REPORT DIGEST
ILLINOIS VENTURES, LLC
FINANCIAL AUDIT
For the Year Ended: June 30, 2003
Release Date: January 28, 2004
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 Attn: Records Manager Iles Park Plaza 740 E. Ash Street Springfield, IL 62703
(217) 782-6046 or TDD (217) 524-4646
This Report Digest is also available on the worldwide web at http://www.state.il.us/auditor |
INTRODUCTION Illinois Ventures, LLC is a for profit limited liability company created by the Board of Trustees of the University of Illinois. The Company exists to facilitate the development of new companies commercializing technology originated or developed by faculty, staff and/or students of the University.
AUDITORS’ OPINION Our auditors stated the Company's June 30, 2003 financial statements are fairly presented in all material respects.
____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA:pp
SPECIAL ASSISTANT AUDITORS Our special assistant auditors were Clifton Gunderson LLP. |
ILLINOIS VENTURES, LLC
FINANCIAL AUDIT
For the Year Ended June 30, 2003
FINANCIAL OPERATIONS |
FY 2003 |
FY 2002 |
OPERATING REVENUES
OPERATING EXPENSES Salaries Professional Fees Insurance Travel Office Rent Other Total
NONOPERATING REVENUES - INTEREST CONTRIBUTED CAPITAL INCREASE IN NET ASSETS NET ASSETS - Beginning of Year NET ASSETS - End of Year |
$1,132,843
$594,527 162,722 30,018 56,036 10,951 82,712 $936,966
$5,590 --- $201,467 $63,003 $264,470 |
$317,213
$317,213 184,638 15,930 - 56,667 4,899 $579,347
$183 $300,000 $38,049 $24,954 $63,003 |
SELECTED ACCOUNT BALANCES |
AT JUNE 30, 2003 |
AT JUNE 30, 2002 |
Cash Accounts Receivable Prepaids and Other Assets Capital Assets Advances to Start-Up Companies Accounts Payable |
$85,318 $39,898 $15,740 $47,579 $273,736 $11,333 |
$13,631 $ - $11,378 $7,899 $30,375 $280 |
DIRECTOR |
During Audit Period: Mr. James Weyhenmeyer, Interim (8-1-01 thru 9-30-02), Mr. John Banta
Currently: Mr. John Banta |