REPORT DIGEST

 

UNIVERSITY OF ILLINOIS

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

 

 

Release Date:

January 24, 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 the Full Report are available on

the worldwide web at

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

 

 

 

 

 

 

AUDITORSí OPINION

 

††††† The financial audit report contains four sets of financial statements in the Annual Financial Report; and the revenue bond financial statements of the Auxiliary Facilities System, the Willard Airport Facility, and the Health Services Facilities System.

 

††††† Our auditors state the June 30, 2006 financial statements are fairly presented in all material respects.

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

 

††††† Clifton Gunderson LLP were our special assistant auditors.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{Financial Information and Activity Measures are summarized on the next page.}

 


UNIVERSITY OF ILLINOIS

FINANCIAL AUDIT

For The Year Ended June 30, 2006

 

FINANCIAL OPERATIONS

FY 2006

FY 2005

OPERATING REVENUES

 

 

††††††† Tuition and fees, net..........................................................

††††††††††††††††††† $554,856,000

††††††††††††††††††† $507,137,000

††††††† Federal grants, contracts and appropriations................

††††††††††††††††††††† 617,651,000

††††††††††††††††††††† 625,222,000

††††††† State and private gifts, grants and contracts.................

††††††††††††††††††††† 168,103,000

††††††††††††††††††††† 152,325,000

††††††† Hospital and medical activities.........................................

††††††††††††††††††††† 549,742,000

††††††††††††††††††††† 518,439,000

††††††† Auxiliary enterprises, net...................................................

††††††††††††††††††††† 282,321,000

††††††††††††††††††††† 264,660,000

††††††† Other.....................................................................................

††††††††††††††††††††† 317,635,000

††††††††††††††††††††† 297,373,000

††††††††††††††† Total Operating Revenues........................................

†††††††††††††††† $2,490,308,000

†††††††††††††††† $2,365,156,000

OPERATING EXPENSES

 

 

††††††† Instruction...........................................................................

††††††††††††††††††† $666,200,000

††††††††††††††††††† $677,813,000

††††††† Research...............................................................................

††††††††††††††††††††† 556,874,000

††††††††††††††††††††† 557,058,000

††††††† Public service......................................................................

††††††††††††††††††††† 300,990,000

††††††††††††††††††††† 277,626,000

††††††† Academic support..............................................................

††††††††††††††††††††† 218,043,000

††††††††††††††††††††† 206,894,000

††††††† Hospital and medical activities.........................................

††††††††††††††††††††† 406,466,000

††††††††††††††††††††† 394,122,000

††††††† Auxiliary enterprises..........................................................

††††††††††††††††††††† 229,935,000

††††††††††††††††††††† 207,825,000

††††††† On behalf payments for fringe benefits...........................

††††††††††††††††††††† 327,927,000

††††††††††††††††††††† 347,232,000

††††††† Operation and maintenance of plant................................

††††††††††††††††††††† 229,038,000

††††††††††††††††††††† 199,183,000

††††††† Institutional support..........................................................

††††††††††††††††††††† 150,572,000

††††††††††††††††††††† 163,770,000

††††††† Depreciation........................................................................

††††††††††††††††††††† 185,105,000

††††††††††††††††††††† 175,978,000

††††††† Scholarships and fellowships...........................................

††††††††††††††††††††† 185,155,000

††††††††††††††††††††† 175,166,000

††††††† Other.....................................................................................

††††††††††††††††††††††† 92,295,000

††††††††††††††††††††††† 88,831,000

††††††††††††††† Total Operating Expenses.........................................

†††††††††††††††† $3,548,600,000

†††††††††††††††† $3,471,498,000

Operating Income (Loss)...........................................................

††††††††††† $(1,058,292,000)

††††††††††† $(1,106,342,000)

NONOPERATING REVENUES (EXPENSES)

 

 

††††††† State appropriations...........................................................

††††††††††††††††††† $655,521,000

††††††††††††††††††† $653,913,000

††††††† Capital appropriations, gifts and grants..........................

††††††††††††††††††††††† 65,600,000

††††††††††††††††††††††† 92,439,000

††††††† Private gifts and endowments..........................................

††††††††††††††††††††† 116,319,000

††††††††††††††††††††† 122,102,000

††††††† On behalf payments for fringe benefits...........................

††††††††††††††††††††† 266,706,000

††††††††††††††††††††† 286,597,000

††††††† Other, net.............................................................................

††††††††††††††††††††††† 15,047,000

††††††††††††††††††††††† (6,164,000)

INCREASE IN NET ASSETS...................................................

††††††††††††††††††††† $60,901,000

††††††††††††††††††††† $42,543,000

Net assets, beginning of year, as restated..............................

†††††††††††††††† $2,309,084,000

†††††††††††††††† $2,266,541,000

Net assets, end of year..............................................................

†††††††††††††††† $2,369,985,000

†††††††††††††††† $2,309,084,000

SELECTED ACCOUNT BALANCES

June 30, 2006

June 30, 2005

Cash and Investments...............................................................

$1,095,435,000

$999,310,000

Capital Assets, net.....................................................................

$2,969,989,000

$2,867,380,000

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

$4,537,087,000

$4,316,181,000

Accrued Compensated Absences...........................................

$207,307,000

$206,075,000

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

$834,712,000

$780,272,000

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

$2,167,102,000

$2,007,097,000

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

$2,369,985,000

$2,309,084,000

Total Liabilities and Net Assets...............................................

$4,537,087,000

$4,316,181,000

UNIVERSITY PRESIDENT

 

 

During Audit Period: Dr. B. Joseph White

Currently:Dr. B. Joseph White