REPORT DIGEST

IMSA FUND FOR ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For the Two Years Ended: June 30, 2015

Release Date:  March 17, 2016

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 0

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, 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

The IMSA Fund for Advancement of Education
(Fund) was incorporated February 6, 1986
as an Illinois not-for-profit corporation.
The Fund serves as the primary source of
private funding for the Illinois
Mathematics and Science Academy (Academy).

The primary functions of the Fund are to
raise funds from the private sector,
oversee the management and distribution of
the Fund’s assets and to enrich the
Academy’s education programs. Private
sector contributions also provide
resources to enhance the Academy’s
continuing development as an educational
laboratory for schools and teachers
throughout the State.

There were no material findings of
noncompliance disclosed during our
examination.

AUDITOR’S OPINION

Our auditors state the financial
statements of the IMSA Fund for
Advancement of Education as of and for the
year ended June 30, 2015 are presented
fairly in all material respects.

ACCOUNTANT’S OPINION

Our accountants conducted a compliance
examination of the IMSA Fund for
Advancement of Education for the two years
ended June 30, 2015, as required by the
Illinois State Auditing Act. The auditors
stated the IMSA Fund for Advancement of
Education complied, in all material
respects, with the requirements described
in the report.

FRANK J. MAUTINO
Auditor General

FJM:JGR

SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this
engagement were Washington, Pittman &
McKeever, LLC.