DEPARTMENT OF FINANCIAL AUDIT
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This is the financial audit of the Correctional Industries, a component of the adult division of the Illinois Department of Corrections. Correctional Industries operates manufacturing, service and agricultural industries within the adult correctional centers. Its purpose is to replicate a free world work environment to the greatest extent possible, while operating within a budget that does not exceed income, maximizing the number of inmate assignments, and providing customers quality goods and services at a competitive price. Our audit was performed for the purpose of expressing an opinion on the financial statements of the Correctional Industries. A compliance audit will be performed for the two years ending June 30, 2000.
AUDITORS OPINION Our auditors state that the June 30, 1999 financial statements for the Correctional Industries are fairly presented in all material respects.
_____________________________________ WGH:JHL:pp SPECIAL ASSISTANT AUDITORS Our special assistant auditors for this engagement were Guthoff & Company, LTD.
{Expenditures and Activity Measures are summarized on the next page.} |
ILLINOIS DEPARTMENT OF CORRECTIONS
CORRECTIONAL INDUSTRIES
FINANCIAL AND COMPLIANCE AUDIT
FOR THE PERIOD ENDED JUNE 30, 1999
OPERATING STATISTICS | FY 1999 |
FY 1998 |
FY 1997 |
$50,220,253 | $45,513,651 | $42,648,751 | |
39,912,042 | 36,623,758 | 35,822,557 | |
$10,308,211 | $8,889,893 | $6,826,194 | |
Selling, General and |
5,028,501 |
5,092,224 |
4,955,137 |
Operating Profit (Loss) |
$5,279,710 | $3,797,669 | $1,871,057 |
Other, Net |
(16,744) | 28,264 | 37,923 |
$5,262,966 | $3,825,933 | $1,908,980 | |
Beginning Retained Earnings |
19,861,341 | 16,035,408 | 14,126,428 |
Ending Retained Earnings * As restated |
$25,124,307 | $19,861,341 | $16,035,408 |
SELECTED
BALANCE SHEET ACCOUNTS, AS OF JUNE 30 |
1999 |
1998 |
1997 |
Accounts Receivable | $8,480,686 |
$7,721,951 |
$5,416,123 |
Inventories | $10,868,700 |
$11,523,738 |
$10,065,511 |
Property, Equipment and
Livestock, Net of Depreciation |
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CORRECTIONAL INDUSTRIES' CHIEF ADMINISTRATIVE OFFICER | |||
During Audit Period and Currently: Kenneth P. Dobucki |