REPORT DIGEST ILLINOIS CONSERVATION FOUNDATION FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2020 Release Date: December 10, 2020 FINDINGS THIS AUDIT: 1 CATEGORY: NEW -- REPEAT -- TOTAL Category 1: 0 -- 1 -- 1 Category 2: 0 -- 0 -- 0 Category 3: 0 -- 0 -- 0 TOTAL: 0 -- 1 -- 1 FINDINGS LAST AUDIT: 2 Category 1: Findings that are material weaknesses in internal control and/or a qualification on compliance with State laws and regulations (material noncompliance). Category 2: Findings that are significant deficiencies in internal control and noncompliance with State laws and regulations. Category 3: Findings that have no internal control issues but are in noncompliance with State laws and regulations. State of Illinois, Office of the Auditor General FRANK J. MAUTINO, AUDITOR GENERAL To obtain a copy of the Report contact: Office of the Auditor General, 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 INTRODUCTION This digest covers our financial audit of the Illinois Conservation Foundation (Foundation) as of and for the year ended June 30, 2020. The Foundation’s compliance examination covering the year ended June 30, 2020 will be released under a separate cover. SYNOPSIS • (19-01) The Foundation had weaknesses over its receipts process. FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS WEAKNESSES OVER RECEIPTS PROCESS The Illinois Conservation Foundation (Foundation) had weaknesses over its receipts process. During testing, the auditors noted the Foundation did not maintain proper segregation of duties over its receipts process and monthly bank reconciliations prepared by a consultant were not reviewed by management. (Finding 1, page 31) We recommended management increase its oversight of the receipts process performed by its contractor to timely prevent or detect misstatements. The Foundation agrees and will increase oversight of the receipts process. AUDITOR’S OPINION The auditors stated the financial statements of the Foundation as of and for the year ended June 30, 2020, are fairly stated in all material respects. This financial audit was conducted by Roth & Company, LLP. JANE CLARK Division Director This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act. FRANK J. MAUTINO Auditor General FJM:vrb