REPORT DIGEST

GOVERNORS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT
For the One Year Ended:
June 30, 2001
and

COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 2001

Summary of Findings:

Total this audit 0
Total last audit 0
Repeated from last audit 0

Release Date:
March 26, 2002

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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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046 or TDD (217) 524-4646
This Report Digest is also available on
the worldwide web at
www.auditor.illinois.gov

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

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

 

 

AUDITORS’ OPINION

Our auditors state the June 30, 2001 financial statements of the Governors State University Foundation are fairly presented.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were

De Raimo, Hillger & Ripp.

{Expenditures and Activity Measures are summarized on the reverse page.

 

GOVERNORS STATE UNIVERSITY FOUNDATION
FINANCIAL AND COMPLIANCE AUDIT
For the Period Ended June 30, 2001

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2001

FY 2000

REVENUE

Contributions
Investment Revenue
Support from University
Other
Total Revenues

EXPENDITURES

Scholarships
University Support
General & Fundraising
Performing Arts
Other
Total Expenditures

 

$508,018
(127,472)
59,960
62,676
$503,182

 

$131,377
256,087
26,505
303,875
97,346
$815,190

 

$ 311,572
98,957
73,130
143,696
$ 627,355

 

$ 154,570
164,802
19,444
1,053
208,178
$ 548,047

SELECTED ACCOUNT BALANCES

AT JUNE 30, 2001

AT JUNE 30, 2000

Cash and Investments
Sculptures
Accounts Receivable
Total Assets
Accounts Payable
Fund Balances
Current Unrestricted
Current Restricted
Endowment Fund
Total Fund Balances
Total Liabilities and Fund Balances

$1,070,831
1,091,851
500
$2,163,182

$262,210

$(2,052)
1,250,675
652,349
$1,900,972
$2,163,182

$ 1,199,001
1,091,851
11,120
$ 2,301,972

$ 88,992

$ (3,238)
1,582,314
633,904
$ 2,212,980
$ 2,301,972

FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Brandon Senter
Currently: Brandon Senter