REPORT DIGEST

EASTERN ILLINOIS UNIVERSITY

ALUMNI ASSOCIATION, INC.

FINANCIAL AUDIT

For the Years 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

      Our report covers the financial audit for the years ending June 30, 2004.

AUDITORS’ OPINION

       Our auditors state the Alumni Association’s financial statements as of June 30, 2004 were fairly presented in all material respects.

                               WILLIAM G. HOLLAND, Auditor General

   WGH:TLK:PP

                        SPECIAL ASSISTANT AUDITORS

      Doehring, Winders & Co. LLP were our special assistant auditors for this engagement.

        {Expenditures and Activity Measures are summarized on the reverse page.}

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2004

FY 2003

Operating Revenues

     Membership dues..........................................................

     Service contract with University.....................................

     Budget allocation from University...................................

     Alumni promotions.........................................................

     Other operating revenue.................................................

         Total operating revenues.............................................

Operating Expenses

     Promotional activities.....................................................

     In-kind expenses under contract with the University.........

     Postage, telephone and supplies......................................

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

     Meetings and receptions.................................................

     Budget expended at the University..................................

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

     Depreciation..................................................................

     Insurance......................................................................

     Personal services...........................................................

     Dues and subscriptions...................................................

     Bad debt expense..........................................................

     Building expenditures.....................................................

         Total operating expenses.............................................

Nonoperating Revenue (Expenses)

     Investment income.........................................................

     Scholarships..................................................................

     Grants to University.......................................................

     Interest expense............................................................

         Total nonoperating revenue (expense)..........................

INCREASE (DECREASE) IN NET ASSETS.....................

Net assets, beginning of year, as restated ............................

Net assets, end of year........................................................

       $41,710

         25,240

         23,549

           1,177

           3,472

       $95,148

       $34,519

         25,240

         10,320

         18,281

           9,978

         23,549

           8,018

           5,999

           3,272

           2,401

             554

           5,900

           4,111

      $152,142

       $32,385

          (5,200)

        (10,500)

                 0

         16,685

      ($40,309)

     1,608,118

   $1,567,809

         $47,485

           24,536

            8,125

               860

            4,108

         $85,114

         $26,841

           24,536

           16,912

           11,666

            8,562

            8,125

            7,220

            5,999

            3,036

            2,863

               746

                  0

               557

       $117,063

         $88,377

                  0

         (10,100)

           (6,551)

           71,726

         $39,777

      1,568,341

     $1,608,118

SELECTED ACCOUNT BALANCES AT JUNE 30

FY 2004

FY 2003

Assets

   Cash and investments......................................................

   Capital assets, net of accumulated depreciation..................

   Receivables and prepaid expenses....................................

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

$1,195,812

235,682

     137,521

$1,569,015

$1,216,921

241,681

     149,734

$1,608,336

Liabilities and Net Assets

   Accounts payable and accrued liabilities............................

   Invested in capital assets, net of related debt.....................

   Unrestricted net assets.....................................................

       Total Liabilities and Net Assets.....................................

$1,206

          235,682

   1,332,127

$1,569,015

$218

         241,681

   1,366,437

$1,608,336

ALUMNI ASSOCIATION EXECUTIVE DIRECTOR

   During Audit Period and Currently:  Mr. Steve Rich, Executive Director