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REPORT DIGEST
WOLCOTT, WOOD AND
TAYLOR, INC.
COMPLIANCE EXAMINATION For the Two Years Ended: June 30, 2006 Summary of Findings: Total this audit 0 Total prior audits 0 Repeated from last audit 0 Release Date:
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 and Full
Report are also available on the worldwide web at http://www.state.il.us/auditor |
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 compliance examination. We commend WWT for maintaining an effective system of internal controls. AUDITORS’ OPINION Our financial statement audit for the year ended June 30, 2006 was previously issued. Our auditors stated the Corporation’s June 30, 2006 financial statements are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:TLK:pp
SPECIAL ASSISTANT AUDITORS Our special assistant auditors were Clifton Gunderson LLP. |
WOLCOTT, WOOD AND TAYLOR, INC.
COMPLIANCE EXAMINATION
For the Years Ended June 30, 2006
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FINANCIAL
OPERATIONS |
FY 2006 |
FY 2005 |
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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....................................... |
$6,291,158 $3,740,444 360,250 276,613 201,330 226,875 43,667 360,453 500,348 $5,709,980 $70,677 (182,781) $(112,104) $469,074 |
$6,142,679 $3,781,571 264,149 314,895 257,214 137,053 56,332 57,761 419,216 $5,288,191 $30,848 (197,980) $(167,132) $687,356 |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2006 |
AT JUNE 30, 2005 |
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Cash and Investments..................................................... Accounts Receivable...................................................... Prepaid Expenses........................................................... Capital Assets, net.......................................................... Current Liabilities............................................................ Long Term Debt............................................................. Net Assets..................................................................... |
$1,723,129 $36,818 146,030 $340,122 $1,772,434 $2,787,566 $(2,666,291) |
$1,517,748 $36,111 $136,424 $374,713 $640,361 $4,560,000 $(3,135,365) |
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PRESIDENT |
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During Audit Period: Mr. Morley Kerschner through August 2005, Dr. William R. Nicholas, April 2006 to present Currently: Dr. William R. Nicholas |