REPORT DIGEST

 

 

WESTERN ILLINOIS UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2008

 

 

 

 

 

Release Date:

February 19, 2009

 

 

 

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

www.auditor.illinois.gov

 

 

 

 

 

 

 

 

AUDITORSí OPINION

 

†††† Our 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 AUDITORS

 

†††† E.C. Ortiz & Co., LLP were our special assistant auditors.

 

 

 

 

 

 

 

 

 

{Financial Information is summarized on the reverse page.}

 

 

 

 


WESTERN ILLINOIS UNIVERSITY FOUNDATION

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

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

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

 

 

FOUNDATION EXECUTIVE OFFICER

During Audit Period:Dr. Daniel Hendricks

Currently:Dr. Daniel Hendricks