REPORT DIGEST

REPORT DIGEST

UNIVERSITY OF ILLINOIS FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

Release Date:

January 17, 2008

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.auditor.illinois.gov

AUDITORS’ OPINION

Our auditors stated the Foundation’s June 30, 2007 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, 2007

FINANCIAL OPERATIONS (All Funds) (in thousands)	FY 2007	FY 2006
OPERATING REVENUES................................................. OPERATING EXPENSES................................................... Operating income (loss)..................................................... NONOPERATING REVENUES (EXPENSES) Net investment income....................................................... Net increase in fair value of investments.............................. Interest on indebtedness..................................................... Net nonoperating revenues........................................... 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....................................................	$141,123 $154,780 $(13,657) $10,101 159,950 (325) $169,726 $156,069 28,353 $184,422 $1,050,531 $1,234,953	$140,930 $148,383 $(7,453) $7,294 84,816 (396) $91,714 $84,261 31,397 $115,658 $934,873 $1,050,531
OTHER SIGNIFICANT ACCOUNT BALANCES (in thousands)	At June 30, 2007	At June 30, 2006
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...................................................................	$1,237,052 $24,406 $1,358,177 $57,229 $51,108 $123,224 $838,362 $377,944 $1,234,953	$1,054,834 $26,021 $1,157,330 $40,833 $51,690 $106,799 $703,487 $328,947 $1,050,531
FOUNDATION PRESIDENT
During Audit Period and Current: Dr. Sidney Micek