Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 124]

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J12

board of trustees

[November 14

REPORT OF AUDIT Mr. Trees, for the Finance Committee, presented the following report of the auditors, Arthur Young & Company.

October 21, J 930 Board of Trustees, University of Illinois, Urbana, Illinois Dear Sirs, W e have audited the books of the University of Illinois for the quarterended September 30, 1930, and submit the following brief summary of the work done and the result of the audit: The cash receipts have been verified by checking all cash receipts vouchers into the cash book and examining a substantial portion of the original departmental records. Cash received as recorded has been duly deposited with the University Treasurer. The warrants drawn on the University Treasurer and the vouchers certified to the State Auditor have been checked into the cash book, and a substantial portion of the supporting vouchers has been examined with respect to authorization, object of expenditure and receipt of goods or services by the University. A number of pay roll vouchers for non-appointees has been checked against the original time reports on file in the respective Departments. Salaries of appointees have been checked against the notices of appointment issued by the Secretary of the University. The footings of the cash book have been proved. The cash balance in the hands of the University Treasurer as at September 30, 1930, together with the securities in his custody, as shown by the books of account, have been verified by actual inspection and confirmation from the depository. Cash on hand has been verified by actual count. The income for the quarter under audit has been verified by extensive detail checking and comparison with the reports of the Registrar and the files of the various operating departments. The accounts of the Chicago Departments and of the Stadium Fund have been audited along the lines indicated above and have been found correct. The records of the meetings of the Board of Trustees of July 23 and September 17, 1930, have been examined and all actions affecting thefinancesof the University, in so far as they had been consummated up to the time of our audit, have been checked into the books of account. The records of previous meetings have likewise been referred to with respect to items consummated during the quarter under audit. In the offices of the Purchasing Division w e have compared a number of the larger purchase orders issued with the relative bids and quotations. A number of construction contracts, together with purchase orders exceeding ?i,ooo in amount, have been checked against reports made to the Board of Trustees and have been found to agree therewith. W e hereby certify, that so far as we have been able to ascertain by an extended detail examination— All income which the University should have received during the quarter ended September 30, 1930, has been received and duly accounted for. All disbursements have been made for University purposes and have been properly authorized, and the expenditures have been correctly recorded in the books of account. The cash and securities as shown by the books at September 30, 1930, are correct in amount and have been verified by actual inspection, count or confirmation from the depository. The report of the comptroller to the Board of Trustees for the quarter ended September 30, 1930, a copy of which is attached hereto, is in accordance with the books and, in our opinion, is correct. The quarterlyfinancialreport of the comptroller to the Governor of the State of Illinois, covering the period beginning July 1, 1929, and ended September 30, 1930, is inOn motion of Mr. books and, in our opinion, isArthur Youngrecord. Yoursaccordance with the Trees, this report was correct. for & Company faithfully, received