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REPORT DIGEST ILLINOIS CONSERVATION FOUNDATION FINANCIAL AUDIT AND COMPLIANCE EXAMINATION (In Accordance with the Single Audit Act
and OMB Circular A-133) For the Year Ended: June 30, 2008
Summary of Findings: Total this report 2 Total prior report 2 Repeated findings 1 Release Date:
State of
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 |
SYNOPSIS
¨
The Foundation did not take timely action to
collateralize bank balances in excess of the FDIC insurance limit of
$100,000.
¨
The
Foundation did not present information on the internet concerning their
investment of public funds as required by the Act.
{Financial and
supplementary information are summarized on the reverse page.}
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ILLINOIS CONSERVATION FOUNDATION FINANCIAL AUDIT AND COMPLIANCE EXAMINATIONS FOR THE YEAR ENDED JUNE 30, 2008 |
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OPERATING STATEMENT (Governmental Funds) |
FY 2008 |
FY 2007 |
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Revenues: Donations -Restricted............................................................... Donations – Unrestricted.......................................................... Expenditures: Administrative ....................................................................... Natural Resources and Recreation Programs............................. Change In Net Assets..............................................................Net Assets, Beginning of Year.................................................. Net Assets, End of Year............................................................
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$844,243 663,943 45,174 60,760 165,491 5,669 (252,982) (16,732) 75,480 1,798 28 $1,592,872 $254,516 2,107,613 75,480 (82) $2,437,527 $(844,655) 4,727,488 $3,882,833 |
$1,865,470 1,102,569 40,084 68,562 301,385 4,954 140,608 11,119 68,251 3,244 0 $3,606,246 $163,631 2,109,365 68,251 (67) $2,341,180 $ 1,265,066 3,462,422 $4,727,488 |
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STATEMENT OF NET ASSETS (Governmental Activities) |
June 30, 2008 |
June 30, 2007 |
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Assets: Cash And Cash
Equivalents.............................. Liabilities: Accounts Payable And
Accrued Expenses............ Deferred Revenue............................................... Total Liabilities.................................................. Net Assets: Natural Resources &
Recreation - Restricted.......
Total Net Assets......................................
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$1,007,977 259,358 14,778 3,825 7,726 2,912,114 $4,205,778 $319,813 3,132 $322,945 $2,229,290 65,222 1,588,321 $3,882,833 |
$ 1,690,029
190,691 13,806 7,409 7,644 3,065,456 $4,975,035 $238,247 9,300 $247,547 $2,842,304 81,954 1,803,230 $4,727,488 |
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SUPPLEMENTARY INFORMATION |
FY 2008
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FY 2007
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10.44% |
6.99% |
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27.24% |
47.09% |
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FOUNDATION CHIEF
EXECUTIVES |
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During Engagement
Period: Executive Director: Gregory Legan Chairman: Sam Flood Currently: Executive Director: Gregory Legan Chairman: Marc Miller |
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Bank balances exceeded FDIC insurance
limit
Public funds totaling $2,914,114 not
presented on internet |
INTRODUCTION Our report covers the compliance
examination and the financial audit of the Illinois Conservation Foundation
(Foundation) performed in accordance with the Single Audit Act and OMB Circular A-133 for
the fiscal year ended June 30, 2008. The Foundation was authorized to be
created by the Illinois Department of Conservation, currently the Illinois
Department of Natural Resources (IDNR) by statute on August 20, 1994. The role of the Foundation is to provide
additional funding for IDNR’s conservation programs that are not receiving
adequate State funding or cannot be implemented because State funding is not available. FINDINGS,
CONCLUSIONS, AND RECOMMENDATIONS
BANK BALANCES IN EXCESS
OF THE FDIC INSURANCE LIMIT WERE NOT PROTECTED BY COLLATERAL PLEDGED BY THE
BANK During our testing of cash
balances, we noted the Foundation did not
take timely action during fiscal year 2008 to collateralize (protect) bank
balances in excess of the FDIC insurance limit of $100,000. Our testing
identified that at June 30, 2008 a total of $7,643 in bank balances were in
excess of the FDIC insurance limit. However, during the fiscal year this
account exceeded the insurance limit on 51 different days for as much as
$60,588. We recommended the Foundation request that the bank pledge securities
as collateral in a sufficient amount so as to cover the amounts in excess of
the FDIC insurance limit. (Finding 1, page 16) Foundation management stated they do not believe the frequency of
occurrence and amounts represent a significant risk but stated they will
continue to monitor the situation and if it continues to be a problem, agree
to request the banks pledge securities as collateral in a sufficient amount
so as to cover the amounts in excess of the FDIC insurance limits. NONCOMPLIANCE WITH
ACCOUNTABILITY FOR THE INVESTMENT OF PUBLIC FUNDS ACT
The Foundation did not present
information on the internet concerning their investment of public funds as
required by the Act. The Foundation
had investment balances of $2,912,114 that would be classified as public
funds by the Act at June 30, 2008.
We recommended the Foundation comply with the requirements of the Act and ensure the information concerning the investment of public funds is updated monthly by the 15th of each month. (Finding 2, pp. 17-18) The Foundation respectfully disagreed with our recommendation. The Foundation is already exempt from the Investment of Public Funds Act and will seek legislation to clarify exemption to the Accountability for the Investment of Public Funds Act. AUDITORS’
OPINION Our auditors state the June 30, 2008 financial statements
of the Foundation are fairly presented in all material respects. ____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:JSC:pp SPECIAL
ASSISTANT AUDITOR Kyle E. McGinnis, CPA was our special assistant auditor. |