ERIC Number: ED260742
Record Type: Non-Journal
Publication Date: 1984-Aug
Reference Count: N/A
Financial Reporting Practices in Illinois Public Community Colleges.
Skeadas, Gus J.
A study was conducted to determine how well Illinois' 38 community college districts satisfied the needs of board members, creditors, investors, and tax payers for financial information. A list of 38 financial reporting requirements was developed from the requirements of the Illinois Community College Board (ICCB) and guidelines from the Audits of State and Local Government Units, Audits of Colleges and Universities, College and University Business Administration, and National Council on Government Accounting. These requirements were compared with copies of Fiscal Year 1983 audit reports from the 38 districts. The study found: (1) total compliance among the colleges was found for the requirements related to assessment of the fairness of financial statements, unqualified opinion on the auditor's scope, inclusion of three mandatory financial statements, inclusion of the basis of accounting, the use of fund accounting, the inclusion of a schedule or note on long-term debt, and the avoidance of recording depreciation as an expense; (2) there was a significant lack of compliance with certain of the ICCB requirements (e.g., audit confirmation of all ICCB grants and audit deadlines); and (3) none of the districts made any attempt to measure their efficiency. (EJV)
Publication Type: Reports - Research; Tests/Questionnaires
Education Level: N/A
Authoring Institution: Lincoln Land Community Coll., Springfield, IL.
Identifiers - Location: Illinois