REPORT DIGEST



CHICAGO STATE UNIVERSITY FOUNDATION



FINANCIAL AUDIT
For the Year Ended:
June 30, 1996







Release Date:
May 15, 1997









State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046

INTRODUCTION

This report covers our financial audit for the year ended June 30, 1996. A compliance audit covering the two years ending June 30, 1997 will be performed next year. However, during our financial audit work, we noted several compliance findings which have been reported in a separate letter stapled inside the back cover of the financial audit report. The findings noted included the following:
  • The Foundation did not obtain signed promissory notes for two loans.
  • The Foundation's bank account was not fully insured or collateralized.
  • The Foundation did not maintain a complete accounting system.
  • The Foundation awarded scholarships to students who did not meet the minimum academic achievement requirement.
The Foundation has accepted all of our recommendations for corrective action, and we will follow up on each of these findings in our 1997 compliance audit.

AUDITORS' OPINION

Our auditors state the financial statements of Chicago State University Foundation at June 30, 1996 are fairly presented.



____________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:ROQ:ak

SPECIAL ASSISTANT AUDITORS

Pandolfi, Topolski, Weiss & Co., Ltd. were our Special Assistant Auditors for this audit.

{Expenditures and Activity Measures are summarized on the reverse page.}

 

CHICAGO STATE UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For the Year Ended June 30, 1996

FINANCIAL OPERATIONS (ALL FUNDS)

FY 1996

FY 1995

REVENUE
Contributions
Investment Revenue
Other Revenue
Total Revenue

EXPENDITURES
Scholarships
University Support
Direct Program
Total Expenditures

EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES


$740,864
46,526
10,178
$797,568


$62,629
106,919
472,259
$641,807

$155,761


$215,842
45,701
0
$261,543


$50,993
74,119
172,672
$297,784

$(36,241)

 

SELECTED ACCOUNT BALANCES
(ALL FUNDS)

AT JUNE 30,
1996

AT JUNE 30,
1995

Assets $835,655 $677,753
Liabilities $140,504 $138,363
Fund Balance:

Unrestricted
Restricted



($10,318)
$705,469


($115,215)
$654,605

 

FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Delores J. Brooks
Currently: Delores J. Brooks