REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY

PHYSICIANS AND SURGEONS, INC.

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

Release Date:

February 8, 2007 

 

 

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 Full Report are 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, 2006. A compliance audit covering the two years ended June 30, 2007 will be issued at a later date.

 

 

 

AUDITORS' OPINION

 

Our auditors stated the June 30, 2006 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

 

Crowe Chizek and Company, LLC were our special assistant auditors for this engagement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SOUTHERN ILLINOIS UNIVERSITY

PHYSICIANS AND SURGEONS, INC.

FINANCIAL AUDIT

For The Year Ended June 30, 2006

 

 

FINANCIAL OPERATIONS (All Funds)

 

FY 2006

 

FY 2005

REVENUES

 

 

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

$72,432,854

$69,772,792

 

 

 

EXPENSES

 

 

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

70,133,073

61,388,239

 

 

 

Operating income.........................................

$2,299,781

$8,384,553

 

 

 

NON-OPERATING REVENUES (EXPENSES)

 

 

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

$0

($7,712)

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

355,321

200,601

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

(13,963)

(1,559)

Net non-operating revenues................................

$341,358

$191,330

 

 

 

Increase in net assets................................................

$2,641,139

$8,575,883

 

 

 

NET ASSETS

 

 

Net Assets beginning of year as restated................

28,587,654

20,011,771

 

 

 

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

$31,228,793

$28,587,654

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

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

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

Estimated due from Illinois Department of Health . and Family Services........................................................

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

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

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

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

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

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

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

 

$18,149,252

$14,935,242

 

$5,798,502

$40,056,914

$5,555,659

$2,653,624

$8,828,121

$779,975

$30,448,818

$31,228,793

$12,964,501

$15,755,765

 

$5,132,243

$34,445,735

$2,428,916

$2,806,390

$5,858,081

$593,226

$27,994,428

$28,587,654

EXECUTIVE DIRECTOR

During the audit: Mr. David J. Tkach

Currently: Mr. David J. Tkach