REPORT DIGEST

 

 

ILLINOIS STATE UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

 

 

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.state.il.us/auditor

 

 

 

 

 

 

INTRODUCTION

 

      This digest covers our financial audit of the Foundation for the year ended June 30, 2007. 

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2007 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:CML:pp

 

 

 

 

SPECIAL ASSISTANT AUDITORS

 

      Clifton Gunderson, LLP were our special assistant auditors for this audit.


 

 

 

ILLINOIS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended June 30, 2007

 

FINANCIAL OPERATIONS

FY2007

FY2006

 

OPERATING REVENUES

 

 

 

Service contract with University.....................................

$1,571,536

$1,483,750

 

    Other Operating Revenues.............................................

54,395

60,836

 

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

1,625,931

1,544,586

 

OPERATING EXPENSES

 

 

 

Student Aid, scholarships and awards............................

$2,137,974

$1,844,541

 

     Expenditures on behalf of ISU departments and programs

 

4,413,656

 

3,355,438

 

Other Operating Expenses.............................................

2,121,605

2,149,466

 

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

8,673,235

7,349,445

 

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

($7,047,304)

($5,804,859)

 

NONOPERATING REVENUES (EXPENSES)

 

 

 

Contributions – gifts and donations................................

$4,406,188

$11,169,963

 

Interest on capital related debt.......................................

(13,005)

(17,509)

 

Investment income (loss)...............................................

12,068,401

5,464,006

 

Expenditures for ISU capital projects.............................

(569,946)

(3,636,069)

 

Other............................................................................

811,359

776,942

 

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

$16,702,997

$13,757,333

 

     Income (loss) before additions to permanent endowments.............................................................................

$9,655,693

$7,952,474

 

Additions to permanent endowments.............................

$1,348,978

$2,112,453

 

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

$11,004,671

$10,064,927

 

 

 

 

 

NET ASSETS

 

 

 

Net Assets-beginning of year ........................................

$78,089,402

$68,024,475

 

Net Assets-end of year.................................................

$89,094,073

$78,089,402

 

 

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2007

AT JUNE 30, 2006

 

Cash and Investments........................................................

$83,441,018

$72,849,633

 

Total Assets....................................................................

$90,760,676

$79,377,672

 

Long-Term liabilities..........................................................

$405,893

$551,946

 

Total Liabilities...............................................................

$1,666,603

$1,288,270

 

Net Assets – Restricted-Nonexpendable............................

$56,807,661

$47,640,533

 

Net Assets – Restricted-Expendable..................................

$26,252,999

$27,419,289

 

Total Net Assets.............................................................

$89,094,073

$78,089,402

 

MANAGING DIRECTOR

During Audit Period: Dr. Diane Ashby

Currently:  Dr. Diane Ashby