REPORT DIGEST

 

NORTHERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

COMPLIANCE EXAMINATION

For the Two Years Ended

June 30, 2004

 

 

Release Date:

February 17, 2005

 

 

 

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 is also available on

the worldwide web at

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

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

††††† There were no material findings of noncompliance disclosed during our testing.We commend the Alumni Association for maintaining effective internal controls.

 

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the Alumni Associationís financial statements as of June 30, 2004, and for the year then ended were fairly presented in all material respects.

 

 

 

 

††††††††††††††††††††††† ____________________________________

††††††† ††††††††††††††††††WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

Our special assistant auditors were The Bronner Group, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

  

{Expenditures and Activity Measures are summarized on the reverse page.}

 


NORTHERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the Year Ended June 30, 2004

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES (Operating and Nonoperating)

Gifts.....................................................................

Royalties..............................................................

Net Investment Income........................................

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

 

$21,384

212

246,252

$267,848

 

$9,569

10,069

50,814

$70,452

EXPENSES

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

Institutional Support and Other Expenses..............

††††† Total Expenses...............................................

 

Decrease in Net Assets........................................

 

$53,000

303,447

$356,447

 

($88,599)

 

$67,250

355,880

$423,130

 

($352,678)

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2004

AT JUNE 30, 2003

Cash and Cash Equivalents...................................

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

Funds Held By NIU Foundation...........................

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

 

Accounts Payable and Other Liabilities.................

Total Liabilities.....................................................

 

Unrestricted Net Assets.......................................

Restricted Non-expendable Net Assets................

Restricted Expendable Net Assets........................

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

$ 0

0

2,873,070

$2,873,070

 

$74,112

$74,112

 

$2,485,017

106,789

207,152

$2,798,958

$ 1,527,050

13,304

1,387,596

$2,927,950

 

$40,393

$40,393

 

$2,552,608

94,006

240,943

$2,887,557

ASSOCIATION OFFICIALS

During Audit Period:Executive Director:Lee McCauley

Currently:Lee McCauley