REPORT DIGEST

IMSA FUND FOR THE ADVANCEMENT OF EDUCATION

FINANCIAL AND COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 1999

Summary of Findings

Total this audit 0

Total last audit 1

Repeated from last audit 0

Release Date:
March 9, 2000

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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

  

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

There were no material findings of noncompliance disclosed during our audit tests. We commend the IMSA Fund for maintaining an effective system of internal controls.

 

 

AUDITOR’S OPINION

Our auditors stated the June 30, 1999 and 1998 financial statements for the IMSA Fund are fairly presented.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Miller, Cooper &

Co., Ltd.

 

 

IMSA FUND FOR THE ADVANCEMENT OF EDUCATION

FINANCIAL AND COMPLIANCE AUDIT

For The Two Years Ended June 30, 1999
FINANCIAL INFORMATION

FY 1999

FY 1998
REVENUES
Contributions
Registration Fees
Investment Income
Net Gains on Investments
Other
Total

EXPENSES
Program Service
Fund Raising
Management and General
Total

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES

$614,912
98,597
106,752
23,229
3,170
$846,660



$1,325,014
39,105
63,439
$1,427,558

$(580,898)

$1,667,094
128,698
89,145
(108,181)
1,586
$1,778,342



$713,003
45,960
63,379
$822,342

$956,000
ASSETS, LIABILITIES AND FUND BALANCES    
Assets
Cash and cash equivalents
Investments
Receivables
Prepaid Expenses
Inventory
Total Assets

Liabilities
Accounts Payable
Deferred Revenue
Total Liabilities

Fund Balances

Total Liabilities and Fund Balances


$1,444,700
446,784
14,297
267,492
            -
$2,173,273



$25,520
35,900
$61,420

$2,111,853

$2,173,273


$2,321,557
268,990
31,436
86,482
6,389
$2,714,854



$22,103
            -
$22,103

$2,692,751

$2,714,854
AGENCY DIRECTOR(S)
During Audit Period: Theodore Parge
Currently: Theodore Parge