Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 519]

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UNIVERSITY OF ILLINOIS

517

Q U A R T E R L Y A U D I T O F UNIVERSITY A C C O U N T S (n) A report from Arthur Young and Company, public accountants, on their audit of the accounts of the University for the quarter ended December 31, 1931. January 22, 1932 Board of Trustees, University of Illinois, Urbana, Illinois Dear Sirs, W e have audited the books of the University of Illinois for the quarter ended December 31, 1931, and submit the following 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 departmentai 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 for payment 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 payroll vouchers of nonappointees has been checked against the original time reports on file in the respective departments. Salaries paid to appointees have been checked against the Secretary's letters of appointment. The footings of the cash book have been proved. The cash balance in the hands of the University Treasurer at December 31, 1931, together with the securities of the University in his custody, as shown by the books of account, have been verified by actual inspection and/or confirmation from the depository. W e have also examined the securities deposited by the depository bank, protecting the general University funds on deposit. According to records onfilein the business office, these securities amounted to $835,000 on December 31, 1931, and University funds, other than trust funds, on deposit at the same date amounted to $817,088.76. Of the securities so deposited, $25,000 $810,800 were withdrawn on January 6, 1932, leaving on deposit $810,800 of securities at Cash on hand was verified by actual count. the time of our inspection, January 9, 1932, and made up as follows: The income for the qiiarter under audit has been verified by extensive detail Obligations of the United States .•••• -.•. $805,800 checking and comparison with thefilesof the Registrar and of the various Champaign County, Illinois, Tax Anticipation Warrants 5,ooo 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. Appropriation accounts kept at the Chicago business office have been reconciled with the corresponding control accounts kept at Urbana. The records of the meetings of the Board of Trustees of October 30, November 16 and December 15, 1931 have been examined and all actions affecting the finances of the University, in so far as they had been consummated at the time of our audit, have been checked into the books of account. The records of previous meetings have likewise been examined with respect to transactions consummated and recorded in thefinancialbooks during the quarter under audit. The records of the purchasing division have been inspected and a number of the larger purchase orders issued have been compared with relative bids and quotations. Contracts and bids onfilein the office of the Supervising Architect have been checked against reports made to the Board of Trustees as shown in the minutes of the meetings of the Board. 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 December 31, 1931 has been received and duly accounted for.