REPORT DIGEST

 

CHICAGO STATE UNIVERSITY

FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2004

 

 

Release Date:

January 27, 2005

 

 

 

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 TTY (888) 261-2887

 

This Report Digest is also available on

the worldwide web at

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

 

 

 

 

 

INTRODUCTION

 

Our report covers the financial audit for the period ending June 30, 2004.

 

 

 

 

AUDITORS' OPINION

 

Our auditors stated the June 30, 2004 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

 

Nykiel Carlin & Co., LTD were our special assistant auditors for this audit.

CHICAGO STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For The Year Ended June 30, 2004

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES

Operating revenues.........................................................

 

EXPENSES

Operating expenses........................................................

 

Operating loss..........................................................

 

NONOPERATING REVENUES (EXPENSES)

CRCP grant...................................................................

Contributions..................................................................

Investment income..........................................................

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

 

$778,782

 

 

$3,793,384

 

($3,014,602)

 

 

$2,200,000

1,112,309

77,296

(30,938)

$3,358,667

 

$344,065

$11,610

$355,675

 

 

$1,816,055

$2,171,730

 

$552,970

 

 

$1,502,465

 

($949,495)

 

 

$0

815,233

64,627

(13,661)

$866,199

 

($83,296)

$4,409

($78,887)

 

 

$1,894,942

$1,816,055

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30, 2004

At June 30, 2003

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...............................................................

$4,049,672

$4,050,690

$1,667,999

$1,878,960

$1,403,509

$754,181

$14,040

$2,171,730

$2,047,315

$2,051,141

$53,909

$235,086

$1,286,017

$531,627

($1,589)

$1,816,055

FOUNDATION EXECUTIVE DIRECTOR

 

 

During Audit Period: Mr. Katey Assem

 

 

Currently: Mr. Katey Assem