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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
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FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2004 |
FY 2003 |
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|
REVENUE |
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|
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Operating revenues....................................................... |
$3,822,459 |
$3,275,002 |
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EXPENSES |
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Operating expenses....................................................... |
14,961,034 |
12,247,218 |
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Operating loss......................................................... |
($11,138,575) |
($8,972,216) |
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NONOPERATING REVENUES (EXPENSES) |
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Contributions................................................................ |
$5,995,959 |
$9,827,782 |
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Grants from University Related Organizations................. |
5,737,678 |
2,392,602 |
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Investment income (loss)............................................... |
8,461,314 |
3,486,620 |
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Other............................................................................ |
458,747 |
(164,574) |
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Net nonoperating revenues...................................... |
$20,653,698 |
$15,542,430 |
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Income (Loss) before other revenues, expenses, gains and losses............................................................... |
$9,515,123 |
$6,570,214 |
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|
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Contributions for capital assets...................................... |
$5,813,468 |
$664,081 |
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Additions to permanent endowments............................. |
2,703,350 |
1,246,642 |
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Increase (decrease) in net assets.............................. |
$18,031,941 |
$8,480,937 |
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NET ASSETS |
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Net assets-beginning of year.......................................... |
$74,207,546 |
$65,726,609 |
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Net Assets-end of year................................................. |
$92,239,487 |
$74,207,546 |
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OTHER SIGNIFICANT
ACCOUNT BALANCES |
AT JUNE 30, 2004 |
AT JUNE 30, 2003 |
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|
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Cash and Investments........................................................ |
$88,480,846 |
$73,599,942 |
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Total Assets.................................................................... |
$98,699,258 |
$78,937,273 |
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Annuities Payable.............................................................. |
$3,408,950 |
$3,277,803 |
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Agency Funds Payable......................................................
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$1,672,229 |
$0 |
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Total Liabilities............................................................... |
$6,459,771 |
$4,729,727 |
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Net Assets – Restricted-Nonexpendable............................ |
$46,918,133 |
$40,844,908 |
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Net Assets – Restricted-Expendable.................................. |
$38,652,300 |
$27,285,130 |
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Total Net Assets............................................................. |
$92,239,487 |
$74,207,546 |
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MANAGING DIRECTOR |
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During Audit Period: Mr. Brian Vagner |
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Currently: Mr. Brian Vagner |
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