REPORT DIGEST

 

EASTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the 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.

 

 

 

AUDITORSí OPINION

 

††††† Our auditors state the Foundationís financial statements as of and for the year ended June 30, 2004 are 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 FOUNDATION

†††††††††† FINANCIAL AUDIT

†††††††† For the Period Ended June 30, 2004

 

STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS

2004

2003

OPERATING REVENUES

 

 

Gifts..................................................................................

Service contract with University.......................................

Budget allocation from University.....................................

Other operating income..................................................

†††† Total operating revenues................................................

$1,116,838

177,130

144,355

†††††† 81,061

$1,519,384

$1,259,018

195,246

60,803

†††† ††87,880

$1,602,947

OPERATING EXPENSES

Professional fees...............................................................................

In-kind expenses under contract with the University...........................

Personal services.............................................................................

Building expenditures.........................................................................

Budget expended at the University.....................................................

Other operating expenses..................................................................

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

††††† Operating income............................................................................

NONOPERATING REVENUES (EXPENSES)

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

Grants to University..........................................................................

Scholarships......................................................................................

Other nonoperating expenses.............................................................

Net nonoperating revenues..............................................................

Income before capital contributions....................................................

Capital contributions..........................................................................

INCREASE in net assets FOR THE YEAR...................................  

Net assets, beginning of the year............................................................

Net assets, end of the year.....................................................................

 

$ 115,211

98,406

84,225

30,504

144,305

†† 173,118

$ 645,769

$ 873,615

 

$4,683,976

(3,396,304)

(534,567)

(462,214)

$290,891

$1,164,506

†† 320,003

$1,484,509

30,184,551

$31,669,060

 

$ 174,514

125,621

66,316

63,300

60,803

†† 163,827

$ 654,381

$ 948,566

 

$2,086,361

(382,830)

(552,233)

(487,787)

$663,511

$1,612,077

†† 945,579

$2,557,656

27,626,895

$30,184,551

 

SELECTED ACCOUNT BALANCES AT JUNE 30

2004

2003

ASSETS

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

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

Other assets..........................................................................................

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

LIABILITIES AND NET ASSETS

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

Annuities payable..................................................................................

Demand mortgage payable.....................................................................

Due to others........................................................................................

Net assets.............................................................................................

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

 

$38,402,205

2,054,226

†††† 277,514

$40,733,945

$††††† 14,848

2,649,628

1,494,356

4,906,053

31,669,060

$40,733,945

 

$36,031,156

2,028,989

†††† 314,439

$38,374,584

 

$      94,453

2,356,871

1,425,581

4,313,128

30,184,551

$38,374,584

AGENCY EXECUTIVE OFFICER

During Audit Period and Currently:Ms. Patrice Stratton