REPORT DIGEST

 

 

PRAIRIELAND ENERGY, INC.

 

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

 

 

INTRODUCTION

 

Prairieland Energy, Inc. is an Illinois corporation formed and wholly owned by the Board of Trustees of the University of Illinois. Prairieland was formed November 19, 1996 for the purpose of producing, acquiring and selling various forms of energy for the University and other customers.

 

 

 

 

 

AUDITORSí OPINION

Our auditors stated the Corporationís 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.

 

 

                                                PRAIRIELAND ENERGY, INC.

                                                         FINANCIAL AUDIT

                                                For the Year Ended June 30, 2003

 

FINANCIAL OPERATIONS

FY 2003

FY 2002

OPERATING REVENUES

Steam Sales

Chilled Water Sales

Hot Water Sales

    Total

 

OPERATING EXPENSES

Energy Costs

Facilities Rental

Salaries

Office Rent

Other

    Total

 

NONOPERATING REVENUES (EXPENSES)

Interest

Other

Income Tax (Expense) Credit

    Total

 

INCREASE (DECREASE) IN NET ASSETS

NET ASSETS - Beginning of Year

NET ASSETS - End of Year

 

$7,127,756

1,204,264

2,912,953

$11,244,973

 

 

$8,215,649

2,903,880

40,515

37,692

15,154

$11,212,890

 

 

$5,770

156

(9,755)

$(3,829)

 

$28,254

$288,113

$316,367

 

$6,615,391

1,159,334

2,297,612

$10,072,337

 

 

$7,164,962

2,903,880

50,029

36,612

13,103

$10,168,586

 

 

$7,736

3,276

26,750

$37,762

 

$(58,487)

$346,600

$288,113

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2003

AT JUNE 30,

2002

Cash

Accounts Receivable

Deferred Income Taxes Payable

$136,855

$272,053

$81,697

$90,840

$292,194

$84,143

CORPORATION PRESIDENT

During Audit Period: Mr. Lyle Wachtel

Currently: Mr. Lyle Wachtel