REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY

PHYSICIANS AND SURGEONS, INC.

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

 

 

Release Date:

January 27, 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

 

 

 

 

INTRODUCTION

 

This digest covers our financial audit of Southern Illinois University Physicians and Surgeons, Inc. for the year ended June 30, 2004. A compliance audit covering the two years ended June 30, 2005 will be issued at a later date.

 

 

 

AUDITORS' OPINION

 

Our auditors stated the June 30, 2004 financial statements of the Physicians and Surgeons, Inc. are fairly presented in all material respects.

 

 

 

___________________________________

WILLIAM G.HOLLAND, Auditor General

 

WGH:KAL:pp

 

 

 

SPECIAL ASSISTANT AUDITORS

 

Kerber, Eck & Braeckel LLP were our special assistant auditors for this engagement.

 

 

 

 

 

 

 

 

 


SOUTHERN ILLINOIS UNIVERSITY

PHYSICIANS AND SURGEONS, INC.

FINANCIAL AUDIT

For The Year Ended June 30, 2004

 

 

FINANCIAL OPERATIONS (All Funds)

FY 2004

FY 2003

REVENUES

 

 

Operating revenues..............................................

$57,602,696

$48,166,004

 

 

 

EXPENSES

 

 

Operating expenses..............................................

$54,486,098

$49,526,760

 

 

 

Operating income (loss)..................................

$3,116,598

($1,360,756)

 

 

 

NONOPERATING REVENUES (EXPENSES)

 

 

Interest Expense.........................................................

($12,389)

$0

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

$194,692

$251,725

Contributions/donations..............................................

($1,663)

($4,542)

Net nonoperating revenues...................................

$180,640

$247,183

 

 

 

Increase (decrease) in net assets.................................

$3,297,238

($1,113,573)

 

 

 

NET ASSETS

 

 

Net Assets beginning of year...................................

$12,743,742

$13,857,315

 

 

 

Net Assets end of year............................................

$16,040,980

$12,743,742

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2004

AT JUNE 30,

2003

Cash and Deposits with SIU........................................

Net Patient Accounts Receivable.................................

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

Accounts Payable and Accrued Liabilities....................

Employee Salaries Payable..........................................

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

Net Assets Invested in capital assets.........................

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

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

 

$8,957,552

$11,434,988

$21,437,848

$2,143,354

$2,320,052

$5,396,868

$366,432

$15,674,548

$16,040,980

$6,442,854

$10,305,796

$17,103,255

$1,642,181

$2,249,727

$4,359,513

$354,605

$12,389,137

$12,743,742

EXECUTIVE DIRECTOR

During the audit: Mr. David J. Tkach

Currently: Mr. David J. Tkach