REPORT DIGEST
INTERMEDIATE
SERVICE CENTER #2
WEST COOK
FINANCIAL AND COMPLIANCE AUDIT
(In Accordance with the Single Audit Act and OMB Circular A-133)
For the Year Ended:
June 30, 2003
Summary of Findings:
Total this audit 0
Total last audit 1
Repeated from last audit 0
Release Date:
March 24, 2004
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 TDD (217) 524-4646
This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor
INTRODUCTION
Our report covers the financial and compliance audit, in accordance with the Single Audit Act and OMB Circular A-133, for the period ending June 30, 2003.
AUDITORS’ OPINION
Our auditors state the Intermediate Service Center #2’s financial statements as of June 30, 2003, are fairly presented in all material respects. For the year ended June 30, 2003, the Center’s revenue exceeded expenditures by $130,211. However, the auditors note that due to substantial deficiencies of revenues under expenditures in prior years, the Center’s total liabilities exceeded total assets by $273,196, as of June 30, 2003, which raises substantial doubt about the Intermediate Service Center’s ability to continue as a going concern. The Intermediate Service Center #2’s Board believes that the actions presently being taken to revise operating requirements provide the opportunity for the Intermediate Service Center #2 to continue as a going concern.
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WILLIAM G. HOLLAND, Auditor General
WGH:JRB
SPECIAL ASSISTANT AUDITORS
Our special assistant auditors were Lindgren, Callihan, Van Osdol & Co., Ltd.
{Expenditures and Revenues are summarized on the reverse page.}