Summary of Findings

Total this audit 0

Total last audit 2

Repeated from last audit 0

Release Date:

February 22, 2006

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

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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

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material findings of noncompliance disclosed during our testing. We commend the Foundation for maintaining effective internal controls.

AUDITORS’ OPINION

Our auditors state the Foundation’s financial statements as of and for the year ended June 30, 2005 are fairly presented in all material respects.

______________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:PP

SPECIAL ASSISTANT AUDITORS

Doehring, Winders & Co. LLP were our special assistant auditors for this engagement.

{Expenditures and Activity Measures are summarized on the reverse page.}

EASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

FOR THE PERIOD(S) ENDED JUNE 30, 2005 and 2004

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended June 30, 2005

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS	2005	2004
OPERATING REVENUES
Gifts................................................................................................................ Service contract with University.......................................................... Budget allocation from University....................................................... Other operating income......................................................................... Total operating revenues.....................................................................	$903,941 183,683 49,501 126,201 $1,263,326	$1,116,838 177,130 144,355 81,061 $1,519,384
OPERATING EXPENSES Professional fees........................................................................ In-kind expenses under contract with the University....................... Personal services.................................................................................... Building expenditures........................................................... Budget expended at the University................................................... Other operating expenses............................................................... Total operating expenses.............................................................. Operating income.......................................................................... NONOPERATING REVENUES (EXPENSES) Investment income........................................................................ Grants to University............................................................................ Scholarships.............................................................................. Other nonoperating expenses............................................................ Net nonoperating revenues............................................................... Income before capital contributions................................................. Capital contributions.................................................................. INCREASE in net assets FOR THE YEAR..................................... Net assets, beginning of the year............................................... Net assets, end of the year...................................................................	$ 95,005 105,058 110,989 34,414 49,501 207,438 $ 602,405 $ 660,921 $2,745,148 (1,022,676) (523,678) (368,039) $ 830,755 $1,491,676 2,495,495 $3,987,171 31,669,060 $35,656,231	$ 115,211 98,406 84,225 30,504 144,355 173,068 $ 645,769 $ 873,615 $4,683,976 (3,396,304) (534,567) (462,214) $ 290,891 $1,164,506 320,003 $1,484,509 30,184,551 $31,669,060
SELECTED ACCOUNT BALANCES AT JUNE 30	2005	2004
ASSETS Cash and investments......................................................................... Capital assets, net of accumulated depreciation.................................. Other assets....................................................................................... Total Assets...................................................................................... LIABILITIES AND NET ASSETS Accounts payable and accrued liabilities........................................... Annuities payable....................................................................... Demand mortgage payable....................................................................... Due to others.................................................................................... Net assets.................................................................................... Total Liabilities and Net Assets.................................................	$42,806,845 2,043,645 218,145 $45,068,635 $ 13,552 2,693,105 1,512,238 5,193,509 35,656,231 $45,068,635	$38,402,205 2,054,226 277,514 $40,733,945 $ 14,848 2,649,628 1,494,356 4,906,053 31,669,060 $40,733,945
AGENCY EXECUTIVE OFFICER
During Audit Period and Currently: Ms. Patrice Stratton

Summary of Findings

SPECIAL ASSISTANT AUDITORS

FOR THE PERIOD(S) ENDED JUNE 30, 2005 and 2004

COMPLIANCE ATTESTATION EXAMINATION

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

2005

2004

OPERATING EXPENSES

Operating income..........................................................................

Income before capital contributions.................................................

SELECTED ACCOUNT BALANCES AT JUNE 30

2005

2004

ASSETS

LIABILITIES AND NET ASSETS

AGENCY EXECUTIVE OFFICER