REPORT DIGEST

GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the One 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 ended June 30, 2004.

AUDITORS’ OPINION

     Our auditors stated the financial statements of Governors State University Alumni Association as of June 30, 2004 and for the year then ended are fairly presented in all material respects.

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

     Our special assistant auditors on this audit were Nykiel Carlin & Co., LTD.

(Expenditures and Activity Measures are summarized on the reverse page.)

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES

         Operating revenues.................................................

EXPENSES

         Operating expenses.................................................

            Operating loss......................................................

NONOPERATING REVENUES

            Contributions.......................................................

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

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

                 Loss before other revenues

                 expenses, gains and losses...............................

            Additions to permanent endowments....................

                 Decrease in net assets.....................................

NET ASSETS

            Net assets-beginning of year.................................

            Net assets-end of year.........................................

$34,209

$143,057

($108,848)

$81,285

    6,926

$88,211

($20,637)

$17,949

($2,688)

$184,833

$182,145

$35,791

$184,808

($149,017)

$89,405

    3,426

$92,831

($56,186)

$1,806

($54,380)

$239,213

$184,833

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2004

AT JUNE 30,

2003

Cash and Cash Equivalents...............................................

Endowment Investments...................................................

        Total Assets.............................................................

Total Liabilities.................................................................

Net Assets

       Restricted Nonexpendable........................................

       Restricted Expendable...............................................

       Unrestricted..............................................................

       Total Net Assets.......................................................

$ 169,171

       62,378

$ 231,549

$49,404  

$ 76,827

29,268

    76,050

$182,145

$ 166,520

       42,104

$ 208,624

$23,791  

$ 58,877

18,771

  107,185

$184,833

ALUMNI ASSOCIATION EXECUTIVE DIRECTOR

During Audit Period: Rosemary Hulett

Currently: Rosemary Hulett