REPORT DIGEST

REGIONAL OFFICE OF EDUCATION # 49

 

ROCK ISLAND COUNTY

 

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 1

Total last audit 2

Repeated from last audit 1

 

Release Date:

February 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

 

 

 

 

SYNOPSIS
  • The Regional Office of Education #49 maintains a pooled cash account for several funds. The total of the transactions within the funds was not equal to the reconciled cash account.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{Expenditures and Revenues are summarized on the reverse page.}

 

 

                REGIONAL OFFICE OF EDUCATION # 49

                             ROCK ISLAND COUNTY

 

                 FINANCIAL AND COMPLIANCE AUDIT

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

                       For The Year Ended June 30, 2003

 

FY 2003

FY 2002

TOTAL REVENUES

$4,108,204

$3,687,322

Local Sources

$497,543

$489,273

% of Total Revenues

12.11%

13.27%

State Sources

$1,474,308

$1,864,227

% of Total Revenues

35.89%

50.56%

Federal Sources

$2,136,353

$1,333,822

% of Total Revenues

52.00%

36.17%
 

TOTAL EXPENDITURES

$4,029,666

$3,561,597

Salaries and Benefits

$1,330,914

$1,156,064

% of Total Expenditures

33.03%

32.46%

Purchased Services

$409,659

$593,305

% of Total Expenditures

10.17%

16.66%

All Other Expenditures

$2,289,093

$1,812,228

% of Total Expenditures

56.81%

50.88%
     

COST OF PROPERTY AND EQUIPMENT

$227,417

$220,715
 

* Percentages may not add due to rounding.

REGIONAL SUPERINTENDENT

During Audit Period: Honorable Joseph Vermeire

Currently: Honorable Joseph Vermeire

 

 

 

 

 

The Regional Office of Education #49 maintains a pooled cash account for several funds. The total of the transactions within the funds was not equal to the reconciled cash account.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

RECONCILIATION OF POOLED CASH ACCOUNT

The Regional Office of Education #49 maintains a pooled cash account for several funds. The total of the transactions within the funds was not equal to the reconciled cash account. When a pooled cash account is maintained, the total of the cash in each fund combined should be in agreement with the total of all the transactions in the general ledger.

Not reconciling the pooled cash accounts with general ledger transactions could result in inaccurate expenditure report information and grant reporting. (Finding 03-1, page 11) This finding is repeated from our 2002 audit.

The Regional Office of Education #49 accepted the auditor’s recommendation to reconcile the pooled cash account funds on a monthly basis. (For previous Regional Office response, see Digest Footnote #1.)

AUDITORS’ OPINION

Our auditors state the Regional Office of Education #49’s financial statements as of June 30, 2003 are fairly presented in all material respects.

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JRB

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Clifton Gunderson LLP.

 

 

DIGEST FOOTNOTES

#1: RECONCILIATION OF POOLED CASH ACCOUNT– Previous Regional Office Response

In its prior response in 2002, the Regional Office accepted the finding and agreed to reconcile the pooled cash account funds on a monthly basis.