REPORT DIGEST

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2006

 

 

Release Date:

March 29, 2007

 

 

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 and Full Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

 

 

 

INTRODUCTION

 

 

 

††††† This digest covers our financial audit of the Foundation for the year ended June 30, 2006.A compliance examination covering the two years ended June 30, 2007 will be performed at a later date.

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the June 30, 2006 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 Years Ended June 30, 2006

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2006

 

FY 2005

 

 

OPERATING REVENUES

 

 

 

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

$2,664,493

$2,715,448

 

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

302,126

350,502

 

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

$2,966,619

$3,065,950

 

 

OPERATING EXPENSES

 

 

 

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

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

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

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

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

$759,280

433,192

710,897

435,017

1,528,165

$566,525

538,757

638,307

229,379

1,527,970

 

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

212,917

321,990

 

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

$4,079,468

$3,822,928

 

 

NONOPERATING REVENUES (EXPENSES)

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

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

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

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

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

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

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

 

 

 

$1,497,633

783,423

1,343,167

$3,624,223

$2,511,374

$22,130,751

$24,642,125

 

 

$966,970

674,448

1,042,399

$2,683,817

$1,926,839

$20,203,912

$22,130,751

 

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

 

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

$3,362,660

$3,492,568

 

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

$20,336,560

$17,420,671

 

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

$245,156

$280,260

 

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

$933,979

$945,287

 

 

FOUNDATION EXECUTIVE OFFICER

During Audit Period:Dr. Larry Mortier (retired eff. 7-29-05), Dr. Daniel Hendricks (eff. 8-15-05)

Currently:Dr. Daniel Hendricks