REPORT DIGEST

 

WESTERN ILLINOIS

UNIVERSITY

FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2003

And

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                        0

Total last audit                        0

Repeated from last audit         0

 

Release Date:

March 4, 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

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

There were no material compliance findings disclosed during our audit tests. We commend the Foundation for maintaining effective fiscal controls.

 

AUDITORSí OPINION

Our auditors state the Foundationís June 30, 2003 financial statements are fairly presented in all material respects.

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMA:pp

 

 

SPECIAL ASSISTANT AUDITORS

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

 

 

 

 

 

{Financial Information is summarized on the reverse page.}

 

                    WESTERN ILLINOIS UNIVERSITY FOUNDATION

                            FINANCIAL AND COMPLIANCE AUDIT

                                  For The Years Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2003

FY 2002

OPERATING REVENUES

OPERATING EXPENSES

     Operating (loss)

NONOPERATING REVENUES (EXPENSES)

     Gifts

     Investment income (loss)

     Interest on capital assets related debt

     Gain on sale of capital assets

     Additions to permanent endowments

     Other

          Increase (Decrease) in Net Assets

NET ASSETS

     Net Assets - beginning of year as previously      
    
reported

     Adjustments for GASB Statement No. 35

     Net Assets - beginning of year as restated

     Net Assets - end of year

$341,945

$3,958,670

$(3,616,725)

$2,451,956

295,730

(1,131)

-

665,235

607,978

$403,043

 

$17,609,790

-

$17,609,790

$18,012,833

$289,829

$4,074,969

$(3,785,140)

$2,656,399

(561,533)

(1,370)

3,305

560,172

469,825

$(658,342)

 

$18,385,777

(117,645)

$18,268,132

$17,609,790

SELECTED ACCOUNT BALANCES

AT JUNE 30, 2003

AT JUNE 30, 2002

Cash and Cash Equivalents

Investments

Pledges Receivable, net

Capital Assets, net

$3,015,825

$13,688,887

$434,311

$954,140

$2,994,949

$13,215,980

$888,006

$743,957

FOUNDATION OFFICIALS

Executive Officer: Dr. Larry Mortier