REPORT DIGEST

 

PRAIRIELAND ENERGY, INC.

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

Release Date:

January 18, 2007 

 

 

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

 

 

 

INTRODUCTION

 

††††† Prairieland Energy, Inc. is an Illinois corporation with offices located in Champaign, Illinois.This Corporation was formed by and is a component unit of the University of Illinois, a body corporate and politic of the State of Illinois.

 

††††† The Corporation was formed November 19, 1996 for the purpose of producing, acquiring, and selling various forms of energy, including electricity, at both wholesale and retail prices.

 

††††† Our report covers the financial audit for the period ending June 30, 2006.A compliance examination covering the two years ended June 30, 2006 is being issued separately.

 

AUDITORSí OPINION

 

††††† Our auditors stated the Corporationís 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.

 


 

 

PRAIRIELAND ENERGY, INC.

FINANCIAL AUDIT

For the Years Ended June 30, 2006

 

FINANCIAL OPERATIONS

FY 2006

FY 2005

OPERATING REVENUES

††††† Steam Sales...............................................................

††††† Chilled Water Sales...................................................

††††† Hot Water Sales........................................................

††††† Electricity Sales.........................................................

††††† Budget Allocation University of Illinois........................

††††††††††† Total...................................................................

 

OPERATING EXPENSES

††††† Energy Costs.............................................................

††††† Facilities Rental..........................................................

††††† Salaries†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

††††† Office Rent................................................................

††††† Budget Allocation University of Illinois........................

††††† 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...........................................

 

 

$7,324,034

2,246,063

†† 3,750,328

335,680

21,210

$13,677,315

 

 

$10,845,009

2,903,880

46,593

13,596

21,210

††††††† 68,294

$13,898,582

 

 

$9,107

(514)

70,002

$78,595

 

$(142,672)

$870,422

$727,750

 

$6,556,847

1,566,845

†† 2,871,692

86,427

0

$11,081,811

 

 

$7,430,498

2,903,970

44,772

14,400

0

††††††† 27,328

$10,420,968

 

 

$3,728

1,920

(202,209)

$(196,561)

 

$464,282

$406,140

$870,422

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

Cash..............................................................................

Accounts Receivable......................................................

Deferred Income Taxes Payable.....................................

$197,509

$656,587

$235,642

$156,493

$391,113

$117,994

 

CORPORATION PRESIDENT

During Audit Period:Mr. Lyle Wachtel

Currently:Mr. Lyle Wachtel