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.

 

 

AUDITORSí 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.)

 

 

                         GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION

                                                           FINANCIAL AUDIT

                                                 For the Year Ended June 30, 2004

 

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