REPORT DIGEST

ILLINOIS LITERACY FOUNDATION

FINANCIAL AUDIT

AND COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2005

Summary of Findings:

Total this report                        0

Total last report                        0

Repeated from last report         0

Release Date:

February 16, 2006 

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 is also available on

the worldwide web at

http://www.state.il.us/auditor

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

      There were no material compliance findings disclosed during our tests.  We commend the Foundation for maintaining effective fiscal controls.

AUDITORS' OPINION

      Our auditors state the Foundation's financial statements as of June 30, 2005 are fairly presented in all material respects.

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:GSR:pp

SPECIAL ASSISTANT AUDITORS

      Sikich Gardner & Co, LLP were our special assistant auditors.

STATISTICS

FY 2005

FY 2004

FY 2003

REVENUES

      Direct public support.............................................

      Fees & registrations..............................................

      Miscellaneous.......................................................

      Interest.................................................................

            Total revenues.................................................

EXPENSES

      Contractual...........................................................

      Travel...................................................................

      Printing.................................................................

      Professional fees...................................................

      Advertising............................................................

      Commodities.........................................................

      Program grants......................................................

            Total expenditures...........................................

CHANGE IN NET ASSETS......................................

Net Assets, beginning..................................................

Net Assets, ending......................................................

$165,437

0

0

         164

$165,601

$5,012

139

0

0

0

103

 162,591

$167,845

(2,244)

36,037

$33,793

$99,449

0

47

           0

$99,496

$913

708

0

2,946

7,956

0

   96,996

$109,519

(10,023)

46,060

$36,037

$3,748

2,994

622

     184

$7,548

$8,681

220

15,503

0

0

1,680

   1,050

$27,134

(19,586)

65,646

$46,060

EX OFFICIO FOUNDATION CHAIRMAN

During Audit Period:  Honorable Jesse White

Currently:  Honorable Jesse White