Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 74]

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72

board of trustees

[September 17

cally as a unit and the total physical inventory on June 30, 1930, showed a liberal margin over the total of our book account at that time. This is a matter which has our constant attention. Cordially yours,

Lloyd Morey

Comptroller August 18, 1930 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 June 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 those 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 receipts of goods or services by the University. A number of payroll vouchers has been checked against the original time reports onfilein the respective Departments. The footings of the cash book have been proved. The cash balance in the hands of the University Treasurer as at June 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. Physical Inventories taken by the several stores departments near the close of the fiscal year have been recalculated by us and adjusted to June 30, 1930, by taking into account receipts and issues from the date of the inventory to June 30. A liberal selection of items has been verified as to quantity by actual inspection of the material and as to prices by comparison with the records of the Purchasing Division. During the course of our examination w e found that the physical inventories of Chicago General Stores, General Chemical Stores, and Physical Plant Stores are somewhat in excess of the amounts shown in the respective control accounts, due to the fact that occasionally material charged to other departments has not been entirely used and a portion has been returned to stores. Adjustment is made periodically in the control accounts to bring them Inventory over or agreement$with the23 $2 600 90 $ 2 161 67 Physical into approximate Short.. 429 physical inventories. The inventory of office supplies compares with the control close agreement with While the inventory of office supplies at purchase price is in account as follows: Purchase the respective control account, the control account of overhead incurred in connection Price Overhead Total with these supplies is in excess of the overhead contained in the physical inventory. Physical Inventory rate of overhead charged to84 $ 928 68 connection with $22 288 departments in $23 217 52 A slight increase in the Control Account 21 of 61 3 into agreement 19 office supplies furnished will bring the control 849overhead 529 58 25 379with the detail stores inventory. The departmental accounts of W o r k in Process have been examined in detail and have been found to be in agreement with the controlling account in the general ledger. The income for the quarter under audit has been verified by extensive detail checking and comparison with the reports of the Registrar and thefilesof 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 April 9, M a y 9, June 3, and June 19, 1930, have been examined and all actions affecting the finances of the University, in so far as they had been consummated up to the time of our audit, have