REPORT DIGEST

 

NORTHERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

COMPLIANCE EXAMINATION

For the Two Years Ended

June 30, 2004

 

Summary of Findings

Total this audit†††††††††††††             0

Total last audit†††††††††††††             2

Repeated from last audit†††††††††† 0

 

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 Foundation for maintaining effective internal controls.

 

 

 

 

AUDITORSí OPINION

 

 

††††† Our auditors stated the financial statements of Northern Illinois University Foundation as of June 30, 2004, and for the year then ended, are fairly presented in all material respects.

 

 

 

 

 

††††††††††††††††† ______________________________________

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

 

†† WGH:TLK:PP

 

 

SPECIAL ASSISTANT AUDITORS

 

The Bronner Group, LLC 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, 2004

COMPLIANCE EXAMINATION

For the Two Years Ended June 30, 2004

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES (Operating and Nonoperating)

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

Investment Income...............................................

Services Contract Revenue from NIU...................

All Other Income.................................................

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

 

$13,533,131

4,330,233

511,870

†††††† 293,911

$18,669,145

 

$9,340,348

1,323,681

504,080

†††††† 194,992

$11,363,101

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........................

 

$568,306

9,740,720

1,023,896

239,608

††††††††††††††††† 0

$11,572,530

 

$7,096,615

 

$569,712

6,506,283

1,070,650

362,471

20,106,004

$28,615,120

 

($17,252,019)

SELECTED ACCOUNT BALANCES (ALL FUNDS)

AT JUNE 30, 2004

AT JUNE 30, 2003

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

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

Land and Buildings...............................................

Capitalized Building Planning Costs.......................

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..................................................

$ 1,235,634

40,881,422

4,227,820

474,238

††† 1,661,816

$48,480,930

 

$166,387

2,873,070

2,707,244

†††† 236,744

$5,983,445

 

$4,593,383

20,096,250

13,580,032

††† 4,227,820

$42,497,485

$ 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

FOUNDATION PRESIDENT

During Audit Period:Mallory M. Simpson

Currently:Mallory M. Simpson