REPORT DIGEST

REPORT DIGEST

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2005

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

Summary of Findings:

Total this audit 0

Total last audit 0

Repeated from last audit 0

Release Date:

March 23, 2006

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

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material compliance findings disclosed during our examination. We commend the University Park for maintaining effective fiscal controls.

AUDITORS’ OPINION

Our auditors stated the June 30, 2005 financial statements of University Park are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL:pp

SPECIAL ASSISTANT AUDITORS

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

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

COMPLIANCE EXAMINATION AND FINANCIAL AUDIT

For The Years Ended June 30, 2005

FINANCIAL OPERATIONS (ALL FUNDS)	FY2005	FY2004
OPERATING REVENUES
Payments from SIUE for University Park facility.................	$37,268	$37,268
Management fees...............................................................	31,133	29,910
Budget allocation from SIUE..............................................	254,020	236,585
Ground rents and common area maintenance......................	84,202	67,608
Total operating revenues........................................	$406,623	$371,371
OPERATING EXPENSES
Budget expended at SIUE.................................................	$254,020	$236,585
Contractual services...........................................................	58,625	68,360
All other expenses.............................................................	37,524	31,490
Total operating expenses........................................	$350,169	$336,435
Operating income..............................................................	$56,454	$34,936
NONOPERATING REVENUES (EXPENSES)
Grant Revenue...................................................................	$1,588,950	$0
Interest income..................................................................	11,621	6,658
Interest expense.................................................................	(18,823)	(9,453))
Other revenue....................................................................	503	453
Total nonoperating revenues (expenses).................	$1,582,251	($2,342)
Increase in net assets.............................................	$1,638,705	$32,594
NET ASSETS
Net assets – beginning of the year......................................	$170,207	$137,613
Net assets – end of the year...............................................	$1,808,912	$170,207

OTHER SIGNIFICANT ACCOUNT BALANCES	JUNE 30, 2005	JUNE 30, 2004
Cash.................................................................................	$1,157,603	$237,441
Capital assets....................................................................	$624,533	$524,518
Total assets.....................................................................	$2,428,445	$770,652
Accounts payable..............................................................	$128,112	$98,452
Deferred revenue...............................................................	$107,780	$105,884
Notes payable...................................................................	$381,339	$393,807
Total liabilities................................................................	$619,533	$600,445
Net assets invested in capital assets, net of related debt......	$243,194	$130,711
Net Assets – restricted......................................................	$1,488,950	$0
Net Assets – unrestricted...................................................	$76,768	$39,496
Total net assets...............................................................	$1,808,912	$170,207
EXECUTIVE DIRECTOR
During Audit Period: Mr. Brian Donnelly
Currently: Mr. Brian Donnelly