REPORT DIGEST

IMSA FUND FOR ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2000

 

Release Date:
March 14, 2001

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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

 

 

 

INTRODUCTION

This digest covers our financial audit of the IMSA Fund for Advancement of Education for the year ended June 30, 2000.

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2000 financial statements of the IMSA Fund for Advancement of Education are fairly presented in all material respects.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JW:ak

 

SPECIAL ASSISTANT AUDITORS

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

 

 

 

 

 

IMSA FUND FOR ADVANCEMENT OF EDUCATION
FINANCIAL AUDIT

For the Year Ended June 30, 2000
FINANCIAL OPERATIONS (ALL FUNDS)

FY 2000

FY 1999
REVENUE

Contributions
Registration Fees
Investment Revenue
Net Gains (Losses) on investments
Other Revenue
Total Revenue

EXPENDITURES

Program Service
Support Service - General
Fund Raising
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES

 

$ 693,361
108,827
66,370
14,645
5,174
$ 888,377

 

$ 1,143,471
76,853
69,366
$ 1,289,690

$ (401,313)

 

$ 614,912
98,597
106,752
23,229
3,170
$ 846,660

 

$ 1,325,014
63,439
39,105
$ 1,427,558

$ (580,898)
SELECTED ACCOUNT BALANCES ALL FUNDS)

AT JUNE 30,
2000

AT JUNE 30,
1999
Assets

$1,771,549

$2,173,273
Liabilities

$ 61,009

$ 61,420
Fund Balance:    
Unrestricted $1,264,155 $ 1,336,024
Restricted $ 446,385

$ 775,829
FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Theodore Parge
Currently: Vacant