REPORT DIGEST

 

UNIVERSITY OF ILLINOIS FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

and

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2004

 

Summary of Findings:

Total this audit†††††††††††††             0

Total last audit†††††††††††            †† 0

Repeated from last audit†††††††††† 0

 

Release Date:

 March 24, 2005 

 

 

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 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 examination.We commend the Foundation for maintaining an effective system of internal controls.

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the Foundationís June 30, 2004 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

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


UNIVERSITY OF ILLINOIS FOUNDATION

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

For The Years Ended June 30, 2004

 

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2004

FY 2003

OPERATING REVENUES.................................................

 

OPERATING EXPENSES...................................................

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

 

NONOPERATING REVENUES (EXPENSES)

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

††††† Net increase in fair value of investments..............................

††††† Loss on disposal of capital assets.......................................

††††† Interest on indebtedness.....................................................

††††††††††† Net nonoperating revenues (expenses).........................

††††††††††† Income (Loss) before other revenues, expenses, gains . ††††† ††and losses........................................................................

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

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

 

NET ASSETS

††††† Net Assets - beginning of year...........................................

††††† Net Assets - end of year....................................................

$101,144

 

$139,718

$(38,574)

 

 

$4,876

98,121

0

(129)

$102,868

 

$64,294

40,519

$104,813

 

 

$757,443

$862,256

 

 

$109,504

 

$135,463

$(25,959)

 

 

$7,039

6,416

(1)

(194)

$13,260

 

$(12,699)

21,525

$8,826

 

 

$748,617

$757,443

 

OTHER SIGNIFICANT ACCOUNT BALANCES

††††† (in thousands)

At June 30,

2004

At June 30,

2003

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

$873,157

$25,103

$956,804

$29,890

$49,827

$94,548

$569,006

$279,567

$862,256

$764,483

$23,210

$850,621

$35,826

$44,822

$93,178

$467,277

$276,277

$757,443

FOUNDATION PRESIDENT

 

 

During Audit Period:Dr. Sidney Micek

Currently:Dr. Sidney Micek