Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 599]

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1932 J

U N I V E R S I T Y O F ILLINOIS

597

Q U A R T E R L Y AUDIT OF UNIVERSITY ACCOUNTS

(22) A report from Arthur Young and Company, public accountants, on their audit of the accounts of the University for the quarter ended March 31, 1932. April 29, 1932 Board of Trustees, University of Illinois, Urbana, Illinois D e a r Sirs, W e have audited the books of the University of Illinois for the quarter ended March 31, 1932, 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 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 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 pay roll vouchers of non-appointees has been checked against the original time reports onfilein 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 balances at March 31, 1932, in the hands of the Ex-treasurer of the University, Hazen S. Capron, and of the University Treasurer, Frank M . Gordon, have been confirmed to us by the depositories, the First National Bank of Chicago and the Receiver of the First National Bank, Champaign, as follows: Hazen S. Capron: First National Bank, Champaign Balance as confirmed by Receiver $887 558 51 Deduct: Proceeds of sale of collateral securities, March 16, 1932 386 726 55 Balance as per Books $500 831 96 First National Bank of Chicago Balance as confirmed by the Bank i f 793 41 Deduct: Outstanding Warrants 387 04 Balance as per Books 406 37 $501 238 33 Frank M . Gordon: First National Bank of Chicago Balance as confirmed by the Bank $571 427 68 Deduct: Outstanding Warrants 423 686 16 $147 741 52 Add: Deposits in transit, net 2 966 11 Balance as per Books 15° 7°7 D3 $651 945 96 Shown on books as follows: General Funds Cash $511 461 04 Trust Funds Cash 140 484 92 $651 945 96 The First National Bank, Champaign, suspended payment at the close of January 16, 1932. The following University funds were then on deposit at this bank: Hazen S. Capron, Treasurer $887 558 51 Business Office 14 545 01 Creamery 1 027 l5 Stadium Fund 243 65 *9°3 374 32 At the the Comptroller Bank, University. Of at to to joint ?379>75<> pa<~ Treasurer and thedate, collateral the Champaign, subjectparthe $810,800 had been deposited bysame First National ofsecurities amounting these securities,control of the