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REPORT DIGEST SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE FINANCIAL
AUDIT For the Year Ended: June 30, 2008 Release Date: November 20, 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 Full
Report are also available on the worldwide web at www.auditor.illinois.gov |
AUDITORS’ OPINION Our auditors stated the June 30, 2008 financial statements of the Foundation are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA :pp SPECIAL ASSISTANT AUDITORS Crowe Horwath LLP were our special assistant auditors for this audit.
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FINANCIAL AUDIT
For The Year
Ended June 30, 2008
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FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2008 |
FY 2007 |
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REVENUE |
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Operating revenues........................................................... |
$4,980,123 |
$4,268,320 |
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EXPENSES |
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Operating expenses........................................................... |
37,142,994 |
28,226,151 |
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Operating loss............................................................. |
($32,162,871) |
($23,957,831) |
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NON-OPERATING REVENUES (EXPENSES) |
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Contributions.................................................................... |
$30,612,259 |
$19,083,794 |
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Grants from SIU and University Related Organizations....... |
33,107 |
12,076 |
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Return on investments......................................................... ............................................................................................. |
(7,800,593) |
16,737,490 |
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Other................................................................................ |
(691,802) |
1,197,018 |
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Net non-operating revenues (expenses)....................... |
$22,152,971 |
$37,030,378 |
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(Loss) Income before other revenues, expenses, gains and losses................................................................... |
($10,009,900) |
$13,072,547 |
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Contributions for capital assets.......................................... |
$1,894,384 |
$925,488 |
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Additions to permanent endowments................................. |
2,338,203 |
3,608,632 |
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(Decrease) Increase in net assets................................. |
($5,777,313) |
$17,606,667 |
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NET ASSETS |
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Net assets-beginning of year.............................................. |
$131,678,350 |
$114,071,683 |
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Net assets-end of year...................................................... |
$125,901,037 |
$131,678,350 |
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OTHER SIGNIFICANT
ACCOUNT BALANCES |
AT JUNE 30, 2008 |
AT JUNE 30, 2007 |
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Cash and Investments............................................................ |
$117,630,513 |
$125,392,774 |
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Total Assets........................................................................ |
$133,372,875 |
$138,621,285 |
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Annuities Payable.................................................................. |
$4,453,798 |
$3,755,523 |
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Agency Funds Payable..........................................................
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$1,992,254 |
$2,243,736 |
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Total Liabilities................................................................... |
$7,471,838 |
$6,942,935 |
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Net Assets – Restricted-Nonexpendable............................... |
$67,398,275 |
$63,401,710 |
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Net Assets – Restricted-Expendable...................................... |
$52,562,091 |
$59,162,168 |
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Total Net Assets................................................................. |
$125,901,037 |
$131,678,350 |
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CHIEF EXECUTIVE OFFICER |
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During Audit Period: Mr. Rickey McCurry |
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Currently: Mr. Rickey McCurry |
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