REPORT DIGEST

REPORT DIGEST

ILLINOIS MATH &

SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:

June 30, 2003

Summary of Findings:

Total this audit 2

Total last audit 0

Repeated from last audit 0

Release Date:

February 26, 2004

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

782-6046 or TDD (217) 524-4646

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

SYNOPSIS

The Academy did not monitor vendor invoices after submission to the Comptroller and did not pay interest penalties on late payments.

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

ILLINOIS MATHEMATICS AND SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For The Year Ended June 30, 2003

STATEMENT OF ACTIVITIES	FY 2003		FY 2002
REVENUES Charges for Services Operating Grant Revenue Interest/Investment Income State Appropriations Other TOTAL REVENUES EXPENDITURES Education Debt Service EXPENDITURES CHANGES IN NET ASSETS		$ 1,444,031 3,420,170 16,174 13,459,200 618,305 $18,957,880 $19,986,234 0 $19,986,234 ($1,028,354)	$960,913 2,537,395 20,556 16,526,700 (511) $20,045,053 $21,075,940 1,000 $21,076,940 ($1,031,887)
SELECTED ACCOUNTS – STATEMENT OF NET ASSETS		FY 2003	FY 2002
Assets: Cash and Cash Equivalents Receivables, Net Capital Assets, Net Liabilities: Accounts Payable/Accrued Liabilities Deferred Revenues Compensated Absences (Short Term) Compensated Absences (Long Term) Net Assets		$5,081,854 63,795 27,078,212 $1,387,047 3,500,996 143,152 815,000 $27,335,836	$4,527,185 39,193 28,254,000 $1,343,527 3,067,223 126,575 970,000 $ 28,619,748
SUPPLEMENTARY INFORMATION (unaudited)		FY 2003	FY 2002
Average Number of Employees Average Number of Students Instructional Cost Per Student		223 627 $5,877	238 609 $8,360
ACADEMY PRESIDENT
During Audit Period: Stephanie P. Marshall, Ph.D.
Currently: Stephanie P. Marshall Ph.D.

Interest owed on 12 late payments should have resulted in an additional $1,505 payment to vendors.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

MONITORING AND PAYMENT OF INTEREST PENALTY

The Illinois Mathematics and Science Academy did not monitor vendor invoices after submission to the Comptroller and did not pay interest penalties on late payment of vendor bills as required by statute and administrative code.

Of 132 vouchers tested, 63 (47.7%) of payments were made more than 60 days after receipt. Interest owed on 12 of the late payments exceeded $50 and should have resulted in an additional $1,505 payment to vendors. (Finding 1, pages 12-13)

Academy officials responded that they will follow our recommendation to monitor payments to vendors to ensure interest penalties are paid, if applicable. The Academy was not aware that it was its responsibility to monitor the release date of payments by the Office of the State Comptroller.

OTHER FINDING

The remaining finding dealt with disposal of records without prior approval of the State Records Commission. We will review progress toward implementation of all recommendations during the next audit.

AUDITORS' OPINION

Our auditors stated the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the major fund, and the aggregate remaining fund information of the Illinois Mathematics and Science Academy, as of June 30, 2003 and June 2002, and the respective changes in financial position thereof for the years then ended.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMC:drh

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were

De Raimo Hillger & Ripp.