REPORT DIGEST

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2003

And

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

 

Summary of Findings

 

Total this audit                        0

Total last audit                        1

Repeated from last audit         0

 

 

Release Date:

February 24, 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

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

Our report disclosed no material compliance findings. The Foundation is commended for maintaining effective fiscal controls.

 

 

AUDITORSí OPINION

Our auditors state the June 30, 2003 financial statements of the Northeastern Illinois 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 Nykiel, Carlin & Co., LTD.

 

 

 

 

 

                  NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

                                                 FINANCIAL AUDIT

                                       For the Year Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2003

FY 2002

REVENUES (Operating and Nonoperating)

Contributions

Investment Revenue

Royalty Income

University Support

Permanent Endowment Additions

Other

Total Revenues

 

 

$ 188,873

70,868

75,000

67,507

93,693

20,019

$ 515,960

 

 

$ 179,285

62,908

75,000

56,516

57,050

16,846

$ 447,605

EXPENSES

Scholarships and Fellowships

University Support

Other Expenditures

Total Expenditures

Increase in Net Assets

 

 

$ 77,317

67,507

220,625

$ 365,449

$ 150,511

 

 

$ 80,225

56,516

239,254

$ 375,995

$ 71,610

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2003

AT JUNE 30, 2002

Cash

Investments

Charitable Remainder Trust

Other Assets

Total Assets

Liabilities

Total Net Assets

$ 668,385

1,445,056

375,000

15,266

 

$ 2,503,707

$ 6,507

$2,497,200

$ 313,517

1,644,217

375,000

15,804

 

$ 2,348,538

$ 1,849

$2,346,689

FOUNDATION EXECUTIVE DIRECTOR

During Audit Period: Terry Bush

Currently: Terry Bush