REPORT DIGEST

ILLINOIS VENTURES, LLC

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

Release Date:

February 7, 2008

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.auditor.illinois.gov

AUDITORS’ OPINION

      Our auditors stated the Company’s June 30, 2007 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.

{Expenditures and Activity Measures are summarized on the reverse page.}

CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2007

FY 2006

OPERATING REVENUES...........................................

OPERATING EXPENSES

      Salaries                                                                     

      Professional Fees.......................................................

      Insurance...................................................................

      Travel........................................................................

      Office Rent................................................................

      Other........................................................................

            Total...................................................................

OPERATING INCOME................................................

NONOPERATING REVENUES...................................

NET INCREASE OF UNREALIZED APPRECIATION ON INVESTMENTS HELD..........................................

INCREASE IN NET ASSETS.......................................

NET ASSETS - Beginning of Year..................................

Net Change in Reserve for Minority Interest in Subsidiary.

NET ASSETS - End of Year..........................................

$4,237,535

$1,562,791

156,658

41,421

106,802

123,783

318,355

$2,309,810

$1,927,725

$357,629

$708,367

$2,993,721

$4,874,555

$2,652

$7,870,928

$3,766,032

$1,331,188

201,137

43,162

93,835

113,719

261,428

$2,044,469

$1,721,563

$53,131

$407,725

$2,182,419

$2,690,657

$1,479

$4,874,555

CONSOLIDATED STATEMENT OF NET ASSETS

AT JUNE 30,

2007

AT JUNE 30,

2006

Current Assets................................................................

Capital Assets................................................................

Investments....................................................................

Total Assets...................................................................

Current Liabilities............................................................

Net Assets.....................................................................

Total Liabilities and Net Assets.......................................

$910,983

91,393

7,454,198

$8,456,574

$585,646

7,870,928

$8,456,574

$1,086,822

106,158

4,046,227

$5,239,207

$364,652

4,874,555

$5,239,207

DIRECTOR

During Audit Period and Current:  Mr. John Banta