IBHE



SAMPLE

NAME OF AUDITING FIRM

Independent Auditor’s Report

(Independent Colleges Capital Program)

_______, 20__

To the [GRANTEE)

and

To the Illinois Board of Higher Education

We have audited the Statement of Revenues and Expenditures of the Independent Colleges Capital Program fund of [GRANTEE] for the period July 1, 2012 through June 30, 2017. The Statement is the responsibility of the Grantee’s management. Our responsibility is to express an opinion on this Statement based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and guidelines for the Independent Colleges Capital Program issued by the Illinois Board of Higher Education. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement of Revenues and Expenditures is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall Statement presentation. We believe that our audit provides a reasonable basis for our opinion.

The accompanying Statement of Revenues and Expenditures was prepared for the purpose of complying with the terms of the Independent Colleges Capital Program and are not intended to be a complete presentation of the Grantee’s receipts and expenditures in conformity with generally accepted accounting principles.

In our opinion, the Statement referred to above presents fairly, in all material respects the revenues and expenditures of the Independent Colleges Capital Grant fund for the period July 1, 2012 through June 30, 2017, in conformity with generally accepted accounting principles. Pursuant to the terms of the grant referred to above, funds were expended for the project in the grant agreement and grant funds were not used for sectarian purposes.

This report is intended solely for the information and use of the [GRANTEE] and the Illinois Board of Higher Education. However, this report is a matter of public record and its distribution is not limited.

____________________________________

Independent Auditor

Illinois Department of Professional Regulation

License Number______________________

[GRANTEE]

ILLINOIS BOARD OF HIGHER EDUCATION

INDEPENDENT COLLEGES CAPITAL PROGRAM

STATEMENT OF REVENUES AND EXPENDITURES

FOR GRANT PERIOD ENDED JUNE 30, 2017 [OR EARLIER DATE]

| |Budget | |Actual |

| |

|Revenues: |

| |

| |Independent Colleges Capital Program |$ |1,036,911 | |$ |1,036,911 |

| |

|Expenditures: |

| |

| |Capital Project Description |

| |

| |Sprinklers in Dorm A |1,000,000 | |1,000,000 |

| | |

| |Window Replaced |36,911 | |36,911 |

| | |

| |Total Expenditures |1,036,911 | |1, 036,911 |

| |

|Excess of expenditures |$ |0 | |$ |0 |

| |

[GRANTEE]

ILLINOIS BOARD OF HIGHER EDUCATION

INDEPENDENT COLLEGES CAPITAL PROGRAM

NOTES TO FINANCIAL STATEMENT

FOR GRANT PERIOD ENDED JUNE 30, 2017 [OR EARLIER DATE]

1. Program Background

The Independent Colleges Capital Program provides private not-for-profit colleges and universities in Illinois with financial assistance with capital projects. This multi-year grant used a distribution formula based entirely on the fall 2008 student enrollment numbers. The formula provides a base grant and an FTE (full-time equivalent) student enrollment grant for each eligible institution. Institutions must certify the eligibility of the institution, the determination of credit hours using the methodology provided, and the use of funds only for eligible Capital Projects. Grant funds are distributed as the proceeds of Build Illinois Bond sales are made available to the Illinois Board of Higher Education.

2. Basis of Presentation

The financial statement is presented on a modified accrual basis of accounting. Grants are recorded as revenue when cash is received from the State of Illinois and expenditures are recorded when incurred or when obligations are established by executing purchase orders or firm contracts as of June 30, 2017 [OR EARLIER DATE] .

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