REPORT DIGEST

REPORT DIGEST

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

February 8, 2007

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

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, 2006. A compliance audit covering the two years ended June 30, 2007 will be issued at a later date.

AUDITORS’ OPINION

Our auditors stated the June 30, 2006 financial statements of University Park are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Crowe Chizek & Company, LLC were our special assistant auditors for this audit.

UNIVERSITY PARK

SOUTHERN ILLINOIS UNIVERSITY AT EDWARDSVILLE, INC.

FINANCIAL AUDIT

For The Year Ended June 30, 2006

FINANCIAL OPERATIONS (ALL FUNDS)	FY2006	FY2005
OPERATING REVENUES
Payments from SIUE for University Park facility.................	$37,268	$37,268
Management fees...............................................................	32,071	31,133
Budget allocation from SIUE..............................................	282,572	254,020
Ground rents and common area maintenance......................	82,784	84,202
Total operating revenues........................................	$434,695	$406,623
OPERATING EXPENSES
Budget expended at SIUE.................................................	$282,572	$254,020
Contractual services...........................................................	70,180	58,625
All other expenses.............................................................	46,069	37,524
Total operating expenses........................................	$398,821	$350,169
Operating revenue in excess of expenses............................	$35,874	$56,454
NONOPERATING REVENUES (EXPENSES)
Grant Revenue...................................................................	$0	$1,588,950
Gain on sale of asset.......................................................... Interest income..................................................................	77,573 30,389	0 11,621
Interest expense.................................................................	(17,569)	(18,823)
Other revenue....................................................................	1,451	503
Total nonoperating revenues (expenses).................	$91,844	$1,582,251
Increase in net assets.............................................	$127,718	$1,638,705
NET ASSETS
Net assets – beginning of the year......................................	$1,808,912	$170,207
Net assets – end of the year...............................................	$1,936,630	$1,808,912

OTHER SIGNIFICANT ACCOUNT BALANCES	JUNE 30, 2006	JUNE 30, 2005
Cash.................................................................................	$655,756	$1,157,603
Capital assets....................................................................	$1,503,199	$624,533
Total assets.....................................................................	$2,230,476	$2,428,445
Accounts payable..............................................................	$178,842	$128,112
Deferred revenue...............................................................	$115,004	$107,780
Notes payable...................................................................	0	$381,339
Total liabilities................................................................	$293,846	$619,533
Net assets invested in capital assets, net of related debt......	$14,249	$243,194
Net Assets – restricted......................................................	$1,488,950	$1,488,950
Net Assets – unrestricted...................................................	$433,431	$76,768
Total net assets...............................................................	$1,936,630	$1,808,912
EXECUTIVE DIRECTOR
During Audit Period: Mr. Brian Donnelly (through December 31, 2005)
Currently: Mr. James R. Pennekamp (from December 1, 2005)