REPORT DIGEST

 

 

ILLINOIS STATE UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

 

For the Year Ended:

June 30, 2003

 

 

 

 

 

Release Date:

January 28, 2004

 

 

 

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

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

 

 

INTRODUCTION

This digest covers our financial audit of the Foundation for the year ended June 30, 2003.

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2003 financial statements of the Foundation are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:CML:pp

 

 

SPECIAL ASSISTANT AUDITORS

Clifton Gunderson LLP were our special assistant auditors for this audit.

 

                                  ILLINOIS STATE UNIVERSITY FOUNDATION

                                                       FINANCIAL AUDIT

                                             For The Year Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY2003

FY2002

REVENUE

Operating revenues

 

EXPENSES

Operating expenses

 

    Operating loss 9;

 

NONOPERATING REVENUES (EXPENSES)

Contributions – gifts and donations

Interest on capital related debt 9;

Investment income (loss)

    Other

        Net nonoperating revenues

 

        Income before additions to permanent endowments

 

Additions to permanent endowments

       Increase in net assets

 

NET ASSETS

      Net Assets-beginning of year

 

      Net Assets-end of year

 

$313,636

 

 

$3,829,376

 

($3,515,740)

 

 

$4,961,793

($43,090)

$905,048

($814,133)

$5,009,618

 

$1,493,878

$3,931,270

$5,425,148

 

$48,640,214

 

$54,065,362

 

$310,748

 

 

$5,795,850

 

($5,485,102)

 

 

$12,797,216

($70,056)

($3,134,164)

($614,487)

$8,978,509

 

$3,493,407

$1,516,560

$5,009,967

 

$43,630,247

 

$48,640,214

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2003

AT JUNE 30, 2002

Cash and Investments 9;

Total Assets

Long-Term liabilites 9;

Total Liabilities

Net Assets – Restricted-Nonexpendable 9;

Net Assets – Restricted-Expendable 9;

Total Net Assets

$47,571,298

$55,540,274

$1,221,570

$1,474,912

$28,525,765

$24,405,518

$54,065,362

$40,020,627

$50,698,768

$1,214,847

$2,058,554

$24,438,137

$22,506,084

$48,640,214

MANAGING DIRECTOR

During Audit Period: Dr. Susan Kern

Currently: Dr. Susan Kern