REPORT DIGEST

REGIONAL OFFICE OF EDUCATION # 50

ST. CLAIR COUNTY

FINANCIAL AUDIT
(In accordance with the Single Audit Act and OMB Circular A-133)

For the Year Ended:
June 30, 2002

Summary of Findings:

Total this audit 2
Total last audit 0
Repeated from last audit 0

Release Date:
February 11, 2003

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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

  

 

 

 

 

 

 

 

 

 

SYNOPSIS
  • The Regional Office of Education # 50 did not record some asset acquisitions and disposals in the correct accounting period.
  • The Regional Office of Education # 50’s review of its bank reconciliations could not be verified. No indication had been made on the bank reconciliation as to the preparer and reviewer of its reconciliations.

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}

REGIONAL OFFICE OF EDUCATION # 50
ST. CLAIR COUNTY
FINANCIAL AUDIT
For The Year Ended June 30, 2002

FY 2002

FY 2001
TOTAL REVENUES

1$5,251,462

$5,321,438

Local sources

$596,108

$793,239

% of Total Revenues

11.35%

14.91%

State Sources

1$3,299,715

$2,921,283

% of Total Revenues

62.83%

54.90%

Federal Sources

$1,355,639

$1,606,916

% of Total Revenues

25.81%

30.20%
TOTAL EXPENDITURES

1$5,151,399

$5,145,802

Salaries and Benefits

1$2,928,655

$3,087,611

% of Total Expenditures

56.85%

60.00%

Purchased Services

$1,381,130

$1,161,984

% of Total Expenditures

26.81%

22.58%

All Other Expenditures

$841,614

$896,207

% of Total Expenditures

16.34%

17.42%
COST OF PROPERTY AND EQUIPMENT

$716,159

$709,182

Note: Fiscal Year 2001 data was obtained from audits of ROEs conducted under the direction of the Illinois State Board of Education.
1Fiscal Year 2002 amounts include on-behalf payments ($173,537). These on-behalf payments were not included in Fiscal Year 2001.
* Percentages may not add due to rounding.
REGIONAL SUPERINTENDENT
During Audit Period: Honorable Rosella Wamser
Currently: Honorable Rosella Wamser
 

 

 

 

 

 

The Regional Office of Education # 50 did not record some asset acquisitions and disposals in the correct accounting period.

 

 

 

 

 

 

The Regional Office of Education # 50’s review of its bank reconciliations could not be verified. No indication had been made on the bank reconciliation as to the preparer and reviewer of its reconciliations.

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

ACCOUNTING FOR GENERAL FIXED ASSET ACCOUNT GROUP

The Regional Office of Education # 50 included $3,910 of fixed asset purchases in its general fixed asset account group as of June 30, 2002 when the assets were received and installed in July 2002. In addition, the Regional Office of Education # 50 recorded $12,640 of equipment disposals in its general fixed asset account group as of June 30, 2002 when the assets were still in use.

Accounting procedures for fixed asset acquisitions and dispositions should include a proper cutoff in the correct accounting period. (Finding 02-1, page 12)

The Regional Office of Education # 50’s personnel accepted the auditor’s recommendation to record fixed asset acquisitions in the period received and to record fixed asset dispositions in the period of actual disposal.

INTERNAL CONTROLS AND PROCEDURES OVER BANK ACCOUNTS

The Regional Office of Education # 50’s review of its bank reconciliations could not be verified. No indication had been made on the bank reconciliation as to the preparer and reviewer of its reconciliations.

Internal controls over assets should include the indication of the review of bank reconciliations and timely follow up on reconciling items. (Finding 02-2, pages 13-14)

The Regional Office of Education # 50’s personnel accepted the auditor’s recommendation to include the initials and date of the preparer and reviewer on the bank reconciliations.

AUDITORS’ OPINION

Our auditors state the Regional Office of Education # 50’s financial statements as of June 30, 2002 are fairly presented in all material respects.

 

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WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Kemper CPA Group LLP.