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REPORT DIGEST WOLCOTT, WOOD AND
TAYLOR, INC. FINANCIAL AUDIT For the Year Ended: June 30, 2004 and COMPLIANCE EXAMINATION For the Two Years Ended: June 30, 2004 Summary of Findings: Total this audit 0 Total prior audits 2 Repeated from last audit 0 Release Date:
March 24, 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
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INTRODUCTION Wolcott, Wood and Taylor, Inc. (WWT) is an Illinois not-for-profit corporation created by the Board of Trustees of the University of Illinois. WWT was created to provide billing and collection services and practice management support services for the Medical Service Plan of the College of Medicine of the University of Illinois at Chicago. FINDINGS, CONCLUSIONS, AND
RECOMMENDATIONS
There were no material findings of noncompliance disclosed during our examination. We commend WWT for maintaining an effective system of internal controls. AUDITORS’ OPINION Our auditors stated the Corporation’s June 30, 2004 financial statements are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA:pp
SPECIAL ASSISTANT AUDITORS Our special assistant auditors were Clifton Gunderson LLP. |
WOLCOTT, WOOD AND TAYLOR, INC.
FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For the Years Ended June 30, 2004
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FINANCIAL
OPERATIONS |
FY 2004 |
FY 2003 |
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OPERATING REVENUES........................................... OPERATING EXPENSES Salaries.................................................................... Software Maintenance............................................... Rent.......................................................................... Depreciation.............................................................. Third Party Claim Processing..................................... Supplies.................................................................... Professional and Contractual...................................... Other........................................................................ Total................................................................... NONOPERATING REVENUES (EXPENSES) Investment Income..................................................... Interest Expense........................................................ Total................................................................... INCREASE IN NET ASSETS....................................... NET ASSETS - Beginning of Year.................................. NET ASSETS - End of Year........................................... |
$5,925,252 $3,547,328 214,147 341,589 334,700 692,353 58,373 66,006 353,375 $5,607,871 $10,536 (241,200) $(230,664) $86,717 $(3,909,438) $(3,822,721) |
$5,206,095 $3,030,834 165,914 333,206 512,275 322,237 78,712 37,954 328,208 $4,809,340 $10,093 (300,160) $(290,067) $106,688 $(4,016,126) $(3,909,438) |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2004 |
AT JUNE 30, 2003 |
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Cash and Investments..................................................... Accounts Receivable...................................................... Capital Assets................................................................ Current Liabilities............................................................ Long Term Debt............................................................. |
$1,136,247 $91,203 $545,873 $1,590,088 $4,095,035 |
$858,909 $108,934 $668,838 $263,577 $5,360,000 |
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PRESIDENT |
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During Audit Period: Mr. Morley Kerschner Currently: Mr. Morley Kerschner |