REPORT DIGEST

REPORT DIGEST

REGIONAL OFFICE OF EDUCATION #44

McHENRY COUNTY

FINANCIAL AUDIT

(In Accordance with the
Single Audit Act and OMB Circular A-133)

For the Year Ended:

June 30, 2004

Summary of Findings:

Total this audit 0

Total last audit 0

Repeated from last audit 0

Release Date:

June 23, 2005

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 TTY (888) 261-2887

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

INTRODUCTION

Our report covers the financial audit, in accordance with the Single Audit Act and OMB Circular A-133, for the period ending June 30, 2004.

AUDITORS’ OPINION

Our auditors state the Regional Office of Education #44’s financial statements as of June 30, 2004 are fairly presented in all material respects.

_____________________________________

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.}

REGIONAL OFFICE OF EDUCATION #44

McHENRY COUNTY

FINANCIAL AUDIT

(In Accordance with the Single Audit Act and OMB Circular A-133)

For The Year Ended June 30, 2004

	FY 2004	FY 2003
TOTAL REVENUES	$734,347	$443,686
Local Sources	$82,118	$108,232
% of Total Revenues	11.18%	24.39%
State Sources	$258,359	$222,382
% of Total Revenues	35.18%	50.12%
Federal Sources	$393,870	$113,072
% of Total Revenues	53.64%	25.48%

TOTAL EXPENDITURES	$759,029	$446,408
Salaries and Benefits	$194,994	$218,521
% of Total Expenditures	25.69%	48.95%
Purchased Services	$90,274	$141,063
% of Total Expenditures	11.89%	31.60%
All Other Expenditures	$473,761	$86,824
% of Total Expenditures	62.42%	19.45%

TOTAL NET ASSETS¹	$151,859	$176,541

INVESTMENT IN CAPITAL ASSETS¹	$0	$0

1 In fiscal year 2004, Regional Offices of Education implemented Government Accounting Standards Board (GASB) Statement No. 34 which established a new financial reporting model for state and local governments. Government-wide financial statements are prepared using full accrual accounting that reports Total Net Assets. The fiscal year 2003 ending general fixed assets have been restated to reflect the changes required as part of the implementation of GASB Statement No.34. Percentages may not add due to rounding.

REGIONAL SUPERINTENDENT

During Audit Period: Honorable Donald R. Englert

Currently: Honorable Donald R. Englert

McHENRY COUNTY

FY 2004

FY 2003

TOTAL REVENUES