Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 173]

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170

BOARD OF TRUSTEES

[May 17

HONORS DAY CONVOCATION On motion of Mrs. Evans, the Board voted to take a recess at 9:45 a.m. in order to attend the Honors Day Convocation in a body. MATTERS PRESENTED BY PRESIDENT KINLEY After the recess, the Board considered the following matters presented by the President of the University. AUDITORS' REPORT

(1) The report of Arthur Young & Company of their audit of the accounts of the University for the quarter ending March 31, 1929, accompanied by a letter explaining a statement in the report. M a y 10, 1929 Board of Trustees, University of Illinois, Urbana, Illinois D e a r Sirs, W e have completed the audit of the accounts of the University of Illinois for the quarter ending March 31, 1929, and now submit our report thereon together with our Certificate of Audit and the following details: Schedule I Income Realized for the quarter ending March 31, 1929 Schedule II Cash Receipts and Disbursements for the quarter ending March 3}, '929 Appendix A Details of Examination and Verification Appendix B System of Internal Check in Force Appendix C Tentative Program for Regular Quarterly Audits In accordance with your request we have made a detailed examination of the books and records of the Business Offices in Urbana and in Chicago and of the various Departments. Details of the work done are given in Appendices A and B. Income Realized and Cash Receipts and Disbursements are summarized in Schedules I and II, respectively. In Appendix C we submit a Tentative Program for Regular Quarterly Audits, on which we comment later. W e find that during the period covered by our audit, all income has been properly recorded and that all cash receipts have been promptly deposited with the Treasurer of the University. All disbursements are supported by vouchers properly prepared and duly authorized. Cash and securities have been verified by inspection, actual count and confirmation received direct from the depositories. Purchases have been made after obtaining quotations and competitive bids wherever practicable. The system of accounting is well adapted to give a proper control of detail records and an adequate survey offinancialcondition and of operations. The entries in the journals, cash books and ledgers have been correctly footed and posted throughout. Supporting documents, such as warrants, vouchers, sales tickets, cash reports, etc., in the Business Offices and in the various Departments were found properly filed and easy of access. W e have carefully investigated the system of internal check safeguarding the University's funds. A description of the more important features noted is given in Appendix B. The Comptroller's report to the Board of Trustees for the quarter ending March 31, 1929, a copy of which accompanies our report, has been checked with the books in the Business Office and has been found in agreement throughout. This report exhibits the Balance Sheet, Trust Accounts and Appropriation Accounts as at March 31, 1929, in full detail, together with statements of operation, and we submit no additional statements other than Schedules I and II which contain figures for the quarter under audit only. While we have found the system of accounting and of internal check very satisfactory, we offer the following recommendations: 1. T o extend the practice of numbering blank forms so as to include those now Formuse which 11-24 for 2-29-J823-S used in the collection e students' Formsloans andareusedar>d report of money received by the H o m of Economics in Department not numbered, to-wit— 10-27-344-S Bursar interest thereon