REPORT DIGEST

 

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

 

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2006

 

 

 

 

 

Release Date:

November 29, 2006

 

 

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 TTY (888) 261-2887

 

This Report Digest and Full Report are also available on

the worldwide web at http://www.state.il.us/auditor

 

 

 

INTRODUCTION

 

Our report covers the financial audit for the period ended June 30, 2006.

 

 

 

 

 

 

AUDITORSí OPINION

 

††††† Our auditors state the June 30, 2006 financial statements of the Northeastern Illinois University Foundation are fairly presented in all material respects.

 

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

 

††††† Our special assistant auditors for this audit were E.C. Ortiz & Co., LLP.

 

 

 

 

 

 

 

 

 

 

 

(Expenditures and Activity Measures are summarized on the reverse page.)

 


††††††††††††††††††††††††† NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† FINANCIAL AUDIT

††††††††††††††††††††††††††††††††††††††††††††††††† For the Year Ended June 30, 2006

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2006

FY 2005

REVENUES (Operating and Nonoperating)

††† Contributions....................................................................

††† Investment Income............................................................

††† University Support............................................................

††† Gain on Sale of Charitable Remainder Trust Asset.............

††† Permanent Endowment Additions......................................

††† Other................................................................................

†††† †††† Total Revenues...........................................................

 

$ 250,954

213,471

67,756

0

60,141

††† 8,257

$ 600,579

 

$ 338,642

184,329

65,902

142,421

453,265

††† 12,685

$ 1,197,244

EXPENSES

††† Scholarships and Fellowships........................................

††† University Support........................................................

††† Other Expenditures...........................................................

†††† †††† Total Expenditures......................................................

††††

Increase in Net Assets..........................................................

 

$150,690

67,756

309,228

$ 527,674

 

$ 72,905

 

$89,610

65,902

266,355

$ 421,867

 

$ 775,377

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2006

AT JUNE 30, 2005

Cash.....................................................................................

Investments...........................................................................

Other Assets.........................................................................

Total Assets..........................................................................

 

Liabilities...............................................................................

Total Net Assets...................................................................

 

$†††††† 182,434

3,390,819

†††††† 24,839

$ 3,598,092

 

$†††††† 16,458

$3,581,634

 

$†††††† 302,068

3,187,501

†††††† 25,040

$ 3,514,609

 

$†††††† 5,880

$3,508,729

 

FOUNDATION EXECUTIVE DIRECTOR

††† During Audit Period: Terry Bush

††† Currently: Terry Bush