

 

 

 

 

 

 

 

 

 

 

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

 

               REGIONAL OFFICE OF EDUCATION #47

                          LEE AND OGLE COUNTIES

 

                FINANCIAL AND COMPLIANCE AUDIT

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

                       For The Year Ended June 30, 2003

 

FY 2003

FY 2002

TOTAL REVENUES

$1,459,074

$1,492,609

Local Sources

$473,087

$369,251

% of Total Revenues

32.42%

24.74%

State Sources

$924,118

$1,032,298

% of Total Revenues

63.34%

69.16%

Federal Sources

$61,869

$91,060

% of Total Revenues

4.24%

6.10%

 

TOTAL EXPENDITURES

$1,400,153

$1,484,594

Salaries and Benefits

$774,351

$829,933

% of Total Expenditures

55.30%

55.90%

Purchased Services

$318,136

$301,570

% of Total Expenditures

22.72%

20.31%

All Other Expenditures

$307,666

$353,091

% of Total Expenditures

21.97%

23.78%

 

 

 

COST OF PROPERTY AND EQUIPMENT

$392,187

$384,827

 

* Percentages may not add due to rounding.

REGIONAL SUPERINTENDENT

During Audit Period: Honorable Delight Pitman

Currently: Honorable Delight Pitman

 

 

 

 

The Regional Office of Education #47’s cash checking account balance in the general ledger did not agree with the bank reconciliation for up to six months during the fiscal year.

 

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

CASH REPORTING

The Regional Office of Education #47’s cash checking account balance in the general ledger did not agree with the bank reconciliation for up to six months during the fiscal year. An out of balance cash checking account can lead to inaccurate reporting of revenues and/or expenses and unintended cash shortages.

The Regional Superintendent of Schools is responsible for establishing and maintaining an internal control system to prevent errors and irregularities. The cash checking account should be in balance at all times and reconciled at least monthly during the fiscal year (Finding 03-1, page 11).

The Regional Office of Education #47 accepted the recommendation, stating the aid of an outside consultant will be sought if the internal accounting staff is not able to reconcile and balance the cash checking account within a reasonable amount of time.

 

AUDITORS’ OPINION

Our auditors state Regional Office of Education #47’s financial statements as of June 30, 2003 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.