REPORT DIGEST

 

EASTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2005

 

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended:

June 30, 2005

 

Summary of Findings

Total this audit                     0

Total last audit                     2

Repeated from last audit      0

 

Release Date:

February 22, 2006

 

 

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

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

There were no material findings of noncompliance disclosed during our testing.  We commend the Foundation for maintaining effective internal controls.

 

 

AUDITORSí OPINION

 

       Our auditors state the Foundationís financial statements as of and for the year ended June 30, 2005 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(S) ENDED JUNE 30, 2005 and 2004

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended June 30, 2005

      

   

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

2005

2004

OPERATING REVENUES

 

 

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

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

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

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

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

$903,941

183,683

49,501

      126,201

 $1,263,326

$1,116,838

177,130

144,355

       81,061

 $1,519,384

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

 

              $ 95,005

               105,058

               110,989

                 34,414

                 49,501

               207,438

            $ 602,405

            $ 660,921

          $2,745,148

          (1,022,676)

             (523,678)

             (368,039)

           $  830,755

          $1,491,676

            2,495,495

          $3,987,171

          31,669,060

        $35,656,231

 

$ 115,211

98,406

84,225

30,504

144,355

   173,068

 $ 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

SELECTED ACCOUNT BALANCES AT JUNE 30

2005

 2004

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

 

$42,806,845

2,043,645

     218,145

$45,068,635

 

$      13,552

2,693,105

1,512,238

5,193,509

35,656,231

$45,068,635

 

$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

AGENCY EXECUTIVE OFFICER

During Audit Period and Currently:  Ms. Patrice Stratton