|
REPORT DIGEST IMSA FUND FOR THE ADVANCEMENT OF EDUCATION FINANCIAL AUDIT For The Year Ended: June 30, 2006 Release Date: April 10, 2007
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 and Full
Report are also available on the worldwide web at www.auditor.illinois.gov |
INTRODUCTION This digest covers our financial audit of the IMSA Fund for the Advancement of Education for the year ended June 30, 2006. AUDITORS’ OPINION Our auditors stated the June 30, 2006 financial statements of the IMSA Fund for Advancement of Education are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:CML:pp AUDITORS ASSIGNED
This
audit was performed by staff of the Office of the Auditor General.
{Expenditures
and Activity Measures are summarized on the reverse page.} |
IMSA FUND FOR ADVANCEMENT OF EDUCATION
FINANCIAL AUDIT
For the Year Ended June 30, 2006
STATEMENT OF ACTIVITIES |
FY 2006 |
FY 2005 |
|
REVENUES Program Revenues: Contributions........................................ Gains (Losses) on Investments……… Other.................................................... General Revenues: Contributions........................................ Investment Income................................ EXPENDITURES Education Services................................ Management – General......................... Fund Raising......................................... Total Expenditures...................................... |
$408,271 0 7,725 524,661 90,300 20,529 $1,051,486 $ 698,897 67,329 16,748 $ 782,974 $ 268,512 |
$622,435 (254) 16,974 255,573 47,095 39,504 $ 981,327 $ 777,014 91,612 29,111 $ 897,737 $ 83,590 |
STATEMENT OF NET ASSETS |
FY 2006 |
FY 2005 |
|
Cash
and Cash Equivalents........................ |
$1,173,023 |
$902,598 |
|
Investments............................................... Account Receivable................................... Contribution Advances.............................. Prepaid Expenses...................................... Pledges Receivable (Short Term)............... |
1,813,252 35,496 28,368 1,239 61,054 |
1,654,781 69,628 43,672 87 248,311 |
|
Pledges Receivable (Long Term)................ Total Assets............................................. Liabilities: Accounts Payable...................................... Deferred Contributions.............................. Due to IMSA............................................ Total Liabilities.......................................... |
30,000 $3,142,432 $ 548 25,000 17,254 $42,802 |
500 $2,919,577
$ 8,360 35,000 45,099 $88,459 |
FUND AGENT
|
||
|
Currently: Catherine C. Veal |
||