REPORT DIGEST

REPORT DIGEST

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

Release Date:

March 16, 2005

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 is also available on

the worldwide web at

http://www.state.il.us/auditor

INTRODUCTION

This digest covers our financial audit of University Park at Southern Illinois University at Edwardsville for the year ended June 30, 2004. A compliance audit covering the two years ended June 30, 2005 will be issued at a later date.

AUDITORS’ OPINION

Our auditors stated the June 30, 2004 financial statements of University Park are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Kerber, Eck & Braeckel LLP were our special assistant auditors for this audit.

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

FINANCIAL AUDIT

For The Year Ended June 30, 2004

FINANCIAL OPERATIONS (ALL FUNDS)	FY2004	FY2003
OPERATING REVENUES
Payments from SIUE for University Park facility.................	$37,268	$37,268
Management fees...............................................................	$29,910	$25,536
Budget allocation from SIUE..............................................	$236,585	$222,718
Ground rents and common area maintenance......................	$67,608	$51,810
Other payments from SIUE................................................	$0	$36,949
Total operating revenues........................................	$371,371	$374,281
OPERATING EXPENSES
Budget expended at SIUE.................................................	$236,585	$222,718
Expenditures for the benefit of SIUE..................................	$0	$36,949
Contractual services...........................................................	$68,360	$59,383
All other expenses.............................................................	$31,490	$21,812
Total operating expenses........................................	$336,435	$340,862
Operating income..............................................................	$34,936	$33,419
NONOPERATING REVENUES (EXPENSES)
Interest income..................................................................	$6,658	$5,794
Interest expense.................................................................	($9,453)	$0
Other revenue....................................................................	$453	$45
Total nonoperating revenues (expenses).................	($2,342)	$5,839
Increase in net assets.............................................	$32,594	$39,258
NET ASSETS
Net assets – beginning of the year......................................	$137,613	$98,355
Net assets – end of the year...............................................	$170,207	$137,613

OTHER SIGNIFICANT ACCOUNT BALANCES	JUNE 30, 2004	JUNE 30, 2003
Cash.................................................................................	$237,441	$254,339
Note receivable.................................................................	$0	$48,388
Capital assets....................................................................	$524,518	$8,226
Total assets.....................................................................	$770,652	$316,543
Accounts payable..............................................................	$98,452	$85,625
Deferred revenue...............................................................	$105,884	$93,305
Notes payable...................................................................	$393,807	$0
Total liabilities................................................................	$600,445	$178,930
Net assets invested in capital assets, net of related debt......	$130,711	$8,226
Net Assets – unrestricted...................................................	$39,496	$129,387
Total net assets...............................................................	$170,207	$137,613
EXECUTIVE DIRECTOR
During Audit Period: Mr. Brian Donnelly
Currently: Mr. Brian Donnelly