REPORT DIGEST

SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

February 8, 2007 

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

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

INTRODUCTION

      This digest covers our financial audit of the Foundation for the year ended June 30, 2006.  A compliance audit covering the two years ended June 30, 2007 will be issued at a later date.

AUDITORS’ OPINION

      Our auditors stated the June 30, 2006 financial statements of the Foundation are fairly presented in all material respects.

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL:pp

SPECIAL ASSISTANT AUDITORS

      Crowe Chizek & Company, LLC were our special assistant auditors for this engagement.

FINANCIAL OPERATIONS (All Funds)

FY 2006

FY2005

REVENUES

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

$1,076,447

     $1,194,516

EXPENSES

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

2,939,247

        3,690,849

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

($1,862,800)

     ($2,496,333)

NON-OPERATING REVENUES (EXPENSES)

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

$5,360,822

      $3,992,177

Net investment income ............................................................

760,713

           700,292

Bad debt.................................................................................

(16,762)

            (13,203)

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

256,814

            (32,428)

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

(75,281)

            (75,281)

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

(4,600)

              (8,350)

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

(48,986)

            (48,986)

Other non-operating expenses..................................................

(5,544)

                 (322)

      Net non-operating revenue.................................................

$6,227,176

      $4,513,899

Income before permanent endowments....................................

$4,364,376

      $2,017,566

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

3,227,727

           250,583

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

$7,592,103

      $2,268,149

NET ASSETS

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

$22,237,315

    $19,969,166

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

$29,829,418

    $22,237,315

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

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.......................................................

$18,928,962

$32,196,115

$1,650,000

$2,366,697

$463,011

$27,958,345

$1,408,062

$29,829,418

$16,372,039

$25,284,752

$1,650,000

$3,047,437

$525,692

$20,359,650

$1,351,973

$22,237,315

EXECUTIVE DIRECTOR

During the audit:  Mr. G. Patrick Williams

Currently:  Mr. G. Patrick Williams