REPORT DIGEST

 

 

UNIVERSITY OF ILLINOIS FOUNDATION

 

 

FINANCIAL AUDIT

 

For the Year Ended:

June 30, 2003

 

 

 

 

 

Release Date:

January 28, 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

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

 

 

AUDITORSí OPINION

Our auditors stated the Foundationís June 30, 2003 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 Clifton Gunderson LLP.

 

                                     UNIVERSITY OF ILLINOIS FOUNDATION

                                                      FINANCIAL AUDIT

                                              For The Year Ended June 30, 2003

 

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2003

FY 2002

OPERATING REVENUES

 

OPERATING EXPENSES

Operating income (loss)

 

NONOPERATING REVENUES (EXPENSES)

Net investment income

Net increase (decrease) in fair value of investments

Loss on disposal of capital assets

Interest on indebtedness

   Net nonoperating revenues (expenses)

   Loss before other revenues, expenses, gains and losses

   Additions to permanent endowments

         Increase in net assets

 

NET ASSETS

Net Assets - beginning of year as previously reported

Adjustments for GASB Statement No. 35

Net Assets - beginning of year as restated

Net Assets - end of year

$109,504

 

$135,463

$(25,959)

 

 

$7,039

6,416

(1)

(194)

$13,260

$(12,699)

21,525

$8,826

 

 

$748,617

 

748,617

$757,443

$141,547

 

$140,504

$1,043

 

 

$7,955

(41,177)

(62)

(323)

$(33,607)

$(32,564)

41,274

$8,710

 

 

$741,131

(1,224)

739,907

$748,617

OTHER SIGNIFICANT ACCOUNT BALANCES

(in thousands)

At June 30,

2003

At June 30,

2002

Cash and Investments

Farms and Real Estate

Total Assets

Accounts Payable

Annuities Payable

Total Liabilities

Net Assets - Restricted - Nonexpendable

Net Assets - Restricted - Expendable

Total Net Assets

$764,483

$23,210

$850,621

$35,826

$44,822

$93,178

$467,277

$276,277

$757,443

$774,358

$23,617

$885,156

$74,288

$46,398

$136,539

$464,758

$272,672

$748,617

FOUNDATION PRESIDENT

 

 

During Audit Period: Dr. Sidney Micek

Currently: Dr. Sidney Micek