REPORT DIGEST

ILLINOIS MATH &
SCIENCE ACADEMY

FINANCIAL AND COMPLIANCE AUDIT

For the Year Ended:
June 30, 1999

Summary of Findings:

Total this audit 3

Total last audit 1

Repeated from last audit 1

Release Date:
March 9, 2000

Logo.gif (1870 bytes)

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

  

 

 

 

SYNOPSIS

 
  • The Academy did not have adequate controls over cash receipts.
  • The Academy did not obtain competitive sealed bids for copier maintenance services as required under the Illinois Procurement Code.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{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, 1999
CURRENT FUND OPERATIONS (ALL FUNDS)

FY 1999

FY 1998
REVENUES

State Appropriations
Student Activity Fees
Donations
State Contracts
Miscellaneous
Investment Income
Federal Government
Other Illinois State Agency Grants
Rental Income
TOTAL REVENUES

EXPENDITURES
Personal Services
Retirement Contributions
Social Security, Medicare and Disability Contributions
Contractual Services
Travel
Commodities
Equipment
Electronic Data Processing
Telecommunication Services
Operation of Automotive Equipment
Awards and Grants
Permanent Improvements

TOTAL EXPENDITURES

 

$ 13,728,854
652,938
1,033,823
83,554
151,300
41,092
35,445
223,016
8,306
$ 15,958,328


$ 10,299,886
56,295
157,728
3,648,526
145,488
372,745
621,661
121,582
220,328
19,165
24,584
284,507

$ 15,972,495

 

$ 13,103,818
685,772
401,174
68,439
187,256
36,727
146,793
258,029
8,806
$ 14,896,814


$ 9,650,334
495
150,320
3,531,029
144,012
397,721
469,766
146,785
237,084
24,075
55,416
-

$ 14,807,037
BALANCE SHEET SUMMARY (ALL FUNDS)

JUNE 30, 1999

JUNE 30, 1998
Assets:
Cash and Short-term Investments
Receivables
Property, Plant and Equipment
Total Assets
Liabilities and Fund Equity:
Liabilities
Fund Equity
Total Liabilities and Fund Equity


$1,577,563
1,256,593
51,225,518
$54,059,674

$2,887,400
51,172,274
$54,059,674


$1,129,230
1,032,362
49,196,774
$51,358,366

$2,259,691
49,098,675
$51,358,366
SUPPLEMENTARY INFORMATION

AT JUNE 30,1997

AT JUNE 30,1996
Employees
Students
Instructional Cost Per Student

223
663
$6,565

217
632
$ 6,442
ACADEMY EXECUTIVE DIRECTOR
During Audit Period: Stephanie P. Marshall, Ph.D.
Currently: Stephanie P. Marshall Ph.D.

 

 

 

 

The Academy did not deposit checks totaling $459,661 in a timely manner

 

 

 

 

 

 

 

 

The Academy did not use competitive bids for a $43,750 contract for copier maintenance services

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

IMPROVEMENTS NEEDED IN CONTROLS OVER CASH RECEIPTS

The Academy should enhance controls over cash receipts.

The auditors found 5 checks, amounting to $459,661, that were deposited an average of 43 days after receipt. The State Officers and Employees Money Disposition Act 30 ILCS 230/2 states that individual receipts of greater than $10,000 should be deposited the same day of receipt. Academy officials stated that checks were not deposited timely due to staff workload. We also noted instances where the Academy did not date stamp checks upon receipt. (Finding 2, page 12)

Academy officials concurred with our recommendation regarding implementation procedures to ensure all checks are deposited timely and all checks are date stamped when received.

CONTRACT NOT COMPETITIVELY BID

The Academy did not use competitive bids to obtain a contract for copier maintenance services.

During Fiscal year 1999, the Academy paid a vendor $43,750 for the maintenance of copying machines. The Illinois Procurement Code 30 ILCS 500/25-15 requires State agencies to award contracts for supplies and services through competitive sealed bids unless certain exceptions apply.

We recommended the Academy use competitive bids when required. Academy officials agreed with the recommendation and noted it would subsequently document the need for a sole source selection process. (Finding 3, Page 13)

OTHER FINDING

The remaining finding is of lesser significance and is being given attention by the Academy. We will review the Academy's progress in implementing our recommendation in our next audit.

AUDITOR’S OPINION

Our auditors stated the financial statements for the Academy as of June 30, 1999, and for the year then ended are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAW:ak

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Miller, Cooper &

Co., Ltd.