REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT EDWARDSVILLE

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

Release Date:
February 27, 2003

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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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

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, 2002. A compliance audit covering the two years ended June 30, 2003 will be issued at a later date.

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2002 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Kerber, Eck & Braeckel LLP were our special assistant auditors for this audit.

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT EDWARDSVILLE
FINANCIAL AUDIT
For The Year Ended June 30, 2002
FINANCIAL OPERATIONS (ALL FUNDS)

FY2002

FY2001*
REVENUE
Contributions

$1,596,501

$1,217,125
Support From University

364,079

316,619
All Other Revenues

733,346

1,113,306
Total Revenue

$2,693,926

$2,647050
EXPENSES
Budget expended at SIU

$364,079

316,619
Expenditures for the benefit of SIU

1,030,646

1,421,527
Investment Loss

203,187

268,217
All Other Expenses

692,918

1,926,633
Total Expenses

$2,290,830

$3,932,996
OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2002

AT JUNE 30, 2001
Cash and Investments

$11,439,720

$10,517,875
Beneficial Interest in Trusts

$2,502,987

$2,612,405
Revenue Bond Payable

$2,000,000

$2,048,125
Net Assets – Restricted-Nonexpendable

$8,040,455

N/A
Net Assets – Restricted-Expendable

$3,795,943

N/A
Net Assets – Unrestricted

$3,930,364

  
Fund Balances

N/A

$15,887,611
* The FY2001 figures have not been restated to reflect the implementation of GASB statements #35, 37 and 38.
CHIEF EXECUTIVE OFFICER
During Audit Period: Mr. G. Patrick Williams
Currently: Mr. G. Patrick Williams