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.

AUDITORS’ 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)