REPORT DIGEST

UNIVERSITY OF ILLINOIS FOUNDATION

FINANCIAL AUDIT
For the Year Ended:
June 30, 2002
and
COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 2002

Summary of Findings:

Total this audit 0
Total last audit 0
Repeated from last audit 0

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

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material findings of noncompliance disclosed during our audit tests. We commend the Foundation for maintaining an effective system of internal controls.

 

AUDITORS’ OPINION

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

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMA:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were BKD, LLP.

 

{Expenditures and Activity Measures are summarized on the reverse page.}

UNIVERSITY OF ILLINOIS FOUNDATION
FINANCIAL AND COMPLIANCE AUDIT
For The Period Ended June 30, 2002

FINANCIAL OPERATIONS

FY 2002

FY 2001

REVENUES

Contributions and Gifts
Investment Income
Service Fees
Support from University
Other Revenues
Total Revenues

EXPENSES

Distributions on Behalf of University
Net Decrease in Fair Value of Investments
Salaries and Benefits
Supplies, etc.
Actuarial Adjustments
Printing
Travel
Meetings, Conferences and Special Events
Other Expenses
Total Expenses

 

$167,373,234
7,954,809
6,523,983
5,858,337
3,065,427
$190,775,790

 

$127,580,480
41,177,081
8,126,748
1,266,749
981,120
917,465
685,447
563,912
767,077
$182,066,079

 

$113,205,403
14,275,894
5,845,567
5,829,772
2,439,292
$141,595,928

 

$102,736,274
27,433,743
7,309,368
1,372,164
7,927,799
938,055
641,422
551,239
792,945
$149,703,009

SELECTED ASSET BALANCES

AT JUNE 30, 2002

AT JUNE 30, 2001

Cash and Cash Equivalents
Investments
Accounts Receivable
Farm Land
Non-Farm Land
Buildings
Equipment

$7,773,320
$766,585,489
$27,890,410
$13,401,825
$6,063,578
$14,423,376
$460,871

$5,574,638
$730,168,498
$46,984,904
$18,547,979
$3,015,987
$17,476,583
$1,338,054

FOUNDATION PRESIDENT
During Audit Period: Dr. Sidney Micek
Currently: Dr. Sidney Micek