Summary of Findings

Total this audit 0

Total last audit 0

Repeated from last audit 0

Release Date:

March 22, 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 the Full Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

INTRODUCTION

This digest covers our financial audit of the Evergreen Terrace Family Housing project (project) for the year ended June 30, 2006. The financial audit covering the Carbondale Foundation as a whole was issued under separate cover.

There were no material findings of noncompliance disclosed by our examination. We commend project management for maintaining an effective system of internal control.

AUDITORS’ OPINION

Our auditors stated the June 30, 2006 financial statements of the Evergreen Terrace Family Housing project 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 audit.

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

EVERGREEN TERRACE FAMILY HOUSING AUDIT

For The Year Ended June 30, 2006

FINANCIAL OPERATIONS (ALL FUNDS)	FY2006	FY2005
REVENUE
Rentals..............................................................................	$1,483,125	$1,480,918
All Other Revenues............................................................	39,414	28,148
Total Revenues......................................................	$1,522,539	$1,509,066

OPERATING EXPENSES
Maintenance and Repairs...................................................	$627,832	$636,848
Utilities..............................................................................	388,733	385,626
All Other Expenses............................................................	532,501	481,814
Total Operating Expenses......................................	$1,549,066	$1,504,288

NON-OPERATING REVENUES (EXPENSES)
Investment income.............................................................	$13,868	$10,053
Grants from SIU................................................................	60,000	114,000
Interest expense.................................................................	(15,043)	(19,669)
Net non-operating revenue....................................	$58,825	$104,384
Increase in net assets.................................	$32,298	$109,162

NET ASSETS
Net assets, beginning of year..............................................	$234,640	$125,478
Net assets, end of year......................................................	$266,938	$234,640

OTHER SIGNIFICANT ACCOUNT BALANCES	AT JUNE 30, 2006	AT JUNE 30, 2005
Cash and Investments........................................................	$219,698	$431,797
Capital Assets...................................................................	$310,185	$409,778
TOTAL ASSETS............................................................	$935,074	$999,552
Mortgage Payable.............................................................	$416,124	$572,914
TOTAL LIABILITIES...................................................	$668,136	$764,912
Net Assets – Invested in Capital Assets (net of debt)..........	($105,939)	($163,136)
Net Assets – Restricted-Expendable..................................	$284,331	$307,082
Net Assets – Unrestricted.................................................	$88,546	$90,694
TOTAL NET ASSETS...................................................	$266,938	$234,640
CHIEF EXECUTIVE OFFICER
During Audit Period: Mr. Rickey McCurry
Currently: Mr. Rickey McCurry

Summary of Findings

For The Year Ended June 30, 2006

OPERATING EXPENSES