REPORT DIGEST

EASTERN ILLINOIS UNIVERSITY

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2017

Release Date:  March 27, 2018

FINDINGS THIS AUDIT:  1

CATEGORY:  NEW -- REPEAT -- TOTAL
Category 1:  1 -- 0 -- 1
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  1 -- 0 -- 1

FINDINGS LAST AUDIT: 0

Category 1: Findings that are material
weaknesses in internal control and/or a
qualification on compliance with State laws
and regulations (material noncompliance).
Category 2: Findings that are significant
deficiencies in internal control and
noncompliance with State laws and
regulations.
Category 3: Findings that have no internal
control issues but are in noncompliance with
State laws and regulations.

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, 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
www.auditor.illinois.gov

INTRODUCTION

This digest covers Eastern Illinois
University’s Financial Audit as of and for
the year ended June 30, 2017.  Eastern
Illinois University’s Compliance Examination
(including the Single Audit) covering the
year ended June 30, 2017 will be issued in a
separate report at a later date.

SYNOPSIS

• (17-1) The University did not ensure
restrictions from revenue bond covenants were
properly reflected within the University’s
financial statements.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

FINANCIAL STATEMENT REPORTING OF RESTRICTED
ASSETS

Eastern Illinois University (University) did
not ensure restrictions from revenue bond
covenants were properly reflected within the
University’s financial statements.

During testing, we noted the University had
controls to segregate the System’s assets and
include their net position with the
University’s financial statements; however,
the University did not accurately report
restricted assets and restricted net position
under generally accepted accounting
principles..

We recommended the University continue to
review its financial reporting to provide
assurance accounts are properly classified
under generally accepted accounting
principles.

University officials agreed with the
recommendation.

AUDITOR’S OPINION

The auditors stated the financial statements
of the University as of June 30, 2017, and
for the year then ended, are fairly stated in
all material respects.

This financial audit was conducted by
CliftonLarsonAllen LLP.

JANE CLARK
Division Director

This report is transmitted in accordance with
Section 3-14 of the Illinois State Auditing
Act.

FRANK J. MAUTINO
Auditor General

FJM:PH