REPORT DIGEST

 

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

 

Release Date:

January 27, 2005

 

 

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

 

 

 

 

INTRODUCTION

 

      This digest covers our financial audit of the Foundation for the year ended June 30, 2004.  A compliance examination covering the two years ended June 30, 2005 will be issued at a later date.

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2004 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

FINANCIAL AUDIT

For The Year Ended June 30, 2004

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2004

 

FY 2003

 

 

REVENUE

 

 

 

Operating revenues.......................................................

$3,822,459

$3,275,002

 

 

 

 

 

EXPENSES

 

 

 

Operating expenses.......................................................

14,961,034

12,247,218

 

 

 

 

 

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

($11,138,575)

($8,972,216)

 

 

 

 

 

NONOPERATING REVENUES (EXPENSES)

 

 

 

Contributions................................................................

$5,995,959

$9,827,782

 

Grants from University Related Organizations.................

5,737,678

2,392,602

 

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

8,461,314

3,486,620

 

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

458,747

(164,574)

 

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

$20,653,698

$15,542,430

 

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

 

$9,515,123

 

$6,570,214

 

 

 

 

 

Contributions for capital assets......................................

$5,813,468

$664,081

 

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

2,703,350

1,246,642

 

Increase (decrease) in net assets..............................

$18,031,941

$8,480,937

 

 

 

 

 

NET ASSETS

 

 

 

Net assets-beginning of year..........................................

$74,207,546

$65,726,609

 

 

 

 

 

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

$92,239,487

$74,207,546

 

 

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2004

AT JUNE 30, 2003

 

 

 

 

 

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

$88,480,846

$73,599,942

 

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

$98,699,258

$78,937,273

 

Annuities Payable..............................................................

$3,408,950

$3,277,803

 

Agency Funds Payable......................................................

$1,672,229

$0

 

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

$6,459,771

$4,729,727

 

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

$46,918,133

$40,844,908

 

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

$38,652,300

$27,285,130

 

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

$92,239,487

$74,207,546

 

 

MANAGING DIRECTOR

During Audit Period:  Mr. Brian Vagner

Currently:  Mr. Brian Vagner