REPORT DIGEST

ILLINOIS MATH &

SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:

June 30, 2002

Summary of Findings:

Total this audit 0
Total last audit 1
Repeated from last audit 0

Release Date:
March 6, 2003

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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 TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

  

 

 

FINDINGS, CONCLUSIONS, AND

RECOMMENDATIONS

 

There were no material findings of noncompliance disclosed during our audit testing. We commend the Academy for maintaining effective systems of internal controls.

AUDITORS’ OPINION

Our auditors stated that the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Illinois Mathematics and Science Academy, as of June 30, 2002 and the respective changes in financial position for the year then ended.

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMC:drh

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were DeRaimo, Hillger & Ripp.

 

 

 

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

ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
FINANCIAL AND COMPLIANCE AUDIT
For The Years Ended June 30
STATEMENT OF ACTIVITIES

FY 2002

FY 2001
REVENUES
Program Revenues
Operating Grant Revenue
Interest/Investment Income
State Appropriations
Other
TOTAL REVENUES
EXPENDITURES
Education
Debt Service
TOTAL EXPENDITURES
Changes in Net Assets


$960,913
2,537,395
20,556
16,837,802
(511)
$20,356,155

$21,075,940
1,000
$21,076,940
-($720,785)

 


*Note

 

 

 
SELECTED ACCOUNTS – STATEMENT OF NET ASSETS

FY 2002

FY 2001
Assets:
Cash and Cash Equivalents
Receivables, Net
Capital Assets, Net
Liabilities and Fund Equity:
Accounts payable/Accrued Liabilities
Deferred Revenues
Compensated Absences (Short Term)
Compensated Absences (Long Term)
Net Assets, End of Year


$4,527,185
39,193
28,254,000

$1,343,527
3,067,223
126,575
970,000
$28,619,748

 


*Note

 

 

 
SUPPLEMENTARY INFORMATION (unaudited)

FY 2002

FY 2001
Average Number of Employees
Average Number of Students
Instructional Cost Per Student

219
609
$8,360

229
644
$7,500
ACADEMY EXECUTIVE DIRECTOR
During Audit Period: Stephanie P. Marshall, Ph.D.
Currently: Stephanie P. Marshall Ph.D.

*Note: The Fiscal Year ended June 30, 2002 is the initial presentation of financial data in the new GASB Statement No. 34 format. Prior year data is not comparable and is not presented.