REPORT DIGEST

 

 

ILLINOIS VENTURES, 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

Illinois Ventures, LLC is a for profit limited liability company created by the Board of Trustees of the University of Illinois. The Company exists to facilitate the development of new companies commercializing technology originated or developed by faculty, staff and/or students of the University.

 

 

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

WGH:KMA:pp

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors were Clifton Gunderson LLP.

 

 

                                                       ILLINOIS VENTURES, LLC

                                                             FINANCIAL AUDIT

                                                    For the Year Ended June 30, 2003

 

FINANCIAL OPERATIONS

FY 2003

FY 2002

OPERATING REVENUES

 

OPERATING EXPENSES

Salaries

Professional Fees

Insurance

Travel

Office Rent

Other

    Total

 

NONOPERATING REVENUES - INTEREST

CONTRIBUTED CAPITAL

INCREASE IN NET ASSETS

NET ASSETS - Beginning of Year

NET ASSETS - End of Year

$1,132,843

 

 

$594,527

162,722

30,018

56,036

10,951

82,712

$936,966

 

$5,590

---

$201,467

$63,003

$264,470

$317,213

 

 

$317,213

184,638

15,930

-

56,667

4,899

$579,347

 

$183

$300,000

$38,049

$24,954

$63,003

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2003

AT JUNE 30,

2002

Cash

Accounts Receivable

Prepaids and Other Assets

Capital Assets

Advances to Start-Up Companies

Accounts Payable

$85,318

$39,898

$15,740

$47,579

$273,736

$11,333

$13,631

$         -

$11,378

$7,899

$30,375

$280

DIRECTOR

During Audit Period: Mr. James Weyhenmeyer, Interim (8-1-01 thru 9-30-02), Mr. John Banta
    (eff. 10-1-02)

Currently: Mr. John Banta