REPORT DIGEST

 

CHICAGO STATE UNIVERSITY

FOUNDATION

 

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2007

 

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended:

June 30, 2007

Summary of Findings

Total this audit                   1

Total last audit                   2

Repeated from last audit    0

 

Release Date:

January 24, 2008

 

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.auditor.illinois.gov

 

 

 

 

 

 

SYNOPSIS

 

·        The Foundation did not properly report pledges receivable in accordance with Government Accounting Standards Statement No. 34.

 

 

 

 

CHICAGO STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

                                                  For the Year Ended June 30, 2007

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended June 30, 2007

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2007

FY 2006

REVENUES

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

 

EXPENSES

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

 

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

 

NONOPERATING REVENUES (EXPENSES)

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

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

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

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

            Income before other revenues, expenses, gains and             losses.......................................................................

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

            Total other revenues, expenses, gains and losses

            Increase in net assets................................................

 

NET ASSETS

      Net Assets – beginning of year

      Net Assets – End of year

 

$754,485

 

 

$1,770,981

 

($1,016,496)

 

 

$2,934,204

300,140

 (41,408)

$3,192,936

$2,176,440

 

$4,318

$4,318

$2,180,758

 

 

$3,207,537

$5,388,295

 

$953,896

 

 

$1,660,623

 

($706,727)

 

 

$990,097

100,973

 (14,611)

$1,076,459

$369,732

 

$17,198

$17,198

$386,930

 

 

$2,820,607

$3,207,537

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30, 2007

At June 30, 2006

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

$5,354,897

$6,515,777

$588,821

$1,127,482

$2,117,156

$2,825,653

$445,486

$5,388,295

$5,300,389

$5,678,927

$2,120,726

$2,471,390

$1,871,390

$886,367

$449,780

$3,207,537

FOUNDATION EXECUTIVE DIRECTOR

 

 

During Audit Period and Current: Mr. Marquis Miller

 

 

 

 

 

 

 

 

 

 

 

 

The entire pledge receivable balance at June 30, 2007 was reported as a current asset

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

PLEDGE RECEIVABLE NOT PROPERLY REPORTED

 

      The Foundation did not properly report pledges receivable at June 30, 2007 in accordance with Government Accounting Standards Board (GASB) Statement No. 34 Basic Financial Statements-and Management’s Discussion and Analysis- for State and Local Governments.

 

      During our review of the Foundation’s financial statements it was noted that the non-current portion of pledges receivable of $916,082 were not presented in the non-current asset section of the Statement of Net Assets.  The total amount of pledges receivable, all reported as current, for the year ended June 30, 2007 was $1,153,849. (Finding 1, Page 22)

 

      We recommended that the Foundation review its policies and procedures to ensure the recording of all transactions in accordance with accounting principles generally accepted in the United States of America.

 

      Foundation officials concurred with the recommendation.

 

      Foundation responses were provided by Mr. Marquis Miller, Executive Director.

 

AUDITORS' OPINION

 

      Our auditors stated the June 30, 2007 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

 

      DeRaimo, Hillger & Ripp were our special assistant auditors for this audit.