FY11-IMSA-Comp-Full

              STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPLIANCE EXAMINATION
FOR THE YEAR ENDED JUNE 30, 2011
Performed as Special Assistant Auditors
For the Auditor General, State of Illinois
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPLIANCE EXAMINATION
FOR THE YEAR ENDED JUNE 30, 2011
TABLE OF CONTENTS
Page
Agency Officials 1
Management Assertion Letter 2
Compliance Report
Summary 3
Accountants’ Report
Independent Accountants’ Report on State Compliance, on Internal
Control Over Compliance, and on Supplementary Information for
State Compliance Purposes 5
Schedule of Findings
Prior Findings Not Repeated 8
Supplementary Information for State Compliance Purposes
Summary 9
Fiscal Schedules and Analysis
Schedule of Expenditures of Federal Awards 10
Notes to the Schedule of Expenditures of Federal Awards 11
Schedule of Appropriations, Expenditures and Lapsed Balances 12
Comparative Schedule of Net Appropriations, Expenditures and
Lapsed Balances 14
Comparative Schedule of Receipts, Disbursements and
Fund Balance (Cash Basis) - Locally-Held Funds 16
Schedule of Changes in State Property 17
Comparative Schedule of Cash Receipts 18
Reconciliation Schedule of Cash Receipts to Deposits Remitted to the
State Comptroller 18
Analysis of Significant Variations in Expenditures 19
Analysis of Significant Variations in Receipts 21
Analysis of Significant Lapse Period Spending 22
Analysis of Accounts Receivable 23
Analysis of Operations
Agency Functions and Planning Program 24
Average Number of Employees 27
Emergency Purchases 28
Service Efforts and Accomplishments (Not Examined) 29
1
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPLIANCE EXAMINATION
FOR THE YEAR ENDED JUNE 30, 2011
AGENCY OFFICIALS
President Dr. Glenn McGee
Vice President of Business and Finance Mr. Patrick Furlong
Controller Ms. Kimberly Corrao
BOARD OF TRUSTEES
Chairman Mr. Steven Isoye
1st Vice Chairman Dr. Paula Olszewski-Kubilius
2nd Vice Chairman Mr. Erin Roche
Ex-Officio Member Dr. Christopher Koch
Ex-Officio Member (through 8/9/10) Ms. Judy Erwin
Ex-Officio Member (8/10/10 – 12/26/10) Mr. Don Sevener
Ex-Officio Member (12/27/10 – present) Dr. George Reid
Ex-Officio Member Mr. Geoffrey S. Obrzut
Ex-Officio Member Dr. James Rydland
Trustee Dr. Jay Budzik
Trustee (through 11/16/11) Mr. Samuel E. Dyson
Trustee Ms. Shelia MB Griffin
Trustee Dr. Mary Kalantzis
Trustee Mr. John H. McEachern, Jr.
Trustee Ms. Jacklyn Naughton
Trustee Dr. Luis Núñez
Trustee Dr. Marsha Rosner
The Academy is located at:
1500 W. Sullivan Rd.
Aurora, IL 60506-1000
~IMS~
igniting and nurturing
creative, ethical scientific minds
that advance the human condition
January 3, 2012
Borschnack, Pelletier & Co.
Certified Public Accountants
200 E. Court St., Suite 608
Kankakee, IL 60901
Ladies and Gentlemen:
We are responsible for the identification of, and compliance with, all aspects of laws, regulations, contracts, or
grant agreements that could have a material effect on the operations of the Illinois Mathematics and Science
Academy. We are responsible for and we have established and maintained an effective system of, internal
controls over compliance requirements. We have performed an evaluation of the Illinois Mathematics and
Science Academy's compliance with the following assertions during the year ended June 30, 2011 . Based on
this evaluation, we assert that during the year ended June 30, 2011, the Illinois Mathematics and Science
Academy has materially complied with the assertions below.
A. The Illinois Mathematics and Science Academy has obligated, expended, received and used
public funds of the State in accordance with the purpose for which such funds have been appropriated or
otherwise authorized by law.
B. The Illinois Mathematics and Science Academy has obligated, expended, received and used
public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions
imposed by law upon such obligation, expenditure, receipt or use.
C. The Illinois Mathematics and Science Academy has complied, in all material respects, with
applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal
operations.
D. State revenues and receipts collected by the Illinois Mathematics and Science Academy are in
accordance with applicable laws and regulations and the accounting and recordkeeping of such revenues
and receipts is fair, accurate and in accordance with law.
E. Money or negotiable securities or similar assets handled by the Illinois Mathematics and Science
Academy on behalf of the State or held iri trust by the agency have been properly and legally administered,
and the accounting and recordkeeping relating thereto is proper, accurate and in accordance with law.
Yours very truly,
1500 West Sullivan Road • Aurora, IL 60506-1000 • 630-907-5000 Tel• 630-907-5976 Fax • 'MWI.imsa.edu
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STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPLIANCE EXAMINATION
FOR THE YEAR ENDED JUNE 30, 2011
COMPLIANCE REPORT
SUMMARY
The compliance testing performed during this examination was conducted in accordance with
Government Auditing Standards and in accordance with the Illinois State Auditing Act.
ACCOUNTANTS’ REPORT
The Independent Accountants’ Report on State Compliance, on Internal Control Over
Compliance and on Supplementary Information for State Compliance Purposes does not
contain scope limitations, disclaimers, or other significant non-standard language.
SUMMARY OF FINDINGS
Number of Current Report Prior Report
Findings 0 1
Repeated findings 0 0
Prior recommendations implemented
or not repeated 1 2
SCHEDULE OF FINDINGS
Item No. Page Description Finding Type
FINDINGS (STATE COMPLIANCE)
None reported
PRIOR FINDINGS NOT REPEATED
A 8 Voucher Processing Weaknesses
4
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPLIANCE EXAMINATION
FOR THE YEAR ENDED JUNE 30, 2011
EXIT CONFERENCE
An exit conference was held on December 21, 2011 with Academy personnel to discuss this
report and the results of the examination. In attendance were:
Illinois Mathematics and Science Academy
Dr. Glenn McGee, President
Mr. Patrick Furlong, Vice President for Business and Finance
Ms. Kimberly Corrao, Controller
Office of the Auditor General
Ms. Christa Bull, Audit Manager
Borschnack Pelletier & Co.
Mr. Paul Pelletier, Partner
Mr. Brian Creek, Manager
Certified Public Accountants & Consultants
200 East Court Street • Suite 608 • Kankakee, IL 60901
815.933.1771 • fax: 815.933.1163
INDEPENDENT ACCOUNTANTS' REPORT ON STATE COMPLIANCE,
ON INTERNAL CONTROL OVER COMPLIANCE, AND ON
SUPPLEMENTARY INFORMATION FOR STATE COMPLIANCE PURPOSES
Honorable William G. Holland
Auditor General
State of Illinois
And
Board of Trustees
Illinois Mathematics and Science Academy
Aurora, Illinois
Compliance
As Special Assistant Auditors for the Auditor General, we have examined the State of Illinois,
Illinois Mathematics and Science Academy's compliance with the requirements listed below, as
more fully described in the Audit Guide for Financial Audits and Compliance Attestation
Engagements of Illinois State Agencies (Audit Guide) as adopted by the Auditor General, during
the year ended June 30, 2011. The management of the State of Illinois, Illinois Mathematics
and Science Academy is responsible for compliance with these requirements. Our
responsibility is to express an opinion on the State of Illinois, Illinois Mathematics and Science
Academy's compliance based on our examination.
A. The State of Illinois, Illinois Mathematics and Science Academy has obligated,
expended, received, and used public funds of the State in accordance with the purpose
for which such funds have been appropriated or otherwise authorized by law.
B. The State of Illinois, Illinois Mathematics and Science Academy has obligated,
expended, received, and used public funds of the State in accordance with any
limitations, restrictions, conditions or mandatory directions imposed by law upon such
obligation, expenditure, receipt or use.
C. The State of Illinois, Illinois Mathematics and Science Academy has complied, in all
material respects, with applicable laws and regulations, including the State uniform
accounting system, in its financial and fiscal operations.
D. State revenues and receipts collected by the State of Illinois, Illinois Mathematics and
Science Academy are in accordance with applicable laws and regulations and the
accounting and recordkeeping of such revenues and receipts is fair, accurate and in
accordance with law.
5
6
E. Money or negotiable securities or similar assets handled by the State of Illinois, Illinois
Mathematics and Science Academy on behalf of the State or held in trust by the State of
Illinois, Illinois Mathematics and Science Academy have been properly and legally
administered and the accounting and recordkeeping relating thereto is proper, accurate,
and in accordance with law.
We conducted our examination in accordance with attestation standards established by the
American Institute of Certified Public Accountants; the standards applicable to attestation
engagements contained in Government Auditing Standards issued by the Comptroller General of
the United States; the Illinois State Auditing Act (Act); and the Audit Guide as adopted by the
Auditor General pursuant to the Act; and, accordingly, included examining, on a test basis,
evidence about the State of Illinois, Illinois Mathematics and Science Academy’s compliance with
those requirements listed in the first paragraph of this report and performing such other procedures
as we considered necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal determination on the
State of Illinois, Illinois Mathematics and Science Academy’s compliance with specified
requirements.
In our opinion, the State of Illinois, Illinois Mathematics and Science Academy complied, in all
material respects, with the compliance requirements listed in the first paragraph of this report
during the year ended June 30, 2011.
Internal Control
Management of the State of Illinois, Illinois Mathematics and Science Academy is responsible
for establishing and maintaining effective internal control over compliance with the requirements
listed in the first paragraph of this report. In planning and performing our examination, we
considered the State of Illinois, Illinois Mathematics and Science Academy’s internal control
over compliance with the requirements listed in the first paragraph of this report as a basis for
designing our examination procedures for the purpose of expressing our opinion on compliance
and to test and report on internal control over compliance in accordance with the Audit Guide
issued by the Illinois Office of the Auditor General, but not for the purpose of expressing an
opinion on the effectiveness of internal control over compliance. Accordingly, we do not
express an opinion on the effectiveness of the State of Illinois, Illinois Mathematics and Science
Academy’s internal control over compliance.
A deficiency in an entity’s internal control over compliance exists when the design or operation
of a control over compliance does not allow management or employees, in the normal course of
performing their assigned functions, to prevent, or detect and correct noncompliance with the
requirements listed in the first paragraph of this report on a timely basis. A material weakness
over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance such that there is a reasonable possibility that material noncompliance with a
requirement listed in the first paragraph of this report will not be prevented, or detected and
corrected on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal
control over compliance that might be deficiencies, significant deficiencies or material
weaknesses. We did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses, as defined above.
As required by the Audit Guide, immaterial findings excluded from this report have been reported in
a separate letter to your office.
Supplementary Information for State Compliance Purposes
Our examination was conducted for the purpose of forming an opinion on compliance with the
requirements listed in the first paragraph of this report. The accompanying supplementary
information as listed in the table of contents as Supplementary Information for State Compliance
Purposes is presented for purposes of additional analysis. We have applied certain limited
procedures as prescribed by the Audit Guide as adopted by the Auditor General to the 2011
Supplementary Information for State Compliance Purposes, except for the Service Efforts and
Accomplishments on which we did not perform any procedures. However, we do not express
an opinion on the supplementary information.
We have not applied procedures to the 2010 Supplementary Information for State Compliance
Purposes, and accordingly, we do not express an opinion thereon.
This report is intended solely for the information and use of the Auditor General, the General
Assembly, the Legislative Audit Commission, the Governor, the Academy Board, and Academy
management and is not intended to be and should not be used by anyone other than these
specified parties.
January 3, 2012
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STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SCHEDULE OF FINDINGS
FOR THE YEAR ENDED JUNE 30, 2011
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Prior Year Findings Not Repeated
A FINDING – Voucher Processing Weaknesses
During the prior examination period, the Illinois Mathematics and Science Academy
(Academy) did not exercise adequate controls over vouchers during processing.
Status – Not repeated
In the current examination period, the auditors identified smaller and less significant
conditions. These matters are addressed in our Letter of Immaterial Findings. (Finding
Code No. 10-1)
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
FOR THE YEAR ENDED JUNE 30, 2011
9
SUPPLEMENTARY INFORMATION FOR STATE COMPLIANCE PURPOSES
SUMMARY
Supplementary Information for State Compliance Purposes presented in this section of the report
includes the following:
 Fiscal Schedules and Analysis:
Schedule of Expenditures of Federal Awards
Notes to the Schedule of Expenditures of Federal Awards
Schedule of Appropriations, Expenditures and Lapsed Balances
Comparative Schedule of Net Appropriations, Expenditures and
Lapsed Balances
Comparative Schedule of Receipts, Disbursements and
Fund Balance (Cash Basis) – Locally-Held Funds
Schedule of Changes in State Property
Comparative Schedule of Cash Receipts
Reconciliation Schedule of Cash Receipts to Deposits Remitted
to the State Comptroller
Analysis of Significant Variations in Expenditures
Analysis of Significant Variations in Receipts
Analysis of Significant Lapse Period Spending
Analysis of Accounts Receivable
 Analysis of Operations:
Agency Functions and Planning Program
Average Number of Employees
Emergency Purchases
Service Efforts and Accomplishments (Not examined)
The accountants’ report that covers the Supplementary Information for State Compliance
Purposes presented in the Compliance Report Section states the auditors have applied certain
limited procedures as prescribed by the Audit Guide as adopted by the Auditor General, except
for information on the Service Efforts and Accomplishments on which they did not perform any
procedures. However, the accountants do not express an opinion on the supplementary
information.
Federal
Pass-Through CFDA Federal
Federal Grantor/Pass-Through Grantor/Program or Cluster Title Number Number Disbursements
U. S. Department of Labor
Pass Through Program From:
Department of Commerce and Economic Opportunity
Incentive Grants – WIA Section 503 09-113005 17.267 $ 125,612
Total U. S. Department of Labor 125,612
Total Expenditures of Federal Awards $ 125,612
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2011
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STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2011
Note 1 – Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant
activity of the Illinois Mathematics and Science Academy for the year ended June 30, 2011 and is
presented on the cash basis of accounting.
Note 2 – Description of Grant Programs
The following is a brief description of the grant programs included in the Schedule of Expenditures
of Federal Awards:
A. U.S. Department of Labor
 Incentive Grants – WIA Section 503 (CFDA #17.267)
The purpose of this program is to carry out innovative programs consistent with the
purposes of Title I of WIA (Workforce Investment Systems), Title II of WIA (Adult
Education and Family Literacy Act (AEFLA), 20 U.S.C. 9201 et seq.), the Carl D. Perkins
Vocational and Applied Technology Education Amendments of 1998 (Public Law 105-332,
20 U.S.C. 2301 et seq.) or a combination of two or more of these acts.
Approximate Approximate
Lapse Period Total Approximate
Appropriations Expenditures Expenditures Expenditures Balances
(Net After Through July 1 to 14 Months Ended Lapsed
Transfers) June 30, 2011 August 31 August 31 August 31
APPROPRIATED FUNDS:
GENERAL REVENUE FUND - 001 (P.A. 96-0956)
Operational Expenses-Lump Sums & Other Purposes $ 18,216,400
Personal Services $ 11,518,503 $ 758,733 $ 12,277,236
Retirement 5,260 - 5,260
State Contributions to Social Security, for Medicare 165,889 11,222 177,111
Contractual Services 3,459,457 608,529 4,067,986
Travel 89,469 17,818 107,287
Commodities 271,327 64,531 335,858
Equipment 168,017 314,788 482,805
Electronic Data Processing 71,072 10,610 81,682
Telecommunication Services 91,045 12,043 103,088
Operation of Automotive Equipment 43,495 6,140 49,635
Awards and Grants 235 - 235
Total - Fund 001 18,216,400 15,883,769 1 ,804,414 17,688,183 $ 5 28,217
INCOME FUND - 768 (P.A. 96-0956)
Personal Services 2 ,261,900 1 ,219,880 2 8,412 1,248,292 1 ,013,608
State Contributions to Social Security, for Medicare 4 5,900 25,869 1,085 26,954 18,946
Contractual Services 2 94,700 1 69,069 3 0,005 199,074 95,626
Travel 1 26,700 7 7,609 9,510 87,119 39,581
Commodities 1 43,200 5 9,952 17,900 77,852 65,348
Equipment 6 5,000 - - - 65,000
Telecommunication Services 8 0,000 2,290 114 2,404 77,596
Operation of Automotive Equipment 5,000 - - - 5,000
Refunds 2 7,600 6,763 612 7,375 20,225
Total - Fund 768 3 ,050,000 1 ,561,432 8 7,638 1,649,070 1 ,400,930
TOTAL - ALL APPROPRIATED FUNDS $ 21,266,400 $ 17,445,201 $ 1,892,052 $ 19,337,253 $ 1,929,147
FOURTEEN MONTHS ENDED AUGUST 31, 2011
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SCHEDULE OF APPROPRIATIONS, EXPENDITURES AND LAPSED BALANCES
APPROPRIATIONS FOR FISCAL YEAR 2011
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Approximate Approximate
Lapse Period Total Approximate
Appropriations Expenditures Expenditures Expenditures Balances
(Net After Through July 1 to 14 Months Ended Lapsed
Transfers) June 30, 2011 August 31 August 31 August 31
FOURTEEN MONTHS ENDED AUGUST 31, 2011
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SCHEDULE OF APPROPRIATIONS, EXPENDITURES AND LAPSED BALANCES
APPROPRIATIONS FOR FISCAL YEAR 2011
NON-APPROPRIATED FUNDS:
SPECIAL PURPOSES TRUST FUND - 359
Personal Services $ - $ 3 63,497 $ 2 6,374 $ 389,871 $ -
Retirement - 31,514 3,675 35,189 -
State Contributions for Social Security, for Medicare - 6,719 711 7,430 -
Employer Contributions for Group Insurance - 50,010 - 50,010 -
Contractual Services - 2 11,709 3 3,665 245,374 -
Travel - 18,921 2,606 21,527 -
Commodities - 86,071 6,300 92,371 -
Printing - 2,399 - 2,399 -
Equipment - 38,224 10,538 48,762 -
Electronic Data Processing - - 380 380 -
Awards and Grants - 8,980 - 8,980 -
Permanent Improvements - 2,274 - 2,274 -
Refunds - 72,795 - 72,795 -
TOTAL - ALL NON-APPROPRIATED FUNDS $ - $ 893,113 $ 84,249 $ 977,362 $ -
GRAND TOTAL - ALL FUNDS $ 21,266,400 $ 18,338,314 $ 1,976,301 $ 20,314,615 $ 1,929,147
Note: Expenditure amounts are vouchers approved for payment by the Agency and submitted to the State Comptroller for payment to the vendor.
Note: Approximate lapse period expenditures do not include interest payments approved for payment by the Agency and submitted to the Comptroller for payment
after August.
Note: Appropriations, expenditures, and lapsed balances were obtained from Agency records and have been reconciled to the records of the State Comptroller.
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2011 2010 2009
P.A. 96-0039
P.A. 96-0956 & P.A. 96-0042 P.A. 95-0734
GENERAL REVENUE FUND - 001
Appropriations (Net after Transfers) $ 18,216,400 $ 18,216,400 $ 18,341,400
Expenditures
Personal Services 12,277,236 11,917,106 11,745,983
Retirement 5,260 - -
State Contributions to Social Security, for Medicare 177,111 171,336 169,595
Contractual Services 4,067,986 4,503,402 4,032,827
Travel 107,287 104,471 97,961
Commodities 335,858 372,832 300,657
Equipment 482,805 840,279 736,007
Electronic Data Processing 81,682 134,377 183,314
Telecommunication Services 103,088 122,310 268,330
Operation of Automotive Equipment 49,635 37,577 37,665
Awards and Grants 235 - 629,799
Total Expenditures 17,688,183 18,203,690 18,202,138
Lapsed Balances $ 528,217 $ 12,710 $ 139,262
P.A. 96-0046
INCOME FUND - 768 P.A. 96-0956 & P.A. 96-0890 P.A. 95-0734
Appropriations (Net after Transfers) $ 3,050,000 $ 3,236,158 $ 3,050,000
Expenditures
Personal Services 1,248,292 1,483,903 1,626,892
State Contributions to Social Security, for Medicare 26,954 28,783 30,997
Contractual Services 199,074 153,788 463,268
Travel 87,119 53,856 91,885
Commodities 77,852 72,917 82,723
Equipment - 214 4,699
Telecommunication Services 2,404 451 48,466
Lump Sums and Other Purposes - 186,158 -
Refunds 7,375 15,495 20,998
Total Expenditures 1,649,070 1,995,565 2,369,928
Lapsed Balances $ 1,400,930 $ 1,240,593 $ 680,072
GRAND TOTAL, ALL APPROPRIATED FUNDS
Appropriations (Net after Transfers) 21,266,400 21,452,558 21,391,400
Total Expenditures 19,337,253 20,199,255 20,572,066
Lapsed Balances $ 1,929,147 $ 1,253,303 $ 819,334
AND LAPSED BALANCES
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPARATIVE SCHEDULE OF NET APPROPRIATIONS, EXPENDITURES
FOR THE YEARS ENDED JUNE 30, 2011, 2010 AND 2009
FISCAL YEAR
14
AND LAPSED BALANCES
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPARATIVE SCHEDULE OF NET APPROPRIATIONS, EXPENDITURES
FOR THE YEARS ENDED JUNE 30, 2011, 2010 AND 2009
2011 2010 2009
SPECIAL PURPOSES TRUST FUND - 359
Non-appropriated fund
Expenditures
Personal Services $ 389,871 $ 390,760 $ 1,046,853
Retirement 35,189 33,321 98,816
State Contributions for Social Security, for Medicare 7,430 7,714 15,711
Employer Contributions for Group Insurance 50,010 40,419 82,999
Contractual Services 245,374 302,030 308,888
Travel 21,527 53,319 39,722
Commodities 92,371 112,046 82,623
Printing 2,399 2,761 5,998
Equipment 48,762 131,186 69,651
Electronic Data Processing 380 - -
Telecommunication services - 222 2,803
Operation of Automotive Equipment - 35 -
Awards and Grants 8,980 29,951 7,000
Permanent Improvements 2,274 26,030 251,970
Refunds of Federal Grants - 139 -
Refunds 72,795 320,815 132,289
Total Expenditures 977,362 1,450,748 2,145,323
GRAND TOTAL, ALL NON-APPROPRIATED FUNDS
Total Expenditures 977,362 1,450,748 2,145,323
GRAND TOTAL, ALL FUNDS
Total Expenditures $ 20,314,615 $ 21,650,003 $ 22,717,389
Note: For fiscal year 2011, expenditures do not include interest payments approved for payment by the Agency and
submitted to the Comptroller for payment after August.
FISCAL YEAR
15
OPERATING FUND - 1223
Beginning balance of cash and investments
Total funds received during the fiscal year
Total funds disbursed during the fiscal year
Ending balance of cash and investments
STUDENT ACTIVITY FUND - 1366
Beginning balance of cash and investments
Total funds received during the fiscal year
Total funds disbursed during the fiscal year
Ending balance of cash and investments $ 8 0,938
$ 55,103
387,479
$ 109,341
$ 80,938
393,044
364,641
413,314
640,373
811,695
$ 3,201,591
$ 2,655,308
1,148,830
602,547
Fund Name/Fund Number 2011 2010
$ 2,655,308
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPARATIVE SCHEDULE OF RECEIPTS, DISBURSEMENTS,
FOR THE YEARS ENDED JUNE 30,
AND FUND BALANCE (CASH BASIS) - LOCALLY-HELD FUNDS
$ 2,826,630
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Balance Net Balance
July 1, 2010 Additions Deletions Transfers June 30, 2011
Land and land improvements $ 200,646 $ - $ - $ - $ 200,646
Building and building improvements 49,352,553 9,774 - - 49,362,327
Equipment 13,245,900 843,609 (1,175,707) - 12,913,802
Totals $ 62,799,099 $ 853,383 $ (1,175,707) $ - $ 62,476,775
The property and equipment information was obtained from the Academy's accounting records which were used to prepare the
Academy's "Agency Report of State Property" (Form C-15) submitted to the State Comptroller. Such records have not been
reconciled to the Academy's property control records since March, 2011.
FOR THE YEAR ENDED JUNE 30, 2011
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SCHEDULE OF CHANGES IN STATE PROPERTY
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2011 2010
GENERAL REVENUE FUND - 001
Third Party Reimbursements $ 1,885 $ 15,642
Prior Year Refunds 102 86
Total 001 Fund Receipts 1,987 15,728
SPECIAL PURPOSES TRUST FUND - 359
Private Grant Funds 19,250 124,600
Local Illinois Government Grant Funds - 12,384
Other Illinois State Agency Grant Funds 100,453 59,000
Federal Grant Funds 160,000 17,005
Private Donations 838,662 973,808
Total 359 Fund Receipts 1,118,365 1,186,797
INCOME FUND - 768
Student Activity Fees 730,309 1,637,451
Conference Fees 289,867 294,534
Miscellaneous Fees 108,949 84,253
Professional Services 78,320 -
Workshop Materials Fees 7,553 3,775
Total 768 Fund Receipts 1,214,998 2,020,013
TOTAL RECEIPTS $ 2,335,350 $ 3,222,538
2011 2010
Receipts per Academy Records $ 2,335,350 $ 3,222,538
Add: Deposits in Transit, Beginning of Year 240,292 347,852
Less: Deposits in Transit, End of Year (121,448) (240,292)
Receipts per Comptroller Records $ 2,454,194 $ 3,330,098
RECONCILIATION SCHEDULE OF CASH RECEIPTS TO DEPOSITS
REMITTED TO THE STATE COMPTROLLER
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
COMPARATIVE SCHEDULE OF CASH RECEIPTS
FOR THE YEARS ENDED JUNE 30,
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STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF SIGNIFICANT VARIATIONS IN EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2011
A comparative schedule of significant variations in expenditures of 20% and $10,000 for the
fiscal years ended June 30, 2011 and June 30, 2010 are shown below:
FISCAL YEAR INCREASE
ENDED JUNE 30 (DECREASE)
General Revenue Fund – 001 2011 2010 AMOUNT PERCENT
Equipment $ 482,805 $ 840,279 $ (357,474) (43%)
Electronic Data Processing 81,682 134,377 (52,695) (39%)
Operation of Automotive Equipment 49,635 37,577 12,058 32%
Income Fund - 768
Contractual Services 199,074 153,788 45,286 29%
Travel 87,119 53,856 33,263 62%
Lump Sums and Other Purposes 0 186,158 (186,158) (100%)
Special Purposes Trust Fund - 359
Travel 21,527 53,319 (31,792) (60%)
Equipment 48,762 131,186 (82,424) (63%)
Awards and Grants 8,980 29,951 (20,971) (70%)
Permanent Improvements 2,274 26,030 (23,756) (91%)
Refunds 72,795 320,815 (248,020) (77%)
Academy management provided the following explanations for the significant variations
identified above.
General Revenue Fund – 001
Equipment
The decrease was due to rejection by the State of the Academy’s procurement request for
laptops typically purchased annually as part of the Academy’s normal replacement cycle.
Electronic Data Processing
The decrease was due to fiscal year 2010 expenditures to upgrade the Academy’s wireless and
storage area networks. These expenditures were not repeated in fiscal year 2011.
Operation of Automotive Equipment
The increase was due to an increase in the cost of gas for the Academy’s vehicle fleet as well
as an increase in the repairs and maintenances costs in fiscal year 2011.
20
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF SIGNIFICANT VARIATIONS IN EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2011
Income Fund – 768
Contractual Services
The increase in contractual services expenditures was due to program growth of the Academy’s
statewide student and teacher initiative programs in fiscal year 2011.
Travel
The increase in travel expenditures was due to a decrease in external funding for the
Academy’s IMSA Fusion program. Travel expenditures that could not be funded by private grant
dollars were paid for from the Academy’s Income Fund.
Lump Sums and Other Purposes
The decrease in Awards and Grants was due to a one-time payment in fiscal year 2010
transferring the net revenue from the Illinois Virtual High School program to the new program
administrator.
Special Purposes Trust Fund – 359
Travel
The decrease in travel expenditures was due to a decrease in grant funding to support the
Academy’s IMSA Fusion program. In fiscal year 2011 travel expenditures were funded by the
income fund.
Equipment
The decrease in equipment expenditures was due to the conclusion of a fiscal year 2010 grant
to support the development of CoolHub.IMSA, a physical and virtual meeting space that
supports innovation and learning through video conferencing, online forums, wikis, blogs,
immersive online worlds and a searchable database of session recordings and published
innovation projects.
Awards and Grants
The decrease in awards expenditures was due to the conclusion of a fiscal year 2010 grant to
support a mathematics competition for the Academy’s residential students.
Permanent Improvements
The decrease in permanent improvement expenditures was due to the conclusion of a fiscal
year 2010 grant to support the Academy’s Energy Center.
Refunds
Special Purpose Trust receipts are from private and government grants and contracts. At the
end of the grant period unused funds are returned to the grantor. The decrease in fiscal year
2011 refunds is due to the return in fiscal year 2010 of unused funds received by the Academy
for administration of the State Board of Education’s Illinois Virtual High School program. The
Academy’s administration of this program concluded in fiscal year 2010.
21
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF SIGNIFICANT VARIATIONS IN RECEIPTS
FOR THE YEAR ENDED JUNE 30, 2011
The Comparative Schedule of Cash Receipts on page 18 documents the revenue generating
activities for fiscal years 2010 and 2011.
Significant variations in receipts are considered to be those varying between years by more than
20% and amounting to $20,000 or more. Academy management provided the following
explanations for the significant variations in receipts.
Special Purposes Trust Fund – 359
Private Grant Funds
The decrease was due to the receipt in fiscal year 2010 of several new grants and awards from
private sources that were not repeated in fiscal year 2011.
Other Illinois State Agency Grant Funds
The increase was due to the receipt in fiscal year 2011 of multiple grants from the Department
of Commerce and Economic Opportunity in support of the Academy’s Problem Based Learning
program.
Federal Grant Funds
The increase was due to an increase in federal funds received from the Department of
Commerce and Economic Opportunity (U.S. Department of Labor) in support of the Academy’s
Problem Based Learning program.
Income Fund – 768
Student Activity Fees
The decrease in student fees was a due to the timing of registration for the Academy’s summer
enrichment and sophomore navigation programs. Fewer registration payments were received
on or before June 30 than the prior year. The decrease is also due to the timing of transfers of
residential student fees from the IMSA Local Fund to the IMSA Income Fund.
Miscellaneous Fees
The increase was due to an increase in fees collected for building rental. The Academy makes
its facilities available to organizations, associations and individuals for occasional educational,
recreational, business, civic, social and charitable activities that are consistent with IMSA’s
statutory charge, mission and general education purpose.
Professional Fees
The increase in professional service fees was due to the Academy charging for providing
consulting and other professional service work to institutions requesting support in STEM
education. Previously the Academy did not charge for these types of activities.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF SIGNIFICANT LAPSE PERIOD SPENDING
FOR THE YEAR ENDED JUNE 30, 2011
22
Our testing of lapse period expenditures for the fiscal year ended June 30, 2011 disclosed three
appropriation line items with significant (20% and $10,000 or more) lapse period expenditures, as
shown below:
TOTAL LAPSE PERIOD
EXPENDITURES EXPENDITURES PERCENTAGE
General Revenue Fund – 001
Equipment $ 482,805 $ 314,788 65%
Income Fund – 768
Commodities 77,852 17,900 23%
Special Purposes Trust Fund – 359
Equipment 48,762 10,538 22%
Academy management provided the following explanations for the significant lapse period
expenditures identified above.
General Revenue Fund – 001
Equipment
Lapse period expenditures included classroom and residential hall furniture, textbooks,
instructional equipment, audio visual equipment, computer network equipment and replacement
desktop and laptop computers purchased at the conclusion of the academic school year.
Income Fund – 768
Commodities
Lapse period commodities expenditures were for operation of the Academy's summer enrichment
programs.
Special Purposes Trust Fund – 359
Equipment
Lapse period equipment expenditures were for chemistry and lab equipment purchased with
private grant dollars.
DESCRIPTION OF ACCOUNTS RECEIVABLE 2011 2010
Student Fees-Other $ 455 $ 375
Student Fees 3,607 3,043
Building Rental 4,517 5,581
Private Organization Program Registration Fees 2,500 25,661
Total Accounts Receivable $ 11,079 $ 34,660
The Academy turns delinquent accounts over to a collection agency. The entire receivable
balance is considered collectible and no allowance for doubtful accounts was reported.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF ACCOUNTS RECEIVABLE
FOR THE YEARS ENDED JUNE 30
23
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2011
24
The Illinois Mathematics and Science Academy (Academy) is located at 1500 Sullivan Road,
Aurora, Illinois 60506-1000. The current president of the Academy is Dr. Glenn McGee. The
senior administration consists of:
 Eric McLaren, Vice President for Academic Programs/Principal
 Patrick Furlong, Vice President for Business and Finance/Chief Financial
Officer/Treasurer to the Board of Trustees
 Cathy Veal, Vice President Strategy and Results/Secretary to the Board of Trustees
Functions
The Academy was established in 1985 as a result of action by the State Legislature (105 ILCS
305). The internationally recognized Academy develops creative, ethical leaders in science,
technology, engineering and mathematics. As a teaching and learning laboratory created by the
State of Illinois, the Academy enrolls academically talented Illinois students (grades 10-12) in its
advanced, residential college preparatory program, and it serves thousands of educators and
students in Illinois and beyond through innovative instructional programs that foster imagination
and inquiry. The Academy also advances education through research, groundbreaking ventures
and strategic partnerships.
Background
The Academy’s legislative mandate is to “provide excellence in mathematics and science
education in order to nourish an informed citizenry, assure technological skills for the work
force, and assist in the preparation of professionals to serve the interests of Illinois in such fields
as engineering, research, teaching, and computer technology”. The Academy serves as a
catalyst and laboratory for the advancement of teaching. The primary role of the Academy is to
offer a uniquely challenging education for students talented in the areas of mathematics and
science. Both high school and college levels of instruction are authorized along with “other
programs deemed necessary to assure the elements of a strong general education required of
creative scientists”. The Academy’s second legislative charge is to stimulate further excellence
for all Illinois schools in mathematics and science. By legislative act, the Academy’s location in
the Fox River Valley was established in close proximity to the national science laboratories
based in Illinois.
Students who have completed the equivalent of the 9th grade are admitted to the Academy by
competitive examination. Minimal fees established by the Academy’s Board are charged.
Budget proposals for State Appropriations are submitted to the Illinois Board of Higher
Education for each fiscal year.
The Academy is governed by a 17 member Board of Trustees consisting of 13 appointed voting
members and 4 positional non-voting members. The members, specified in the Illinois
Mathematics and Science Academy Law (105 ILCS 305/3), include:
 Three representatives of the scientific community in Illinois, appointed by the Governor.
 Three representatives of the Illinois private industrial sector, appointed by the Governor.
 Two representatives of the general public at large, appointed by the Governor.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2011
25
 Two representatives of Higher Education, one of whom must be a Dean of Education,
appointed by the Executive Director of the Illinois Board of Higher Education.
 Three representatives of Secondary Education, one of whom must be a mathematics or
science teacher, appointed by the State Superintendent of Education.
 Four ex-officio nonvoting members, the State Superintendent of Education, the
Executive Director of the Illinois Community College Board, the Executive Director of the
Board of Higher Education, and the Superintendent of Schools in the school district in
which the Academy is located.
Board members serve a 6-year term. A chair is elected from among the members for a 2-year
term.
The Board is authorized to:
 Accept donations, bequests, or other forms of financial assistance from any public or
private person or agency.
 Purchase equipment and make improvements to facilities.
 Adopt rules, regulations and policies for the conduct of the business of the Board.
 Award certificates and issue diplomas for successful completion of programs.
 Select a Director who shall be the chief administrative officer of the Academy and who
shall administer the rules, regulations and policies adopted by the Board. The Director is
the chief administrative officer of the Board, responsible for all administrative functions,
duties and needs of the Board.
 Determine faculty and staff positions necessary for the efficient operation and select
personnel for such positions.
 Prepare and adopt an annual budget.
 Enter into contracts and agreements.
 Perform such other functions as are necessary.
 Delegate to the Director such administrative powers as deemed appropriate.
 Lease or purchase real and personal property, subject to provisions of State Law.
 Establish criteria for eligibility of applicants for enrollment.
 Determine subjects and extracurricular activities to be offered.
 Pay salaries and expenses out of funds appropriated or otherwise made available.
 Exercise budgetary responsibility.
 Prescribe and select free schoolbooks provided by funding from the General Assembly.
 Adopt programs of study and rules, bylaws, and regulations for the conduct of students
and for the government of the school and programs.
 Employ such personnel as may be needed, establish policies governing their
employment and dismissal, and fix the amount of their compensation.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
ANALYSIS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2011
26
The board meets at least 6 times a year. Day-to-day operations are directed under an
administrative organization structure adopted by the President. The organizational structure
consists of senior administrators made up of the Vice President for Academic
Programs/Principal, Vice President for Business and Finance/Chief Financial Officer/Treasurer
to the Board of Trustees and Vice President Strategy and Results/Secretary to the Board of
Trustees. Each senior administrator has additional administrative leadership positions reporting
to him/her. Authority for administrating budget expenditures and staff relations has been
delegated to the various appropriate organizational levels.
The Academy relies on the Board of Higher Education, legal counsel, and other key contacts to
stay informed of law and regulation changes applicable to its activities. Representatives from
the Academy attend meetings at the Board of Higher Education in order to receive information
pertinent to the Academy’s activities.
Planning
The IMSA Board of Trustees approved the current strategic plan in its May 2007 meeting and
completed the plan in January 2008. In February 2009 and June 2009 the planning team met to
review progress, reexamine internal and external factors, revise portions of the plan, and
incorporate new or updated objectives and strategies, or delete those accomplished or no
longer relevant. The final, updated Strategic Plan was approved by IMSA’s Board of Trustees
on July 21, 2009.
The mission statement is as follows:
The mission of the Illinois Mathematics and Science Academy®, the world’s leading
teaching and learning laboratory for imagination and inquiry, is to ignite and nurture
creative, ethical scientific minds that advance the human condition, through a system
distinguished by profound questions, collaborative relationships, personalized
experiential learning, global networking, generative use of technology and pioneering
outreach.
The Academy’s mission statement is supported by the following six strategies:
1. Develop the whole person.
2. Require students to pursue personalized plans of study, based on integrated learning
experiences and assessed on the basis of individual mastery.
3. Expand the development, delivery, support and evaluation of IMSA’s products and
services grounded in imagination and inquiry.
4. Generate scholarship that discovers, integrates, applies and transfers knowledge
produced by work.
5. Develop innovation and entrepreneurial talent and capacity.
6. Diversify funding to provide reliable and flexible financing.
27
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
AVERAGE NUMBER OF EMPLOYEES
FOR THE YEARS ENDED JUNE 30,
AVERAGE NUMBER OF EMPLOYEES
The following table, prepared from Academy records, presents the average number of
employees, by function.
Full-Time Equivalent Number of Employees
Funded by State appropriated funds 2011 2010
Administration 11 11
Faculty 60 61
Support leadership 71 78
Instructional program assistants 5 5
Residential life 30 29
Security 9 9
Maintenance/custodians 18 18
Secretaries 36 36
Other* 55 50
295 297
Funded by non-appropriated funds
Support leadership 4 3
Secretaries 1 0
Other* 5 5
10 8
Grand Total 305 305
Total number of part-time employees providing instruction to non-IMSA students
Program 2011 2010
Illinois Virtual High School ** 0 17
Grand Total 0 17
NOTE:
* The average number of employees categorized as “Other” is not represented on a FTE
basis because it is not readily determinable. “Other” employees include part-time hourly,
temporary help and stipends.
** Final payroll for 67 part time teachers for the Illinois Virtual High School administered by
the Academy was paid on July 15, 2009. Using quarterly averages, this equates to 17
part-time employees.
28
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
EMERGENCY PURCHASES
FOR THE YEAR ENDED JUNE 30, 2011
EMERGENCY PURCHASES
The Academy made the following emergency purchase during fiscal year 2011:
 Purchased textbooks at a cost of $35,629 due to the limited time frame in which the
textbooks were available by the supplier at a significantly discounted price.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SERVICE EFFORTS AND ACCOMPLISHMENTS
FOR THE YEAR ENDED JUNE 30, 2011
(Not Examined)
29
The internationally recognized Illinois Mathematics and Science Academy (Academy) was
founded by the State of Illinois to offer a uniquely challenging education for students talented in
mathematics and science and stimulate excellence for Illinois schools. The Academy’s advanced
residential college preparatory program enrolls academically talented Illinois students in grades
10-12. Through its statewide initiatives, the Academy also delivers professional development to
educators and enrichment programs to students throughout Illinois and beyond.
 Student Inquiry and Research (SIR) is an integral part of the academic program that enables
students to work independently with peers, prominent scholars and world-renowned scientists
to pursue their own compelling questions of interest, conduct research or invent products.
 In academic year 2009-10, the Academy was named the winner of the 2009 Intel Schools of
Distinction Star Innovator Award. Each year, only one educational institution in the nation is
the recipient of this prestigious recognition.
 Newsweek/The Daily Beast named IMSA one of the "Best High Schools in America" in its
annual ranking. IMSA has been recognized by Newsweek for six consecutive years.
 Members of the class of 2011 received recognition from national and international
competitions including the High School Mathematical Contest in Modeling (HiMCM), Intel
Science Talent Search, U.S. Physics Team, U.S. Chemistry Team, United States of America
Mathematics Olympiad, Siemens Award Competition and the National Russian Essay
Contest.
 Academy graduates are highly recruited by the nation’s top colleges and universities. The
Wall Street Journal ranks the Academy among the top college prep programs in the world to
place its graduates in U.S. Ivy League and highly selective colleges and universities. The five
Illinois colleges or universities that enrolled the highest number of Academy graduates
(Classes of 2007-2011) include University of Illinois at Urbana-Champaign, Northwestern
University, University of Chicago, University of Illinois at Chicago and Illinois Institute of
Technology. The five out-of-state colleges or universities that enrolled the highest number of
IMSA graduates (Classes 2007-2011) include Massachusetts Institute of Technology (M.I.T.),
Carnegie Mellon University, St. Louis University, Case Western Reserve University and
Washington University in St. Louis.
 Members of the Academy’s faculty and staff are models of professional growth and
achievement. They include presidential award winners, published authors, and a Nobel
Laureate in physics. In academic year 2010-11, all faculty members had advanced degrees,
with 51% holding doctorate degrees; and 25% certified by the National Board of Professional
Teaching Standards (NBPTS), the highest standard for excellence in the teaching profession.
STATE OF ILLINOIS
ILLINOIS MATHEMATICS AND SCIENCE ACADEMY
SERVICE EFFORTS AND ACCOMPLISHMENTS
FOR THE YEAR ENDED JUNE 30, 2011
(Not Examined)
30
The Academy delivers statewide professional development programs to teachers and enrichment
programs to students in Illinois and beyond. In the past decade, IMSA has served more than
68,900 students in its student programs and more than 19,000 educators in its educator
programs. For academic year 2010-2011, highlights of major outreach programs include:
 IMSA FUSION (Formerly known as Excellence 2000+ (E2K+) – IMSA FUSION offers an
award-winning after-school enrichment and teacher professional development program
throughout Illinois serving late elementary (grades 4-5) and middle school students
(grades 6-8) who are talented, interested and motivated in mathematics and science.
IMSA FUSION targets historically underserved and underrepresented students. IMSA
FUSION provides professional development in inquiry-based instruction, interactive
curriculum and lab kits for hands-on activities, and extensive support to partner schools.
 IMSA Statewide Student Initiatives – Hands-on enrichment programs are designed and
delivered by Academy staff and students to Illinois youth in grades 3-10. Weekend
workshops, summer camps and a traveling science show for targeted Illinois schools are
among the programs that get young students excited about learning math and science.
 IMSA Problem-Based Learning Network (PBLN) – The IMSA Problem-Based Learning
Network customizes professional development for K-16 teachers in problem-based
learning (PBL), which engages students in deep understanding of science, technology,
engineering, and mathematics (STEM) concepts through relevant, authentic problems.
Learners gather and apply knowledge from multiple disciplines in their quest for solutions.
 Programs for Preservice Teachers – The Academy partners with the Golden Apple
Foundation and a number of Illinois universities to deliver professional development to
university students who are preparing to become mathematics or science teachers. Known
as preservice teachers, these men and women spend portions of their summers
participating in Academy programs to receive training in curriculum planning and inquiry-based
instruction. Preservice teachers apply what they have learned through hands-on
teaching experiences with students enrolled in Academy summer programs.
 One-Day Programs for Educators - Through teacher fairs, seminars, professional learning
days and workshops, teachers learn about inquiry-based instructional activities that can be
readily used in their classrooms.
 Expansion of Programs and Services – To help expand its programs and services for
Illinois teachers and students, the Academy has three IMSA Field Offices in Chicago, the
Metro East Region and Rock Island. The Field Offices extend the Academy’s current
professional development and student enrichment programs and serve as central hubs for
math and science resources.