REPORT DIGEST

GOVERNORS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

Release Date:
February 27, 2003

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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

 

 

INTRODUCTION

Our report covers the financial audit for the period ended June 30, 2002.

 

 

AUDITORS’ OPINION

Our auditors state the June 30, 2002 financial statements of the Governors State University Foundation are fairly presented in all material respects.

 

 

 

____________________________________

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 AUDIT
For the Period Ended June 30, 2002

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2002

FY 2001
REVENUE

Contributions
Investment Revenue
Support from University
Other
Total Revenues

EXPENSES

Scholarships
University Support
General & Fundraising
Performing Arts
Other
Total Expenses

 

$231,957
(88,159)
60,491
57,593
$261,882

 

$88,367
96,094
29,595
63,425
12,036
$289,517

  

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

 

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

AT JUNE 30, 2002

AT JUNE 30,2001
Cash and Investments
Sculptures
Accounts Receivable
Total Assets
Accounts Payable
Net Assets
Invested in Capital Assets
Restricted - Nonexpendable
Restricted - Expendable
Current Unrestricted (deficit)
Total Net Assets

$821,315
1,091,851
92,702
$2,005,868
$132,531

$1,091,851
670,471
114,871
($3,856)
$1,873,337

$1,070,831
1,091,851
500
$2,163,182
$262,210

$1,091,851
652,349
158,824
(2,052)
$1,900,972
FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Brandon Senter
Currently: Brandon Senter