REPORT DIGEST

 

EASTERN ILLINOIS UNIVERSITY

ALUMNI ASSOCIATION, INC.

 

FINANCIAL AUDIT

For the Years 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 years ending June 30, 2004.

 

 

AUDITORSí OPINION

 

††††† Our auditors state the Alumni Associationís financial statements as of June 30, 2004 were fairly presented in all material respects.

 

 

 

 

 

                                                         ††††††††††††††††††††††††

††††††††††† †††††††††††††††††† WILLIAM G. HOLLAND, Auditor General

 

†† WGH:TLK: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 AUDIT

FOR THE PERIOD ENDED JUNE 30, 2004

 

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2004

FY 2003

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

†††† Bad debt expense..........................................................

†††† Building expenditures.....................................................

†††††††† Total operating expenses.............................................

Nonoperating Revenue (Expenses)

†††† Investment income.........................................................

†††† Scholarships..................................................................

†††† 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........................................................

 

†††††† $41,710

††††††† 25,240

†††††† 23,549

†††††††† 1,177

†††††††††† 3,472

†††††† $95,148

 

†††††† $34,519

†††††††† 25,240

†††††††† 10,320

†††††††† 18,281

††††††††† 9,978

††††††† 23,549

††††††††† 8,018

†††††††††† 5,999

†††††††††† 3,272

††††††††† 2,401

††††††††††† 554

†††††††††† 5,900

†† ††††††4,111

††††† $152,142

 

†††††† $32,385

††††††††† (5,200)

††††††† (10,500)

†† ††††††††††††† 0

††† †††† 16,685

††††† ($40,309)

††† 1,608,118

†† $1,567,809

 

†††††††† $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

††††††††††††††††† 0

†††† ††††††††† 557

†††††† $117,063

 

†††††††† $88,377

††††††††††††††††† 0

†††††††† (10,100)

††††  †††† (6,551)

††††† †††† 71,726

†††††††† $39,777

†††† 1,568,341

†††† $1,608,118

 

SELECTED ACCOUNT BALANCES AT JUNE 30

FY 2004

FY 2003

Assets

†† Cash and investments......................................................

†† Capital assets, net of accumulated depreciation..................

†† Receivables and prepaid expenses....................................

†††††† Total Assets.................................................................

 

$1,195,812

235,682

†††† 137,521

$1,569,015

 

$1,216,921

241,681

†††† 149,734

$1,608,336

Liabilities and Net Assets

†† Accounts payable and accrued liabilities............................

†† Invested in capital assets, net of related debt.....................

†† Unrestricted net assets.....................................................

†††††† Total Liabilities and Net Assets.....................................

 

$1,206

††††††††† 235,682

†† 1,332,127

$1,569,015

 

$218

†††††††† 241,681

†† 1,366,437

$1,608,336

ALUMNI ASSOCIATION EXECUTIVE DIRECTOR

†† During Audit Period and Currently:Mr. Steve Rich, Executive Director