REPORT DIGEST

 

EASTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

Release Date:

November 29, 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 and Full Report are also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

 

 

 

AUDITORSí OPINION

 

       Our auditors state the Foundationís financial statements as of and for the year ended June 30, 2006 are fairly presented in all material respects.

 

 

 

 

 

                      ______________________________________

                    WILLIAM G. HOLLAND, Auditor General

 

   WGH:KMA:PP

 

 

                        SPECIAL ASSISTANT AUDITORS

 

      E.C. Ortiz & 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 Year Ended June 30, 2006

      

   

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2006

FY 2005

OPERATING REVENUES

 

 

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

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

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

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

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

$1,164,331

187,829

45,025

135,429

$1,532,614

$903,941

183,683

49,501

126,201

 $1,263,326

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

 

$124,085

109,204

117,378

39,780

45,025

200,073

$635,545

$897,069

 

$2,484,063

(866,092)

(614,524)

(62,853)

$940,594

$1,837,663

1,314,678

$3,152,341

35,656,231

$38,808,572

 

              $ 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

SELECTED ACCOUNT BALANCES AT JUNE 30

2006

2005

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

 

$45,856,980

2,015,002

205,292

$48,077,274

 

$      13,551

2,321,548

1,512,238

5,421,365

38,808,572

$48,077,274

 

$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

AGENCY EXECUTIVE OFFICER

During Audit Period and Currently:  Ms. Patrice Stratton