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REPORT DIGEST FINANCIAL
AUDIT For the Year Ended: June 30, 2008
Release Date: March 5, 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 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, 2008 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.} |
FINANCIAL AUDIT
For
The Year Ended June 30, 2008
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FINANCIAL OPERATIONS (CURRENT FUNDS) |
FY 2008 |
FY 2007 |
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................................................................................. Investment
income on debt proceeds................................................. 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......................................................... |
$22,126,445 10,203,334 1,826,822 7,405,774 1,669,450 $43,231,825 $36,691,013 1,374,409 11,501,416 2,110,258 5,842,809 12,653,488 6,767,113 1,689,546 2,601,715 $81,231,767 ($37,999,942) $27,659,400 11,356,654 636,360 165,659 (434,799) (6,408) $39,376,866 $1,376,924 104,200 $1,481,124 $60,230,549 $61,711,673 |
$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 0 (150,208) (7,592) $38,159,185 $3,969,598 454,253 $4,423,851 $55,806,698 $60,230,549 |
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SELECTED
ACCOUNT BALANCES (ALL FUNDS) |
JUNE 30, 2008 |
JUNE 30, 2007 |
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Cash,
cash equivalents, and trust escrow.................................... Capital
assets........................................................................... Accumulated
depreciation.......................................................... Accrued
compensated absences................................................. Certificates
of participation........................................................ |
$31,826,568 101,459,771 45,103,084 5,582,342 9,821,749 |
$16,156,817 96,830,856 42,989,773 5,629,947 1,845,000 |
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UNIVERSITY
PRESIDENT |
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During Audit Period: Dr. Elaine Maimon – July 1, 2007 to
Present Currently: Dr. Elaine Maimon |
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