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REPORT DIGEST GOVERNORS STATE UNIVERSITY FINANCIAL
AUDIT For the Year Ended: June 30, 2007
Release Date: March 4, 2008
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 the
Full Report are available on the worldwide web at http://www.auditor.illinois.gov |
AUDITORS' OPINION Our auditors state the University’s financial statements as of June 30, 2007 and for the year then ended, are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:TLK:pp
SPECIAL ASSISTANT AUDITORS
Our special assistant auditors
for this audit were Clifton Gunderson LLP. {Financial Information is
summarized on the reverse page.} |
GOVERNORS STATE
UNIVERSITY
FINANCIAL AUDIT
For The Year Ended June 30, 2007
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FINANCIAL OPERATIONS (CURRENT FUNDS) |
FY 2007 |
FY 2006 |
OPERATING REVENUES Student
tuition and fees (net of scholarship allowances)................... Grants
and contracts.................................................................................
Auxiliary enterprises................................................................................. Sales
and services of educational departments.................................... Other
operating revenues........................................................................ Total
Operating Revenues............................................................... OPERATING EXPENSES Instruction.................................................................................................. Research..................................................................................................... Public
service............................................................................................. Academic
support..................................................................................... Student
services........................................................................................
Institutional support.................................................................................
Operation and maintenance of plant......................................................
Auxiliary enterprises.................................................................................
Depreciation............................................................................................... Total
Operating Expenses............................................................... Operating
loss................................................................................................ NONOPERATING
REVENUES (EXPENSES) State Appropriations.............................................................................. Payments
on behalf of the University................................................. Investment
income................................................................................. Interest
on capital assets and related debt......................................... Other
nonoperating expenses............................................................... Net nonoperating revenues.................................................................. Income
before other revenues, expenses, gains and losses............ Transfers from the Capital Development Board................................. INCREASE IN NET ASSETS.......................................................................Net assets, beginning of year................................................. Net assets, end of
year......................................................... |
$19,930,861 8,950,719 2,191,241 7,795,969 1,762,685 $40,631,475 $33,371,017 1,548,553 10,491,664 1,947,095 4,975,003 11,126,579 7,158,003 1,623,130
2,580,018 $74,821,062 ($34,189,587) $27,673,800 9,817,536 825,649 (150,208)
(7,592) $38,159,185 $3,969,598 454,253 $4,423,851 $55,806,698 $60,230,549 |
$17,210,033 7,578,864 1,754,631 6,644,924 486,502 $33,674,954 $29,784,579 1,063,576 9,735,440 1,780,596 4,171,088 10,084,776 6,462,158 1,855,501
2,578,296 $67,516,010 ($33,841,056) $25,986,100 9,056,892 496,022 (164,223)
(77,063) $35,297,728 $1,456,672 477,394 $1,934,066 $53,872,632 $55,806,698 |
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SELECTED
ACCOUNT BALANCES (ALL FUNDS) |
JUNE 30, 2007 |
JUNE 30, 2006 |
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Cash,
short-term investments and trust escrow.......................... Capital
assets.......................................................................... Accumulated
depreciation........................................................ Accrued
compensated absences................................................ Certificates
of participation...................................................... |
$16,156,817 96,830,856 42,989,773 5,629,947 1,845,000 |
$13,981,655 97,448,037 42,164,566 6,167,676 1,925,000 |
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UNIVERSITY
PRESIDENT |
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During Audit Period:
Dr. Stuart Fagan – thru
6-30-07, Dr. Elaine Maimon – July 1, 2007 to Present Currently: Dr. Elaine Maimon |
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