REPORT DIGEST

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

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 the Foundation for the year ended June 30, 2004.  A compliance examination 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 Foundation 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 audit.

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUE

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

$3,822,459

$3,275,002

EXPENSES

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

14,961,034

12,247,218

Operating loss.........................................................

($11,138,575)

($8,972,216)

NONOPERATING REVENUES (EXPENSES)

Contributions................................................................

$5,995,959

$9,827,782

Grants from University Related Organizations.................

5,737,678

2,392,602

Investment income (loss)...............................................

8,461,314

3,486,620

Other............................................................................

458,747

(164,574)

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

$20,653,698

$15,542,430

Income (Loss) before other revenues, expenses, gains and losses...............................................................

$9,515,123

$6,570,214

Contributions for capital assets......................................

$5,813,468

$664,081

Additions to permanent endowments.............................

2,703,350

1,246,642

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

$18,031,941

$8,480,937

NET ASSETS

Net assets-beginning of year..........................................

$74,207,546

$65,726,609

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

$92,239,487

$74,207,546

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2004

AT JUNE 30, 2003

Cash and Investments........................................................

$88,480,846

$73,599,942

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

$98,699,258

$78,937,273

Annuities Payable..............................................................

$3,408,950

$3,277,803

Agency Funds Payable......................................................

$1,672,229

$0

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

$6,459,771

$4,729,727

Net Assets – Restricted-Nonexpendable............................

$46,918,133

$40,844,908

Net Assets – Restricted-Expendable..................................

$38,652,300

$27,285,130

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

$92,239,487

$74,207,546

MANAGING DIRECTOR

During Audit Period:  Mr. Brian Vagner

Currently:  Mr. Brian Vagner