REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

COMPLIANCE AUDIT

For the Two Years Ended:

June 30, 2003

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2003

 

Summary of Findings:

 

Total this audit                      0

Total last audit                      0

Repeated from last audit       0

 

Release Date:

March 24, 2004

 

 

 

 

 

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 TDD (217) 524-4646

 

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 audit tests. We commend the Foundation for maintaining effective fiscal controls.

 

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2003 financial statements of the Foundation are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL :pp

 

 

 

SPECIAL ASSISTANT AUDITORS

Kerber, Eck & Braeckel LLP were our special assistant auditors for this audit.

 

 

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

                         COMPLIANCE AND FINANCIAL AUDIT

                           For The Two Years Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY2003

FY2002

REVENUE

Operating revenues

$3,275,002

$3,060,006

EXPENSES

Operating expenses

$12,247,218

$14,043,136

Operating loss

($8,972,216)

($10,983,130)

 

 

 

NONOPERATING REVENUES (EXPENSES)

Contributions

$9,827,782

$5,826,583

Grants from University Related Organizations

2,392,602

2,390,797

Investment income (loss)

3,486,620

(3,835,632)

Other

(164,574)

(402,776)

Net nonoperating revenues

$15,542,430

$3,978,972

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

$6,570,214

($7,004,158)

 

 

 

Contributions for capital assets

$664,081

$516,925

Additions to permanent endowments

1,246,642

1,551,678

Increase (decrease) in net assets

$8,480,937

($4,935,555)

 

 

 

NET ASSETS

 

 

Net Assets-beginning of year as originally reported

$65,726,609

$71,183,517

Adjustments for GASB Statement No. 35

 

(521,353)

Net assets-beginning of year as restated

65,726,609

70,662,164

 

 

 

Net Assets-end of year

$74,207,546

$65,726,609

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2003

AT JUNE 30, 2002

Cash and Investments

$73,599,942

$65,104,292

Total Assets

$78,937,273

$70,413,793

Annuities Payable

$3,277,803

$2,999,501

Total Liabilities

$4,729,727

$4,687,184

Net Assets – Restricted-Nonexpendable

$40,844,908

$39,485,212

Net Assets – Restricted-Expendable

$27,285,130

$20,395,442

Total Net Assets

$74,207,546

$65,726,609

MANAGING DIRECTOR

During Audit Period: Mr. Bryan Vagner

Currently: Mr. Bryan Vagner