REPORT DIGEST REGIONAL OFFICE OF EDUCATION #47 LEE
AND OGLE COUNTIES 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 1 Repeated from last audit 0 Release Date:
September 8, 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 #47’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 #47
FINANCIAL AUDIT
For
The Year Ended June 30, 2004
|
FY 2004 |
FY 2003 |
TOTAL REVENUES |
$1,584,037 |
$1,459,074 |
Local Sources |
$424,770 |
$473,087 |
% of Total Revenues |
26.82% |
32.42% |
State Sources |
$540,941 |
$924,118 |
% of Total Revenues |
34.15% |
63.34% |
Federal Sources |
$618,326 |
$61,869 |
% of Total Revenues |
39.03% |
4.24% |
|
||
TOTAL EXPENDITURES |
$1,557,663 |
$1,400,153 |
Salaries and Benefits |
$668,182 |
$774,351 |
% of Total Expenditures |
42.90% |
55.30% |
Purchased Services |
$376,410 |
$318,136 |
% of Total Expenditures |
24.17% |
22.72% |
All Other Expenditures |
$513,071 |
$307,666 |
% of Total Expenditures |
32.94% |
21.97% |
|
|
|
TOTAL NET ASSETS1 |
$279,093 |
$215,843 |
|
|
|
INVESTMENT IN
CAPITAL ASSETS1 |
$36,876 |
$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 Delight Pitman Currently: Honorable Amy Jo Clemens |