REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2007

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

 

Summary of Findings:

Total this audit                        0

Total last audit                        0

Repeated from last audit         0

 

 

 

Release Date:

January 3, 2008

 

 

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.state.il.us/auditor

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

      There were no material compliance findings disclosed during our examination. 

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2007 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KAL

 

 

 

 

 

 

SPECIAL ASSISTANT AUDITORS

 

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

 

 


SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

FINANCIAL AUDIT

For The Year Ended June 30, 2007

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2007

 

FY 2006

 

 

 

 

 

REVENUE

 

 

 

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

$4,268,320

$3,911,521

 

 

 

 

 

EXPENSES

 

 

 

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

28,226,151

13,755,130

 

 

 

 

 

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

($23,957,831)

($9,843,609)

 

 

                     

                     

 

NON-OPERATING REVENUES

 

 

 

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

$19,083,794

$12,584,041

 

Grants from SIU and University Related Organizations.......

12,076

1,045,567

 

Investment income............................................................

16,737,490

6,704,934

 

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

1,197,018

(106,681)

 

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

$37,030,378

$20,227,861

 

Income before other revenues, expenses, gains and losses.........................................................................

 

$13,072,547

 

$10,384,252

 

 

 

 

 

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

$925,488

$461,371

 

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

3,608,632

3,174,044

 

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

$17,606,667

$14,019,667

 

 

 

 

 

NET ASSETS

 

 

 

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

$114,071,683

$100,052,016

 

 

 

 

 

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

$131,678,350

$114,071,683

 

 

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2007

AT JUNE 30, 2006

 

 

 

 

 

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

$125,392,774

$105,139,457

 

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

$138,621,285

$120,823,458

 

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

$3,755,523

$3,705,877

 

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

$2,243,736

$1,828,612

 

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

$6,942,935

$6,751,775

 

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

$63,401,710

$59,011,985

 

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

$59,162,168

$45,942,893

 

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

$131,678,350

$114,071,683

 

 

CHIEF EXECUTIVE OFFICER

During Audit Period:  Mr. Rickey McCurry

Currently:  Mr. Rickey McCurry