REPORT DIGEST

NORTHERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the 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 the Full Report are also available on

the worldwide web at

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

INTRODUCTION

      This digest covers the financial audit for the period ending June 30, 2006. A compliance examination covering the two years ended June 30, 2006 is being issued separately. 

AUDITORS’ OPINION

      Our auditors state the Alumni Association’s financial statements as of June 30, 2006 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 2006

FY 2005

REVENUES (Operating and Nonoperating)

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

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

Program Support from NIU President Allocation

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

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

$19,856

51,133

0

183,930

$254,919

$24,754

0

10,000

195,339

$230,093

EXPENSES

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

Institutional Support and Other Expenses

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

Decrease in Net Assets

$46,000

266,925

$312,925

($58,006)

$45,000

640,305

$685,305

($455,212)

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2006

AT JUNE 30, 2005

Prepaid Expenses.........................................................

Cash and Investments Administered by NIU
Foundation....................................................................    

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

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

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

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

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

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

$2,000

$ 2,332,380

$ 2,334,380

$48,640

$1,928,333

120,945

236,462

$2,285,740

$0

$ 2,441,270

$ 2,441,270

$97,524

$2,004,066

113,970

225,710

$2,343,746

ASSOCIATION OFFICIALS

During Audit Period and currently: Michael Malone - Interim Executive Director