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REPORT DIGEST CHICAGO TECHNOLOGY PARK CORPORATION FINANCIAL AUDIT AND COMPLIANCE
EXAMINATION (In accordance with the Federal Single
Audit Act and OMB Circular A-133) For the Year Ended: June 30, 2008 Summary of Findings: Total this audit 1 Total last audit 2 Repeated from last audit 1 Release Date: April 2, 2009
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
(217) 782-6046 or TTY (888)
261-2887 This Report Digest and the Full Report are also available on the worldwide web at
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SYNOPSIS · The Corporation filed inaccurate Financial Status Reports with the U.S. Department of Labor. {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, 2008
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STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS |
FY 2008 |
FY 2007 |
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OPERATING REVENUES Federal Grants and Contracts State Grants and Contracts Services Total Operating Revenues OPERATING EXPENSES Grant Programs Depreciation and Amortization Total Operating Expenses OPERATING (LOSS) INCOME NONOPERATING REVENUES (EXPENSES) Interest Income CHANGE IN NET ASSETS |
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STATEMENT OF NET
ASSETS |
FY 2008 |
FY 2007 |
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ASSETS Cash and Cash Equivalents Accounts Receivable Due from other State Agencies Other Assets Capital Assets (net) Total Assets LIABILITIES Accounts Payable and Accrued Expenses Total Liabilities: NET ASSETS Restricted for grant activities Invested in Capital Assets (net) Total Net Assets TOTAL
LIABILITIES AND NET ASSETS |
$ 7,343 32,534 179,251 ---
$ 219,128 $ 97,156 $ 97,156 $
121,972
$ 121,972 $ 219,128 |
$ 14,097 68,245 --- 284,518 2,748 $ 369,608 $
53,941 $ 53.941 $ 312,919 2,748 $ 315,667 $ 369,608 |
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EXECUTIVE DIRECTOR |
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During Audit Period: Samuel Pruett
Current: Samuel Pruett |
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The Corporation filed inaccurate Financial Status
Reports in 3 of 4 quarters with the U.S. Department of Labor |
FINDINGS, CONCLUSIONS, AND
RECOMMENDATIONS INACCURATE SUBMISSION OF
QUARTERLY FINANCIAL STATUS REPORTS The Chicago
Technology Park Corporation (Corporation) filed inaccurate Financial Status
Reports (SF 269) in 3 of 4 quarters with the U.S. Department of Labor for WIA
Pilots, Demonstration and Research Projects. The SF 269 reports filed by
the Corporation did not reconcile with the Corporation’s accounting records
for the quarters ended September 30, 2007; March 31, 2008; and June 30,
2008. (Finding 1, pages 15-16) Corporation officials agreed with our
recommendation to improve procedures to ensure that Financial Status Reports
were accurate. AUDITORS’ OPINION
Our auditors stated that the financial statements
present fairly, in all material respects, the respective financial position
of the business-type activities of the Corporation as of June 30, 2008, and
the respective changes in net assets and cash flows thereof for the year then
ended.
____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMC:drh
SPECIAL ASSISTANT AUDITORSOur special assistant
auditors on this audit were E.C. Ortiz & Co., LLP. |