REPORT DIGEST

 

 

UNIVERSITY OF ILLINOIS RESEARCH PARK, LLC

 

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

The University of Illinois Research Park, LLC is a for profit limited liability company created by the Board of Trustees of the University of Illinois. The Company was formed to develop and operate a research park to foster economic growth within the State using the University's intellectual assets.

 

 

 

AUDITORSí OPINION

Our auditors stated the Company's June 30, 2003 financial statements are fairly presented in all material respects.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Clifton Gunderson LLP.

 

 

                            UNIVERSITY OF ILLINOIS RESEARCH PARK, LLC

                                                      FINANCIAL AUDIT

                                           For the Year Ended June 30, 2003

 

FINANCIAL OPERATIONS

FY 2003

FY 2002

OPERATING REVENUES

Service Income

Rental Income

Total

 

OPERATING EXPENSES

Salaries

Professional Fees

Rent

Advertising

Other

Total

 

NONOPERATING REVENUES - INTEREST

INCREASE IN NET ASSETS

PRIOR PERIOD ADJUSTMENT

NET ASSETS - Beginning of Year

NET ASSETS - End of Year

 

$678,072

62,755

$740,827

 

 

$270,500

236,895

30,614

20,692

127,980

$686,681

 

$11,908

$66,054

$(22,647)

$341,582

$384,989

 

$404,127

60,109

$464,236

 

 

$130,667

143,924

48,839

19,134

91,760

$434,324

 

$413

$30,325

----

$311,257

$341,582

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2003

AT JUNE 30,

2002

Cash

Accounts Receivable

Capital Assets

Lease Receivable

Accounts Payable

$24,696

$6,262

$215,630

$159,066

$20,665

$14,209

--

$240,060

$118,958

$32,525

DIRECTOR

During Audit Period: Mr. John B. Parks

Currently: Mr. John B. Parks