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REPORT DIGEST WOLCOTT, WOOD AND TAYLOR, INC. FINANCIAL
AUDIT For the Year Ended: June 30, 2007 Release Date: October 18, 2007
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 |
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. AUDITORS’ OPINION Our auditors stated the Corporation’s June 30, 2007 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.
FINANCIAL AUDIT
For the Year Ended June 30, 2007
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FINANCIAL
OPERATIONS |
FY 2007 |
FY 2006 |
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OPERATING REVENUES........................................... OPERATING EXPENSES Salaries General Services........................................................ 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....................................... |
$8,298,735 $4,074,020 295,849 507,505 266,341 205,522 489,051 60,520 64,538 187,251 $6,150,597 (190,872) $(100,702) |
$6,291,158 $3,740,444 351,074 360,250 276,613 201,330 226,875 43,667 360,453 149,274 $5,709,980 $70,677 (182,781) $(112,104) $469,704 |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2007 |
AT JUNE 30, 2006 |
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Cash and Investments..................................................... Accounts Receivable...................................................... Prepaid Expenses........................................................... Capital Assets, net.......................................................... Current Liabilities............................................................ Long Term Debt............................................................. Net Assets..................................................................... |
$1,912,878 $97,079 $144,078 $428,896 $2,254,972 $946,814 $(618,855) |
$1,723,129 $36,818 $146,030 $340,122 $1,772,434 $2,787,566 $(2,666,291) |
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PRESIDENT |
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During Audit Period and current: Dr. William R. Nicholas |