REPORT DIGEST

EASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

 

Release Date:
April 3, 2003

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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
Attn: Records Manager
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

 

INTRODUCTION

Our report covers our financial audit of the Eastern Illinois University Foundation. Our audit was performed to express an opinion on the Foundation’s financial statements.

 

 

AUDITORS' OPINION

The auditors state the Eastern Illinois University Foundation financial statements as of June 30, 2002 and for the year then ended are fairly presented in all material respects.

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAF: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.}

 

 

EASTERN ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For the Year Ended June 30, 2002

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2002*
OPERATING REVENUES
Gifts
Service contract with University
Budget allocation from University
Other operating income
Total operating revenues
$1,413,611
244,575
47,360
71,118
$1,776,664
OPERATING EXPENSES
In-kind expenses under contract with the University
Professional fees
Postage and supplies
Budget expended at the University
Meetings and receptions
Other operating expenses
Total operating expenses
Operating income
NONOPERATING REVENUES (EXPENSES)
Investment income (loss)
Grants to University
Scholarships
Other nonoperating income (expenses)
Net nonoperating revenues (expenses)
Income (loss) before capital contributions
Capital contributions
Decrease in net assets FOR THE YEAR
Net assets, beginning of the year (restated)
Net assets, end of the year

$ 174,950
106,967
57,798
47,360

46,594
76,354
$ 510,023
$1,266,641

$(1,546,257)
(1,319,886)
(578,511)
39,203
$(3,405,451)
$(2,138,810)
485,583
$(1,653,227)
29,161,782
$27,508,555
SELECTED ACCOUNT BALANCES AT JUNE 30

FY 2002
ASSETS
Cash and investments
Capital assets, net of accumulated depreciation
Other assets
Total Assets
LIABILITIES AND NET ASSETS
Accounts payable and accrued liabilities
Annuities payable
Demand mortgage payable
Due to others
Net assets
Total Liabilities and Net Assets


$33,910,075
1,931,985
27,924
$35,869,984

$ 249,801
688,805
1,427,788
5,995,035
27,508,555
$35,869,984

*Due to the change in accounting principles related to the implementation of GASB Statement No. 34, 35, 37, 38 and 39, comparative information was not presented. Comparative information will be presented in future audit periods.
AGENCY EXECUTIVE OFFICER
During Audit Period: Dr. Jon M. Laible
Currently: Dr. Jon M. Laible