REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

 

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                        1

Total last audit                        0

Repeated from last audit         0

 

Release Date:

March 24, 2004

 

 

 

 

 

 

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 TDD (217) 524-4646

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

Our audit disclosed one finding which was procedural in nature. This finding has reportedly been given attention by the Foundation. We will review progress toward implementing this recommendation in our next audit.

 

 

AUDITORS' OPINION

Our auditors stated the June 30, 2003 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 engagement.

 

SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

 

                       FINANCIAL AND COMPLIANCE AUDIT

                         For The Two Years Ended June 30, 2003

 

FINANCIAL OPERATIONS (All Funds)

FY 2003

FY 2002

REVENUES

 

 

Operating revenues

$1,195,139

$1,046,569

 

 

 

EXPENSES

 

 

Operating expenses

$3,702,614

$1,870,077

Operating income (loss)

($2,507,475)

($823,508)

 

 

 

NONOPERATING REVENUES (EXPENSES)

Contributions

$3,300,146

$1,596,501

Transfers from SIU

$285,150

$0

Net investment income (loss)

$397,433

($203,187)

Increase (decrease) in allowance for uncollectibles

($30,917)

47,819

Decrease in present value-interest in trusts

($355,111)

($109,418)

Bond interest expense

($97,233)

($106,459)

Payments to annuitants

($2,455)

($1,689)

Loss on sale of assets held for resale

($349,014)

$0

Other nonoperating revenues (expenses)

($4,357)

$3,037

Net nonoperating revenues

$3,143,642

$1,226,604

 

 

 

Increase in net assets

$636,167

$403,096

 

 

 

NET ASSETS

 

 

Net Assets beginning of year

$16,128,572

$15,725,476

 

 

 

Net Assets end of year

$16,764,739

$16,128,572

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2003

AT JUNE 30,

2002

Cash and Investments

Total Assets

Revenue Bonds Payable

Total Liabilities

Net Assets Invested in capital assets

Net Assets Restricted

Net Assets Unrestricted

Total Net Assets

$12,637,702

$19,198,565

$1,650,000

$2,433,826

$648,799

$14,876,237

$1,239,703

$16,764,739

$11,439,720

$18,370,250

$2,000,000

$2,241,678

$361,810

$13,836,398

$1,930,364

$16,128,572

EXECUTIVE DIRECTOR

During the audit: Mr. G. Patrick Williams

Currently: Mr. G. Patrick Williams