REPORT DIGEST

NORTHERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

Release Date:

February 2, 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 is also available on

the worldwide web at

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

INTRODUCTION

      Our report covers the financial audit for the period ending June 30, 2005.  A compliance examination covering the two years ending June 30, 2006 will be issued at a later date.

AUDITORS’ OPINION

                  Our auditors state the Alumni Association’s financial statements as of June 30, 2005 were fairly presented.

                        ____________________________________

                          WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

      Clifton Gunderson, LLP were our special assistant auditors on this audit.

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

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2005

FY 2004

REVENUES (Operating and Nonoperating)

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

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

Program Support from NIU President Allocation

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

      Total Revenues..............................................

$24,754

0

10,000

195,339

$230,093

$21,384

212

0

246,252

$267,848

EXPENSES

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

Institutional Support and Other Expenses

      Total Expenses...............................................

Decrease in Net Assets

$45,000

640,305

$685,305

($455,212)

$53,000

303,447

$356,447

($88,599)

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2005

AT JUNE 30, 2004

Cash and Investments Administered 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..................................................

$ 2,441,270

$ 2,441,270

$97,524

$97,524

$2,004,066

113,970

225,710

$2,343,746

$ 2,873,070

$ 2,873,070

$74,112

$74,112

$2,485,017

106,789

207,152

$2,798,958

ASSOCIATION OFFICIALS

During Audit Period:  Executive Director:  Lee McCauley (July 1, 2004 – June 30, 2005)

Currently:  Michael Malone - Interim Executive Director – Effective July 1, 2005