REPORT DIGEST

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

 

Release Date:

March 16, 2005

 

 

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 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, 2004.A compliance examination covering the two years ended June 30, 2005 will be performed at a later date.

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the June 30, 2004 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KMA :pp

 

SPECIAL ASSISTANT AUDITORS

 

††††† BKD, LLP were our special assistant auditors.

 


WESTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For The Year Ended June 30, 2004

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY2004

 

 

FY2003

 

OPERATING REVENUES

 

 

 

Gifts..................................................................................

$2,504,520

 

$2,259,556

Sales and Services.............................................................

370,784

 

341,945

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

$2,875,304

 

$2,601,501

 

OPERATING EXPENSES

 

 

 

Instruction.........................................................................

Student Services................................................................

Institutional Support...........................................................

Operation and Maintenance of Plant...................................

Scholarships......................................................................

$569,806

519,150

688,912

222,910

1,494,099

 

$557,675

654,122

581,009

395,163

1,443,179

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

191,456

 

327,522

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

$3,686,333

 

$3,958,670

 

NONOPERATING REVENUES (EXPENSES)

Investment Income-Net.......................................................

Contribution of Capital Assets to WIU................................

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

Additions to Permanent Endowments...................................

Capital Gifts........................................................................

††††††††††† Total.......................................................................

††††††††††† Increase in Net Assets.............................................

NET ASSETS - BEGINNING OF YEAR.........................

NET ASSETS - END OF YEAR.......................................

 

 

 

$1,529,281

(2,984,444)

623,691

833,580

3,000,000

$3,002,108

$2,191,079

$18,012,833

$20,203,912

 

 

 

$295,730

0

606,847

665,235

192,400

$1,760,212

$403,043

$17,609,790

$18,012,833

 

SELECTED ACCOUNT BALANCES

AT JUNE 30, 2004

 

AT JUNE 30, 2003

Cash and Cash Equivalents................................................

$3,138,366

 

$3,015,825

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

$16,050,702

 

$13,688,887

Pledges Receivable, net.....................................................

$356,424

 

$434,311

Capital Assets, net.............................................................

$956,596

 

$954,140

 

FOUNDATION OFFICIALS

Executive Officer:Dr. Larry Mortier