REPORT DIGEST

ILLINOIS STATE BOARD OF EDUCATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2001

 

Release Date:
March 12, 2002

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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

 

 

INTRODUCTION

 

We performed a financial audit of the Illinois State Board of Education for the year ended June 30, 2001. A two year compliance audit and a one year financial audit will be performed for the period ended June 30, 2002.

 

 

AUDITORS' OPINION

 

Our auditors report the financial statements of the Illinois State Board of Education as of the for the year ended June 30, 2001 are fairly presented in all material respects.

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JSC:pp

SPECIAL ASSISTANT AUDITORS

FPT&W, Ltd. were our special assistant auditors for this audit.

{Selected financial information is summarized on the next page.}

 

 

 

ILLINOIS STATE BOARD OF EDUCATION
FINANCIAL AUDIT
For The Year Ended June 30, 2001

FINANCIAL INFORMATION (in thousands)

FY 2001

FY 2000

FY 1999
REVENUES (all funds, accrual basis)
Federal Government
Licenses and Fees
Interest and other investment income
Other revenue
Refunds
Total Revenue

EXPENDITURES (all funds, accrual basis)
Education
Debt Services
Capital Outlays
Total Expenditures

OTHER SOURCES (USES) OF FINANCIAL RESOURCES (all funds, accrual basis)
Appropriation from State resources
Operating transfers in
Operating transfers out
Other
Net other sources of financial resources


$1,466,261
2,107
2,141
30,667
(1,305)
$1,499,871


$6,701,655
125
12,478
$6,714,258

 


$5,246,909
23,423
(28,118)
(37,488)
$5,204,726
$1,303,656
1,488
1,482
12,426
(66)
$1,318,986


$6,362,739
199
13,818
$6,376,756

 


$4,997,623
23,117
(36,366)
(27,639)
$4,956,735
$1,198,865
2,311
315
10,551
(501)
$1,211,541


$5,884,975
211
6,987
$5,892,173

 


$4,648,149
33,392
(51,564)
(30,822)
$4,599,155
SELECTED ACCOUNT BALANCES
(all funds, in thousands)

2001

2000

1999
Cash and cash equivalents
Receivables, net
Due from other State of Illinois funds
Inventories
General fixed assets
Liabilities
Fund balance, reserved
Fund balance, unreserved/undesignated 		$44,356
190,700
7,929
2,824
49,584
1,374,253
27,808
(1,043,581)		 $43,523
133,753
1,792
1,623
39,769
1,259,466
32,236
(981,559)		 $68,144
122,468
931
1,101
28,246
1,184,326
2,089
(822,102)
STATE SUPERINTENDENT OF EDUCATION
During Audit Period: Glenn W. "Max" McGee
Currently: Ernest Wish (Acting as of 1-1-02)