REPORT DIGEST

EASTERN ILLINOIS UNIVERSITY FOUNDATION

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

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

AUDITORS’ OPINION

Our auditors state the Foundation’s financial statements as of and for the year ended June 30, 2004 are 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.}

EASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Period Ended June 30, 2004

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS	2004	2003
OPERATING REVENUES
Gifts.................................................................................. Service contract with University....................................... Budget allocation from University..................................... Other operating income.................................................. Total operating revenues................................................	$1,116,838 177,130 144,355 81,061 $1,519,384	$1,259,018 195,246 60,803 87,880 $1,602,947
OPERATING EXPENSES Professional fees............................................................................... In-kind expenses under contract with the University........................... Personal services............................................................................. Building expenditures......................................................................... Budget expended at the University..................................................... Other operating expenses.................................................................. Total operating expenses.................................................................. Operating income............................................................................ NONOPERATING REVENUES (EXPENSES) Investment income............................................................................ Grants to University.......................................................................... Scholarships...................................................................................... Other nonoperating expenses............................................................. Net nonoperating revenues.............................................................. Income before capital contributions.................................................... Capital contributions.......................................................................... INCREASE in net assets FOR THE YEAR................................... Net assets, beginning of the year............................................................ Net assets, end of the year.....................................................................	$ 115,211 98,406 84,225 30,504 144,305 173,118 $ 645,769 $ 873,615 $4,683,976 (3,396,304) (534,567) (462,214) $ 290,891 $1,164,506 320,003 $1,484,509 30,184,551 $31,669,060	$ 174,514 125,621 66,316 63,300 60,803 163,827 $ 654,381 $ 948,566 $2,086,361 (382,830) (552,233) (487,787) $ 663,511 $1,612,077 945,579 $2,557,656 27,626,895 $30,184,551
SELECTED ACCOUNT BALANCES AT JUNE 30	2004	2003
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.......................................................	$38,402,205 2,054,226 277,514 $40,733,945 $ 14,848 2,649,628 1,494,356 4,906,053 31,669,060 $40,733,945	$36,031,156 2,028,989 314,439 $38,374,584 $ 94,453 2,356,871 1,425,581 4,313,128 30,184,551 $38,374,584
AGENCY EXECUTIVE OFFICER
During Audit Period and Currently: Ms. Patrice Stratton

SPECIAL ASSISTANT AUDITORS

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

2004

2003

OPERATING EXPENSES

Operating income............................................................................

Income before capital contributions....................................................

SELECTED ACCOUNT BALANCES AT JUNE 30

2004

2003

ASSETS

LIABILITIES AND NET ASSETS

AGENCY EXECUTIVE OFFICER

STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS