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REPORT
DIGEST FINANCIAL AUDIT For the Year Ended: June 30, 2008 Release Date: January 22, 2009
State of Office of the Auditor General WILLIAM
G. HOLLAND AUDITOR GENERAL
To obtain a copy of the Report contact: Office of the Auditor General
(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
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AUDITORS’
OPINION Our auditors stated the
Foundation’s June 30, 2008 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. |
FINANCIAL AUDIT
For The Year Ended June 30,
2008
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FINANCIAL OPERATIONS (All Funds) (in
thousands) |
FY
2008 |
FY
2007 |
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OPERATING REVENUES................................................. OPERATING EXPENSES................................................... Operating income (loss)..................................................... NONOPERATING
REVENUES (EXPENSES) Net
investment income....................................................... Net
increase (decrease) in fair value of investments............. Interest
on indebtedness..................................................... Net
nonoperating revenues (expenses)......................... Income
(loss) before other revenues, expenses, gains Additions
to permanent endowments............................ Increase
(decrease) in net assets............................ NET
ASSETS Net
Assets - beginning of year........................................... Net
Assets - end of year.................................................... |
$156,863 $162,478 $(5,615) $6,145 (71,089) (300) ($65,244) ($70,859) 37,108 ($33,751) $1,234,953 $1,201,202 |
$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 |
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OTHER SIGNIFICANT ACCOUNT
BALANCES (in thousands) |
At
June 30, 2008 |
At
June 30, 2007 |
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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................................................................... |
$1,199,638 $27,504 $1,304,599 $34,718 $53,891 $103,397 $807,506 $375,852 $1,201,202 |
$1,237,052 $24,406 $1,358,177 $57,229 $51,108 $123,224 $838,362 $377,944 $1,234,953 |
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FOUNDATION PRESIDENT |
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During Audit
Period and Current: Dr. Sidney Micek |
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