REPORT DIGEST

REPORT DIGEST

CHICAGO TECHNOLOGY PARK CORPORATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Year Ended:

June 30, 2006

Summary of Findings:

Total this audit 2

Total last audit 0

Repeated from last audit 0

Release Date:

March 22, 2007

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 the Full Report are also available on the worldwide web at

http://www.auditor.illinois.gov

SYNOPSIS

¨ Financial Status Reports were inaccurate and not filed timely.

¨ The Agency had inadequate documentation for federal

program cost sharing totaling $41,386.

{Expenditures and Activity Measures are summarized on the reverse page.}

CHICAGO TECHNOLOGY PARK CORPORATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For the Year Ended June 30, 2006

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS			FY 2006*
OPERATING REVENUES Federal Grants and Contracts State Grants and Contracts Other Revenue Total Operating Revenues OPERATING EXPENSES Grant Program Activities Depreciation Total Operating Expenses OPERATING (LOSS) INCOME NONOPERATING REVENUES (EXPENSES) Interest Income CHANGE IN NET ASSETS (DEFICIT) .			$1,152,353 175,000 250,718 $1,578,071 $1,097,996 2,754 $1,100,750 $ 477,321 $ 306 $ 477,627
STATEMENT OF NET ASSETS			FY 2006*
ASSETS Cash and Cash Equivalents........................			$ 82,280
Accounts Payable...................................... Due from other State Agencies................... Other Assets............................................. Capital Assets (net) Total Assets.................................... LIABILITIES Accounts Payable...................................... Wages and benefits payable....................... Accrued Vacation and Sick Time Payable Total Liabilities:............................... NET ASSETS Restricted for grant activities Invested in Capital Assets (net) Total Net Assets TOTAL LIABILITIES AND NET ASSETS FY 2005 Financial Statements used a different basis of accounting and are not comparable to FY 2006.*			531,181 94 554,531 8,251 $1,176,337 $ 540,884 2,559 3,518 $ 546,961 $ 621,125 8,251 629,376 $1,176,337
	EXECUTIVE DIRECTOR
	During Audit Period: Samuel Pruett Current: Samuel Pruett.
Status Reports filed by the Agency for Fiscal Year 2006 were late Supporting documentation for $41,386 in charges could not be provided		FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS FINANCIAL STATUS REPORTS INACCURATE AND NOT FILED TIMELY The Chicago Technology Park Corporation filed an inaccurate financial status report with the U.S. Department of Labor. In addition, the Agency did not file its Financial Status Reports (SF 269) in a timely manner. Exceptions noted included the following: · The Financial Status Report filed by the Agency for the fourth quarter of Fiscal Year 2006 did not reconcile to the Agency’s accounting records. · Three of the four Financial Status Reports filed by the Agency for Fiscal Year 2006 were filed between one to 58 days late. (Finding 1, page 15) We recommended the Agency improve procedures to ensure that accurate Financial Status Reports are filed timely and that the Agency correct the inaccurate report. Chicago Technology Park officials agreed with the finding and stated they will take adequate steps to improve controls over and timeliness of its financial reporting. INADEQUATE DOCUMENTATION FOR FEDERAL PROGRAM COST SHARING The Chicago Technology Park Corporation could not provide supporting documentation for certain expenditures recorded as matching expenditures to their federal program. The Chicago Technology Park Corporation was unable to provide documentation for certain charges totaling $41,386 that were recorded as part of the Agency’s cost sharing for this federal program. Failure to maintain proper documentation of amounts claimed for matching results in a lack of proper accountability, a possible refunding of Federal funds to the appropriate Federal Agency, and may jeopardize future Federal funding. (Finding 2, page 16) We recommended the Agency improve controls to ensure that appropriate documentation is maintained for all amounts claimed as matching. Chicago Technology Park Corporation officials agreed with our finding and stated that they will take adequate steps to improve controls over accounting records. AUDITORS’ OPINION Our auditors stated that the financial statements present fairly, in all material respects, the financial position of the governmental activities and each major fund of the Chicago Technology Park Corporation as of June 30, 2006, and the respective changes in financial position thereof for the year then ended. WILLIAM G. HOLLAND, Auditor General WGH:KMC:drh SPECIAL ASSISTANT AUDITORS Our special assistant auditors on this audit were Nykiel, Carlin & Co., LTD.

AUDITORS’ OPINION

SPECIAL ASSISTANT AUDITORS