Repository: UIHistories Project: Board of Trustees Minutes - 1910 [PAGE 110]

EXTRACTED TEXT FROM PAGE:

72

UNIVERSITY OF ILLINOIS.

[ J a n . 15

CHICAGO, Dec. 15, 1908.

Mr. Lewis L. Lehman, Chairman, Finance Committee, University of Illinois, Mattoon, Illinois: • DEAR SIR—Upon examination of the records and accounts of the University of Illinois, we find their condition as reflected in the following exhibits: Exhibit "A"—Trial balance of Dec. 31, 1907: all cash credit entries, warrant charges and transfer and adjustment entries for the six months subsequent to that time and the final correct trial balance as at June 30, 1908. Exhibit "5"—Is a detailed statement of cash receipts and expenditures showing balance of cash available, in hands of chief clerk and on deposit to the credit of the University in the State Bank of Chicago. Exhibit "0"—Reconcilement of chief clerk's cash balance as shown on cash book, June 30, 1908. Exhibit "D"—Reconcilement of treasurer's cash in bank with debit to his account as represented in the general ledger. Exhibit "E"—Statement of students' fees and deposits for session of 19071908, unpaid at Nov. 6, 1908. Exhibit "F"—Statement of missing and unreceipted vouchers'. Exhibit "(r"—Summary of warrants outstanding of the several different funds with schedules of outstanding warrants for each fund attached. Exhibit "i?"—Reconcilement of difference of $934.68 as appearing in treasurer's account June 30, 1906, and in subsequent reports; and the following schedules supporting Exhibit "G:" Schedule "i"—Outstanding warrants, general fund, June 30, 1908. Schedule "2"—Outstanding warrants, College of Medicine, June 30, 19*08. Schedule "3"—Outstanding warrants, School of Pharmacy, June 30, 1908. Schedule "4r—Outstanding warrants, (Agricultural Experiment Station, June 30, 1908. In Exhibit "D" we have taken all adjusting entries into consideration, thus eliminating the difference of $934.68 appearing in f previous reports. The treasurer's balance should be reconciled with the chief clerk's records at the close of every quarter. This, on account of the large increase in the number of warrants issued, would do away with any difference arising in this account. An audit after every quarter would no doubt prove more economical and satisfactory in the end. The treasurer's quarterly reports of warrants paid during has administration we found to be inaccurate, and in order to obtain a correct list of warrants outstanding we found it necessary to have the treasurer's records brought to Champaign. The statement of outstanding students' fees and deposits as shown in Exhibit " F " must be taken as tentative, the records which were submitted by -the registrar being kept on loose sheets and made up by the registrar's department. These were checked against the chief clerk's records. The old difference of $934.68, as reconciled in Exhibit "H,'' was caused by errors in previous statements of outstanding warrants and by incorrect entries made on the general books of the University. With the reports and lists of warrants paid which were submitted during Mr. Keith's administration, it was impossible to verify the treasurer's account. Very truly yours,

C. W. KTS-ISELY, C. P. A.,

President.