REPORT DIGEST

SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2005

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

Summary of Findings:

Total this audit                          0

Total last audit                          1

Repeated from last audit           0

Release Date:

March 23, 2006 

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.  We commend the Foundation for maintaining effective fiscal controls.

AUDITORS’ OPINION

      Our auditors stated the June 30, 2005 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 2005

FY2004

REVENUES

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

      $1,194,516

    $1,077,473

EXPENSES

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

      $3,690,849

    $2,767,097

            Operating income (loss)...............................................

     ($2,496,333)

   ($1,689,624)

NONOPERATING REVENUES (EXPENSES)

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

      $3,992,177

    $3,041,074

Net investment income (loss)....................................................

         $700,292

       $984,869

Increase (decrease) in allowance for uncollectibles....................

         ($13,203)

         $12,712

Increase (decrease) in present value-interest in trusts................

         ($32,428)

       $140,309

Bond interest expense..............................................................

         ($75,281)

        ($75,488)

Grants to other organizations....................................................

           ($8,350)

          ($4,750)

Payments to annuitants.............................................................

         ($48,986)

        ($47,887)

Loss on sale of assets held for resale........................................

                    $0

        ($41,146)

Other non-operating revenues (expenses).................................

              ($322)

              $386

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

      $4,513,899

    $4,010,079

      Income before other revenues, expenses, gains or losses

      $2,017,566

    $2,320,455

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

         $250,583

       $883,972

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

      $2,268,149

    $3,204,427

NET ASSETS

Net Assets – beginning of year.................................................

    $19,969,166

  $16,764,739

Net Assets – end of year.........................................................

    $22,237,315

  $19,969,166

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2005

AT JUNE 30,

2004

Cash, Deposits, and Investments..................................

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

Revenue Bonds Payable..............................................

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

Net Assets – Invested in capital assets.........................

Net Assets – Restricted...............................................

Net Assets – Unrestricted............................................

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

$16,372,039

$25,284,752

$1,650,000

$3,047,437

$525,692

$20,359,650

$1,351,973

$22,237,315

$14,343,416

$22,520,638

$1,650,000

$2,551,472

$586,444

$17,840,783

$1,541,939

$19,969,166

EXECUTIVE DIRECTOR

During the audit:  Mr. G. Patrick Williams

Currently:  Mr. G. Patrick Williams