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REPORT DIGEST
WESTERN
FINANCIAL AUDIT For the One Year
Ended: June 30, 2008 Release Date: February 19, 2009
State of
Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
To obtain a copy of the
Report contact: Office of the Auditor
General
(217) 782-6046 or TTY (888)
261-2887 This Report Digest and Full
Report are also available on the worldwide web at www.auditor.illinois.gov |
AUDITORS’ OPINIONOur auditors stated the June 30, 2008 financial statements of the Foundation are fairly presented in all material respects. ___________________________________ WILLIAM G. HOLLAND, Auditor General WGH:CML:pp SPECIAL ASSISTANT AUDITORSE.C. Ortiz & Co., LLP were our special assistant auditors. {Financial
Information is summarized on the reverse page.} |
WESTERN
FINANCIAL AUDIT
For The Years
Ended June 30, 2008
|
FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2008 |
FY 2007 |
|
OPERATING REVENUES |
|
|
|
|
Gifts.............................................................................. |
$3,801,644 |
$2,887,336 |
|
|
Sales and Services........................................................ |
522,306 |
443,696 |
|
|
Total ................................................................ |
$4,323,950 |
$3,331,032 |
|
OPERATING EXPENSES |
|
|
|
|
Instruction..................................................................... Student Services........................................................... Institutional Support...................................................... Operation and Maintenance of Plant.............................. Scholarships................................................................. |
$1,149,443 723,316 1,053,413 154,103 1,749,101 |
$648,202 338,678 815,742 184,038 1,510,435 |
|
|
Other........................................................................... |
321,161 |
231,075 |
|
|
Total................................................................ |
$5,150,537 |
$3,728,170 |
|
|
OPERATING LOSS............................................... NONOPERATING REVENUES (EXPENSES) Investment Income-Net................................................ Other........................................................................... Additions to Permanent Endowments........................... Total............................................................... NET ASSETS - BEGINNING OF YEAR............. NET ASSETS - END OF YEAR............................ |
$(826,587) $(5,565) 915,464 1,148,403 $2,058,302 $1,231,715 $29,743,449 $30,975,164 |
$(397,138) $3,585,045 686,843 1,226,574 $5,498,462 $5,101,324 $24,642,125 $29,743,449 |
|
|
SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2008 |
AT JUNE 30, 2007 |
|
|
Cash and Cash Equivalents..................................... |
$1,572,560 |
$704,798 |
|
|
Investments............................................................ |
$28,144,193 |
$28,053,077 |
|
|
Pledges Receivable, net.......................................... |
$246,768 |
$176,706 |
|
|
Capital Assets, net.................................................. Total Assets........................................................Total Liabilities................................................... Total Net Assets................................................. |
$1,129,620 $31,471,976 $496,812 $30,975,164 |
$922,670 $30,260,756 $517,307 $29,743,449 |
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FOUNDATION EXECUTIVE OFFICER |
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During Audit Period: Dr. Daniel Hendricks Currently: Dr. Daniel Hendricks |