REPORT
DIGEST ILLINOIS ARTS COUNCIL FOUNDATION FINANCIAL AUDIT AND COMPLIANCE EXAMINATION For the Two Years Ended: June 30, 2007 Summary of Findings: Total this audit 0 Total last audit 0 Repeated from last audit 0 Release Date: February 14, 2008
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 TTY (888) 261-2887 This Report Digest and Full Report are also available on the worldwide web at www.auditor.illinois.gov |
FINDINGS,
CONCLUSIONS, AND RECOMMENDATIONS
There were no material findings of noncompliance disclosed during our testing. AUDITORS’ OPINION
Our auditors stated that the financial
statements present fairly, in all material respects, the financial position
of the Restricted Fund of the Illinois Arts Council Foundation, as of June 30, 2007 and June 30, 2006, and
the changes in financial position thereof for the years then ended.
WILLIAM G. HOLLAND, Auditor General WGH:KMC:drh SPECIAL ASSISTANT AUDITORS Our special assistant auditors on this audit were De Raimo Hillger & Ripp.
{Expenditures and
Activity Measures are summarized on the reverse page.}
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ILLINOIS ARTS COUNCIL FOUNDATION
FINANCIAL AUDIT AND COMPLIANCE
EXAMINATION
For the Two Years Ended June 30, 2007
STATEMENT
OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE |
FY 2007 |
FY 2006 |
REVENUES Contributions........................................................ EXPENDITURES
Governor’s Award................................................ Sidney R. Yates Award........................................ Conference and meetings.................................... Administrative / Other......................................... Total Expenditures........................................................ |
$ 4,095 700 2,200 21,348 $ 28,343 $ 21,589 0 3,751 480 $ 25,820 $ 2,523 74,748 $ 77,271 |
$ 835 475 2,035 0 $ 3,345 $ 0 750 0 $ 1,471 $ 2,221 $ 1,124 1,124 $ 74,748 |
BALANCE SHEET ACCOUNTS |
FY 2007 |
FY 2006 |
Cash and cash equivalents....................................... Total Assets........................................................................ Liabilities.............................................................................. Fund Balance....................................................................... Total Liabilities and Fund balance................................... |
$ 77,271 $ 77,271 $ 0 $ 77,271 $ 77,271 |
$ 74,748 $ 74,748 $ 0 $ 74,748 $ 74,748 |
EXECUTIVE
DIRECTOR |
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During Audit Period: Terry Scrogum Currently: Terry Scrogum |