REPORT DIGEST

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2005

And

COMPLIANCE EXAMINATION

For the Two Years Ended June 30, 2005

 

Summary of Findings:

Total this audit†††††††††††††             0

Total last audit††††††††††            ††† 0

Repeated from last audit†††††††††† 0

 

Release Date:

March 8, 2006 

 

 

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

 

 

 

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

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the June 30, 2005 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 AND COMPLIANCE EXAMINATION

For The Years Ended June 30, 2005

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2005

 

FY2004

 

 

OPERATING REVENUES

 

 

 

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

$2,715,448

$2,504,520

 

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

350,502

370,784

 

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

$3,065,950

$2,875,304

 

 

OPERATING EXPENSES

 

 

 

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

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

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

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

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

$566,525

538,757

638,307

229,379

1,527,970

$569,806

519,150

688,912

222,910

1,494,099

 

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

321,990

191,456

 

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

$3,822,928

$3,686,333

 

 

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.......................................

 

 

 

$966,970

 

674,448

1,042,399

 

$22,683,817

$1,926,839

$20,203,912

$22,130,751

 

 

 $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

 

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2005

AT JUNE 30, 2004

 

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

$3,492,568

$3,138,366

 

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

$17,420,671

$16,050,702

 

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

$280,260

$356,424

 

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

$945,287

$956,596

 

 

FOUNDATION EXECUTIVE OFFICER

During Audit Period:Dr. Larry Mortier (retired eff. 7-29-05)

Currently:Dr. Daniel Hendricks (eff. 8-15-05)