REPORT DIGEST IMSA FUND FOR ADVANCEMENT OF EDUCATION FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2024 Release Date: November 26, 2024 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, 400 West Monroe, Suite 306, Springfield, IL 62704-9849 (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. AUDITOR’S OPINION The auditors stated the financial statements of the Fund as of and for the year ended June 30, 2024 are fairly stated in all material respects. This financial audit was conducted by Borschnack, Pelletier & Co. JANE CLARK Division Director This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act. FRANK J. MAUTINO Auditor General FJM:rsh