REPORT DIGEST

 

EASTERN ILLINOIS UNIVERSITY

ALUMNI ASSOCIATION, INC.

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2003

and

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                      0

Total last audit                      0

Repeated from last audit       0

 

Release Date:

March 30, 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

 

INTRODUCTION

Our report covers the financial and compliance audit of Eastern Illinois University Alumni Association, Inc. Our audit was performed to express an opinion on the Associationís financial statements and to report on special data required by the University Guidelines. The Guidelines were issued by the Legislative Audit Commission to codify and improve the State universitiesí fiscal practices and administration of locally held funds.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material findings of noncompliance disclosed during our audit tests. We commend the Association for maintaining an effective system of internal controls.

AUDITORS' OPINION

The auditors state the Eastern Illinois University Alumni Association financial statements as of June 30, 2003 and for the year then ended are fairly presented in all material respects.

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAF:pp

SPECIAL ASSISTANT AUDITORS

Doehring, Winders & Co. LLP were our special assistant auditors for this engagement.

 

 

 

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

 

EASTERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION

 

               FINANCIAL AND COMPLIANCE AUDIT

            FOR THE PERIOD(S) ENDED JUNE 30, 2003

 

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN NET ASSETS

FY 2003

FY 2002

Operating Revenues

     Membership dues

     Service contract with University

     Budget allocation from University

     Alumni promotions

     Other operating revenue

          Total operating revenues

Operating Expenses

     Promotional activities

     In-kind expenses under contract with the University

     Postage, telephone and supplies

     Printing

     Meetings and receptions

     Budget expended at the University

     Professional fees

     Depreciation

     Insurance

     Personal services

     Dues and subscriptions

     Building expenditures

          Total operating expenses

Nonoperating Revenue (Expenses)

     Investment income

     Grants to University

     Interest expense

          Total nonoperating revenue (expense)

INCREASE (DECREASE) IN NET ASSETS

Net assets, beginning of year, as restated

Net assets, end of year

 

$47,485

24,536

8,125

860

4,108

$85,114

 

$26,841

24,536

16,912

11,666

8,562

8,125

7,220

5,999

3,036

2,863

746

557

$117,063

 

$88,377 (10,100)

(6,551)

71,726

$39,777

1,568,341

$1,608,118

 

$34,175

27,234

7,391

9,208

2,548

$80,556

 

$17,923

27,234

15,109

24,771

12,887

7,391

8,468

3,540

2,293

2,357

1,497

301

$123,771

 

$70,918

(41,037) (1,150)

28,731

$(14,484)

1,582,825

$1,568,341

SELECTED ACCOUNT BALANCES AT JUNE 30

FY 2003

FY 2002

Assets

Cash and investments

Capital assets, net of accumulated depreciation

Receivables and prepaid expenses

     Total Assets

 

$1,216,921

241,681

149,734

$1,608,336

 

$1,314,627

247,680

137,398

$1,699,705

Liabilities and Net Assets

Accounts payable and accrued liabilities

Mortgage payable

Invested in capital assets, net of related debt

Unrestricted net assets

     Total Liabilities and Net Assets

 

$218

-

241,681

1,366,437

$1,608,336

 

$3,364

128,000

119,680

1,448,661

$1,699,705

ALUMNI ASSOCIATION EXECUTIVE DIRECTOR

During Audit Period: Mr. Steve Rich, Executive Director

Currently: Mr. Steve Rich, Executive Director