REPORT DIGEST

CHICAGO STATE UNIVERSITY

FOUNDATION

 

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2003

 

Summary of Findings

 

Total this audit                       0

Total last audit                       0

Repeated from last audit        0

 

Release Date:

March 2, 2004

 

 

 

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

 

To obtain a copy of the Report contact:

Office of the Auditor General

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TDD (217) 524-4646

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material compliance findings disclosed during our audit tests. We commend the Foundation for maintaining effective fiscal controls.

 

AUDITORS' OPINION

Our auditors stated the June 30, 2003 financial statements of the Chicago State University Foundation are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

Washington, Pittman & McKeever, LLC were our special assistant auditors for this audit.

 

CHICAGO STATE UNIVERSITY FOUNDATION

FINANCIAL AND COMPLIANCE AUDIT

For The Two Years Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2003

FY 2002

REVENUES

     Operating revenues

EXPENSES

     Operating expenses

          Operating loss

NONOPERATING REVENUES (EXPENSES)

     Contributions

     Investment income (loss)

     In-kinds CSU

          Net nonoperating revenues

          Income (Loss) before other revenues, expenses,

          ; gains and losses

     Endowment contributions

          Increase (decrease) in net assets

NET ASSETS

     Net Assets beginning of year

     Net Assets End of year

 

 

$552,970

 

$1,502,465

($949,495)

 

$815,233

64,627

(13,661)

$866,199

 

($83,296)

$4,409

($78,887)

 

$1,894,942

$1,816,055

 

$515,310

 

$1,436,428

($921,118)

 

$961,898

(36,739)

(5,949)

$919,210

 

($1,908)

$10,000

$8,092

 

$1,886,850

$1,894,942

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30, 2003

At June 30, 2002

Cash and Investments

Total Assets

Accounts Payable and accrued liabilities

Total Liabilities

Net Assets Restricted-Nonexpendable

Net Assets Restricted Expendable

Net Assets Unrestricted

Total Net Assets

$2,047,315

$2,051,141

$53,909

$235,086

$1,286,017

$531,627

($1,589)

$1,816,055

$2,075,854

$2,078,612

$16,557

$183,670

$1,257,653

$470,002

$167,287

$1,894,942

FOUNDATION EXECUTIVE DIRECTOR

 

 

During Audit Period: Mr. Katey Assem

 

 

Currently: Mr. Katey Assem