REPORT DIGEST

IMSA FUND FOR THE ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT

For The Two Years Ended:

June 30, 2004

Release Date:

February 10, 2005

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

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

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 two years ended June 30, 2004.

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 State of Illinois IMSA Fund for Advancement of Education, as of June 30, 2004 and June 30, 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.

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

STATEMENT OF ACTIVITIES

   FY 2004

 FY 2003

REVENUES

Program Revenues:

Contributions............................................................

Registration Fees......................................................

Gains (Losses) on Investments…………………

General Revenues:

Contributions........................................................

Investment Incurred.............................................

Gains on Investments..........................................

        Other.......................................................................

Total Revenue...............................................................

EXPENDITURES

Education Services...............................................

Management – General........................................

Fund Raising.........................................................

Total Expenditures........................................................

      Change in Net Assets..................................................

     $676,625

             -----

            (416)

       166,828

         33,114

         16,348

         23,067

               $ 915,566

            $1,463,040

                   27,684

                   38,000

            $1,528,724

            ($   613,158)

$ 1,324,939

             875

          ­­-----

157,981

  71,830

  12,683

                        264

$1,568,572

$1,267,131

47,249

                     9,496

$1,323,876

  $   244,696

SELECTED ACCOUNT BALANCES

STATEMENT OF NET ASSETS

        FY 2004

   FY 2003

Assets:

Cash..............................................................................

$ 1,730,868

 $ 1,439,923

Certificates of Deposit...............................................

 -----

 942,378

Investments.................................................................

       Pledges Receivable (Short Term)..............................

555,026

208,354

 446,684

 201,934

       Pledges Receivable (Long Term)...............................

Liabilities and Net Assets

Accounts Payable......................................................

Deferred Contributions..............................................

                    129,000

                   $   5,122

                      42,373

 324,255

$ 13,139

                    150,664

Net Assets, End of Year....................................................

$ 2,747,528

$3,360,686

FUND AGENT

During Audit Period:  Catherine C. Veal

Currently:  Catherine C. Veal