REPORT DIGEST
ILLINOIS STATE UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For the Year Ended:
June 30, 1996
COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 1996
Summary of Findings:
| Total this audit | 1 |
| Total last audit | 0 |
| Repeated from last audit | 0 |
Release Date:
May 15, 1997
State of Illinois
Office of the Auditor General
WILLIAM G. HOLLAND
AUDITOR GENERAL
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046
FINDINGS,
CONCLUSIONS, AND
RECOMMENDATIONS
- Our report contains one compliance finding concerning the lack of an agreement which documents the collateralization of the Foundation's bank deposits. A representative of the Foundation's bank stated the Foundation's deposits in excess of FDIC insurance were covered by a collateral agreement. However, neither the bank representative nor Foundation personnel could locate a signed copy of the collateral agreement. Foundation officials responded that the Foundation has historically been covered by the University's collateral agreement. They said a separate agreement has now been signed by the Foundation and will be retained.
AUDITORS' OPINION
- Our auditors stated the June 30, 1996 financial
statements of the Foundation are fairly
presented.
____________________________________
WILLIAM G. HOLLAND, Auditor GeneralWGH:KMA:pp
SPECIAL ASSISTANT AUDITORS
- Geo. S. Olive & Co. LLC were our special
assistant auditors for this audit.
{Expenditures and Activity Measures are summarized on the next page.}