REPORT DIGEST

CHICAGO STATE UNIVERSITY

FOUNDATION

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2004

Release Date:

January 27, 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

      Our report covers the financial audit for the period ending June 30, 2004.

AUDITORS' OPINION

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

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

      Nykiel Carlin & Co., LTD were our special assistant auditors for this audit.

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES

      Operating revenues.........................................................

EXPENSES

      Operating expenses........................................................

            Operating loss..........................................................

NONOPERATING REVENUES (EXPENSES)

      CRCP grant...................................................................

      Contributions..................................................................

      Investment income..........................................................

      In-kinds CSU.................................................................

            Net nonoperating revenues.......................................

            Income (Loss) before other revenues, expenses,

               gains and losses.....................................................

      Endowment contributions................................................

            Increase (decrease) in net assets...............................

NET ASSETS

      Net Assets – beginning of year

      Net Assets – End of year

$778,782

$3,793,384

($3,014,602)

$2,200,000

1,112,309

77,296

      (30,938)

 $3,358,667

$344,065

  $11,610

$355,675

$1,816,055

$2,171,730

$552,970

$1,502,465

($949,495)

$0

815,233

64,627

    (13,661)

 $866,199

($83,296)

   $4,409

($78,887)

$1,894,942

$1,816,055

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30, 2004

At June 30, 2003

Cash and Investments...........................................................

Total Assets......................................................................

Accounts Payable and accrued liabilities...............................

Total Liabilities.................................................................

Net Assets – Restricted-Nonexpendable..............................

Net Assets – Restricted – Expendable..................................

Net Assets – Unrestricted ...................................................

Total Net Assets...............................................................

$4,049,672

$4,050,690

$1,667,999

$1,878,960

$1,403,509

$754,181

$14,040

$2,171,730

$2,047,315

$2,051,141

$53,909

$235,086

$1,286,017

$531,627

($1,589)

$1,816,055

FOUNDATION EXECUTIVE DIRECTOR

      During Audit Period:  Mr. Katey Assem

      Currently:  Mr. Katey Assem