REPORT DIGEST

 

 

 

ILLINOIS STATE UNIVERSITY

 

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2008

 

 

 

Release Date:

February 19, 2009

 

 

 

 

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.state.il.us/auditor

 

 

 

 

 

INTRODUCTION

 

      This Digest covers our financial audit of Illinois State University for the year ended June 30, 2008.  Our compliance examination report for that period will be released as a separate report at a later date.

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the University’s June 30, 2008 financial statements are fairly presented in all material respects.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:CML:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

      Our special assistant auditors were Clifton Gunderson, LLP

 

 

 

 

 

 

 

 

 

 

 


ILLINOIS STATE UNIVERSITY

FINANCIAL AUDIT

For The Year Ended June 30, 2008

 

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2008

FY 2007

OPERATING REVENUES

     Student tuition and fees (net of scholarship allowances)...................

     Grants and contracts.................................................................................

     Auxiliary facilities......................................................................................

     Other operating revenues........................................................................

             Total Operating Revenues...............................................................

 

OPERATING EXPENSES

     Instruction..................................................................................................

     Research.....................................................................................................

     Public service.............................................................................................

     Academic support.....................................................................................

     Student services........................................................................................

     Institutional support.................................................................................

     Operation and maintenance of plant......................................................

     Auxiliary facilities......................................................................................

     Depreciation...............................................................................................

     Payments on behalf of the University...................................................

     Other operating expenditures..................................................................

             Total Operating Expenses...............................................................

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

 

NONOPERATING REVENUES (EXPENSES)

      State Appropriations...............................................................................

      Payments on behalf of the University...................................................       Investment income...................................................................................

      Interest on capital assets and related debt...........................................

      Other nonoperating revenues (expenses)............................................

      Net nonoperating revenues

      Income (loss) before other revenues, expenses, gains and losses

      Transfers from the Capital Development Board..................................

      Capital grants and gifts...........................................................................

 

INCREASE IN NET ASSETS.......................................................................

 

Net assets, beginning of year.......................................................................

Net assets, end of year..................................................................................

 

        $122,216,375

            28,498,534

            71,253,164

            24,109,773

        $246,077,846

 

 

        $102,858,228

            13,945,458

            15,246,220

            12,740,712

            31,615,841

            25,096,887

            26,185,861

            51,007,542

            15,394,481

            53,493,304

            25,080,481

        $372,665,015

       ($126,587,169)

 

 

          $83,056,800

            54,600,334

              6,509,333

             (2,914,329)

              9,928,618

        $151,180,756

          $24,593,587

            10,178,571

                 298,909

 

          $35,071,067

     

        $313,171,986

        $348,243,053

 

        $108,622,959

            25,061,660

            67,175,847

            22,652,381

        $223,512,847

 

 

          $97,774,921

            14,498,859

            12,062,844

            12,628,600

            30,506,471

            24,070,803

            23,771,074

            47,664,808

            14,869,618

            46,692,888

            22,961,579

        $347,502,465

       ($123,989,618)

 

 

          $81,527,500

            47,704,900

              6,237,173

             (2,697,572)

              9,500,131

        $142,272,132

          $18,282,514

              2,829,843

              2,017,476

 

          $23,129,833

     

        $290,042,153

        $313,171,986

SELECTED ACCOUNT BALANCES (ALL FUNDS)

JUNE 30, 2008

JUNE 30, 2007

Cash and cash equivalents..............................................................................

Investments........................................................................................................

Capital assets.....................................................................................................

Revenue Bonds Payable.................................................................................. .

Accrued compensated absences....................................................................

$95,132,494

103,656,162

307,374,562

111,689,258

18,232,804

$41,682,231

104,526,282

275,429,237

84,891,698

18,331,798

UNIVERSITY PRESIDENT

 

 

During audit period and currently:  Dr. C. Alvin Bowman, President