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REPORT DIGEST
WESTERN ILLINOIS
UNIVERSITY FOUNDATION
FINANCIAL AUDIT For the One Year
Ended: June 30, 2006
Release Date: March 29, 2007
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
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INTRODUCTION This digest covers our financial audit of the Foundation for the year ended June 30, 2006. A compliance examination covering the two years ended June 30, 2007 will be performed at a later date. AUDITORS’ OPINION Our auditors stated the June 30, 2006 financial statements of the Foundation are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA :pp SPECIAL ASSISTANT AUDITORS BKD, LLP were our special assistant auditors. |
WESTERN
ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For The Years
Ended June 30, 2006
|
FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2006 |
FY 2005 |
|
|
OPERATING REVENUES |
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|
|
|
Gifts.................................................................................. |
$2,664,493 |
$2,715,448 |
|
|
Sales and Services............................................................. |
302,126 |
350,502 |
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Total .................................................................... |
$2,966,619 |
$3,065,950 |
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|
OPERATING EXPENSES |
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|
|
|
Instruction......................................................................... Student Services................................................................ Institutional Support........................................................... Operation and Maintenance of Plant................................... Scholarships...................................................................... |
$759,280 433,192 710,897 435,017 1,528,165 |
$566,525 538,757 638,307 229,379 1,527,970 |
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Other................................................................................ |
212,917 |
321,990 |
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Total..................................................................... |
$4,079,468 |
$3,822,928 |
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NONOPERATING REVENUES (EXPENSES) Investment Income-Net....................................................... Other.................................................................................. Additions to Permanent Endowments................................... Total....................................................................... Increase in Net Assets............................................. NET ASSETS - BEGINNING OF YEAR......................... NET ASSETS - END OF YEAR....................................... |
$1,497,633 783,423 1,343,167 $3,624,223 $2,511,374 $22,130,751 $24,642,125 |
$966,970 674,448 1,042,399 $2,683,817 $1,926,839 $20,203,912 $22,130,751 |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2006 |
AT JUNE 30, 2005 |
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Cash and Cash Equivalents................................................ |
$3,362,660 |
$3,492,568 |
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|
Investments....................................................................... |
$20,336,560 |
$17,420,671 |
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|
Pledges Receivable, net..................................................... |
$245,156 |
$280,260 |
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Capital Assets, net............................................................. |
$933,979 |
$945,287 |
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FOUNDATION EXECUTIVE OFFICER |
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During Audit Period: Dr. Larry Mortier (retired eff. 7-29-05), Dr. Daniel Hendricks (eff. 8-15-05) Currently: Dr. Daniel Hendricks |