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REPORT DIGEST FINANCIAL
AUDIT For the Year Ended: June 30, 2008
Rele February 19, 2009
State of
Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
To obtain a copy of the
Report contact: Office of the Auditor
General
(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 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 |
For The Year Ended June 30,
2008
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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 |
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SELECTED
ACCOUNT BALANCES (ALL FUNDS) |
JUNE 30, 2008 |
JUNE 30, 2007 |
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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 |
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UNIVERSITY PRESIDENT |
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During
audit period and currently:
Dr. C.
Alvin Bowman, President |
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