REPORT DIGEST

IMSA FUND FOR THE ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT

For TheYear Ended:

June 30, 2002

 

Release Date:
March 6, 2003

logo.jpg (8630 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

 

 

 

 

INTRODUCTION

The digest covers our financial audit of the IMSA Fund for Advancement of Education for the year ended June 30, 2002.

AUDITORS’ OPINION

Our auditors stated that the financial statements present fairly, in all material respects, the respective financial position of the governmental activities and fund information of the IMSA Fund for Advancement of Education, as of June 30, 2002, and the respective changes in financial position thereof 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.

 

 

IMSA FUND FOR ADVANCEMENT OF EDUCATION
FINANCIAL AUDIT
For the Years Ended June 30
STATEMENT OF ACTIVITIES FY 2002

FY 2001
REVENUES
Program Revenues:
Contributions
Registration Fees
General Revenues:
Contributions
Special Events
Investment Incurred
Losses on Investments
Other
Total Revenue

EXPENDITURES
Education Services
Management – General
Fund Raising
Total Expenditures
Change in Net Assets
NET ASSETS, End of Year

 

$ 1,068,148
37,439

174,553
64,687
57,312
(42,708)
615
$1,360,046


$ 715,297
64,746
104,219
$ 884,262
$ 475,784
$3,115,990

 

 

 

 

 


*Note

 

 
SELECTED ACCOUNT BALANCES
STATEMENT OF NET ASSETS

FY 2002

FY 2001
Assets
Cash
Certificates of Deposit
Investment
Pledges Receivable (Short Term)
Pledges Receivable (Long Term)
Liabilities and Net Assets
Accounts Payable
Deferred Contributions


$ 1,168,753
1,009,189
419,788
475,000

114,513
$ 24,180
156,029

 

*Note
FUND EXECUTIVE DIRECTOR
During Audit Period: Catherine C. Veal
Currently: Catherine C. Veal

*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.