REPORT DIGEST

 

UNIVERSITY OF ILLINOIS FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

Release Date:

December 12, 2006 

 

 

 

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

 

 

 

 

 

 

 

 

 

AUDITORSí OPINION

 

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

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:TLK:pp

 

SPECIAL ASSISTANT AUDITORS

 

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

 

 

 

 

 

 

 

 

 

 

 

 


UNIVERSITY OF ILLINOIS FOUNDATION

FINANCIAL AUDIT

For The Year Ended June 30, 2006

 

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2006

FY 2005

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

 

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

††††† Operating loss...................................................................

 

NONOPERATING REVENUES (EXPENSES)

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

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

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

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

††††††††††† Income 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....................................................

$140,930

 

$148,383

$(7,453)

 

 

$7,294

84,816

(396)

$91,714

 

$84,261

31,397

$115,658

 

 

$934,873

$1,050,531

 

 

$120,668

 

$141,143

$(20,475)

 

 

$3,175

65,700

(228)

$68,647

 

$48,172

24,445

$72,617

 

 

$862,256

$934,873

OTHER SIGNIFICANT ACCOUNT BALANCES

††††† (in thousands)

At June 30,

2006

At June 30,

2005

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

$1,054,834

$26,021

$1,157,330

$40,833

$51,690

$106,799

$703,487

$328,947

$1,050,531

$932,959

$22,601

$1,028,183

$25,781

$50,043

$93,310

$631,778

$286,911

$934,873

FOUNDATION PRESIDENT

 

 

During Audit Period:Dr. Sidney Micek

Currently:Dr. Sidney Micek