REPORT DIGEST

 

NORTHERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

 

For the Year Ended:

June 30, 2003

 

 

 

 

 

Release Date:

January 28, 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 covers the financial audit for the period ending June 30, 2003.

 

AUDITORSí OPINION

Our auditors state the Foundationís financial statements as of June 30, 2003 were fairly presented.

 

 

______________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

The Bronner Group, Inc. were our special assistant auditors on this audit.

 

 

 

 

 

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

 

 

                                    NORTHERN ILLINOIS UNIVERSITY FOUNDATION

                                                                FINANCIAL AUDIT

                                                        For the Year Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2003

FY 2002

REVENUES (Operating and Nonoperating)

Gifts

Investment Income (Loss)

Services Contract Revenue from NIU

All Other Income

Total Revenues 9;

 

EXPENSES

Scholarships and Fellowships

Support for University Departments and Programs

Fundraising

Administrative Services provided to NIU

Transfer of College of Business Building to NIU

Total Expenses

 

Increase (Decrease) in Net Assets

 

$9,340,348

1,323,681

504,080

194,992

$11,363,101

 

$569,712

6,506,283

1,070,650

362,471

20,106,004

$28,615,120

 

($17,252,019)

 

$12,108,415

(515,887)

501,271

108,844

$12,202,643

 

$670,825

5,727,052

795,725

68,906

0

$7,262,508

 

$4,940,135

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2003

AT JUNE 30, 2002

Cash and Cash Equivalents

Investments

Land and Buildings

Construction in Progress

Other Assets

Total Assets

 

Accounts Payable

Deposits Held for NIU Alumni Association

Endowment Administered for NIU

Other Liabilities

Total Liabilities

 

Unrestricted Fund Balance

Restricted Non-expendable

Restricted Expendable

Invested in capital assets

Total Net Assets

$ 1,507,289

32,648,940

4,216,579

0

1,250,543

$39,623,351

 

$263,043

1,387,596

2,358,315

213,527

$4,222,481

 

$4,432,911

19,253,436

7,497,944

4,216,579

$35,400,870

$ 8,667,493

27,245,446

4,183,802

18,798,089

13,343

$58,908,173

 

$1,927,687

1,743,241

2,321,775

262,581

$6,255,284

 

$3,925,242

17,459,743

8,286,013

22,981,891

$52,652,889

FOUNDATION PRESIDENT

During Audit Period: Mallory M. Simpson

Currently: Mallory M. Simpson