REPORT DIGEST

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

 

Release Date:
March 18, 2003

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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

 

 

This digest covers our financial audit of the Foundation for the year ended June 30, 2002. A compliance audit covering the two years ended June 30, 2003 will be performed at a later date.

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2002 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Washington, Pittman & McKeever, LLC were our special assistant auditors for this audit.

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For The Year Ended June 30, 2002
FINANCIAL OPERATIONS (ALL FUNDS)

FY2002

FY2001*
REVENUE
Contributions $3,216,571

$4,549,548
Investment Income (Loss) (561,533)

383,709
Other Revenues 762,959

1,184,002
Total Revenue $3,417,997

$6,117,259
EXPENSES
Scholarships

$1,486,514

$1,368,394
Other Expenses

2,589,825

2,632,547
Total Expenses

$4,076,339

$4,000,941
OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2002

AT JUNE 30, 2001*
Cash and Investments

$16,210,929

$16,816,452
Pledges Receivable, net

$888,006

$875,221
Other Assets

$1,047,449

$1,917,408
Liabilities

$536,594

$1,223,304
Net Assets

$17,609,790

N/A
Fund Balances

N/A

$18,385,777
* The FY2001 figures have not been restated to reflect the implementation of GASB statements #35, 37 and 38.
FOUNDATION OFFICIALS
Executive Officer: Dr. Larry Mortier