REPORT DIGEST WESTERN ILLINOIS
UNIVERSITY FOUNDATION 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
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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 the Foundation for the year ended June 30, 2004. A compliance examination covering the two years ended June 30, 2005 will be performed at a later date. AUDITORS’ OPINION Our auditors stated the June 30, 2004 financial statements of the Foundation are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA :pp SPECIAL ASSISTANT AUDITORS BKD, LLP were our special assistant auditors. |
WESTERN
ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For The Year
Ended June 30, 2004
FINANCIAL OPERATIONS (ALL FUNDS) |
FY2004 |
|
FY2003 |
OPERATING REVENUES |
|
|
|
Gifts.................................................................................. |
$2,504,520 |
|
$2,259,556 |
Sales and Services............................................................. |
370,784 |
|
341,945 |
Total .................................................................... |
$2,875,304 |
|
$2,601,501 |
OPERATING EXPENSES |
|
|
|
Instruction......................................................................... Student Services................................................................ Institutional Support........................................................... Operation and Maintenance of Plant................................... Scholarships...................................................................... |
$569,806 519,150 688,912 222,910 1,494,099 |
|
$557,675 654,122 581,009 395,163 1,443,179 |
Other................................................................................ |
191,456 |
|
327,522 |
Total..................................................................... |
$3,686,333 |
|
$3,958,670 |
NONOPERATING REVENUES (EXPENSES) Investment Income-Net....................................................... Contribution of Capital Assets to WIU................................ Other.................................................................................. Additions to Permanent Endowments................................... Capital Gifts........................................................................ Total....................................................................... Increase in Net Assets............................................. NET ASSETS - BEGINNING OF YEAR......................... NET ASSETS - END OF YEAR....................................... |
$1,529,281 (2,984,444) 623,691 833,580 3,000,000 $3,002,108 $2,191,079 $18,012,833 $20,203,912 |
|
$295,730 0 606,847 665,235 192,400 $1,760,212 $403,043 $17,609,790 $18,012,833 |
SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2004 |
|
AT JUNE 30, 2003 |
Cash and Cash Equivalents................................................ |
$3,138,366 |
|
$3,015,825 |
Investments....................................................................... |
$16,050,702 |
|
$13,688,887 |
Pledges Receivable, net..................................................... |
$356,424 |
|
$434,311 |
Capital Assets, net............................................................. |
$956,596 |
|
$954,140 |
FOUNDATION OFFICIALS |
Executive Officer: Dr. Larry Mortier |