REPORT DIGEST

REPORT DIGEST

EASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

November 29, 2006

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 Report are also available on

the worldwide web at

http://www.state.il.us/auditor

AUDITORS’ OPINION

Our auditors state the Foundation’s financial statements as of and for the year ended June 30, 2006 are fairly presented in all material respects.

______________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KMA:PP

SPECIAL ASSISTANT AUDITORS

E.C. Ortiz & 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, 2006

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS	FY 2006	FY 2005
OPERATING REVENUES
Gifts............................................................................................................ Service contract with University........................................................... Budget allocation from University...................................................... Other operating income........................................................................... Total operating revenues......................................................................	$1,164,331 187,829 45,025 135,429 $1,532,614	$903,941 183,683 49,501 126,201 $1,263,326
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..............................................................................	$124,085 109,204 117,378 39,780 45,025 200,073 $635,545 $897,069 $2,484,063 (866,092) (614,524) (62,853) $940,594 $1,837,663 1,314,678 $3,152,341 35,656,231 $38,808,572	$ 95,005 105,058 110,989 34,414 49,501 207,438 $602,405 $660,921 $2,745,148 (1,022,676) (523,678) (368,039) $ 830,755 $1,491,676 2,495,495 $3,987,171 31,669,060 $35,656,231
SELECTED ACCOUNT BALANCES AT JUNE 30	2006	2005
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............................................................	$45,856,980 2,015,002 205,292 $48,077,274 $ 13,551 2,321,548 1,512,238 5,421,365 38,808,572 $48,077,274	$42,806,845 2,043,645 218,145 $45,068,635 $ 13,552 2,693,105 1,512,238 5,193,509 35,656,231 $45,068,635
AGENCY EXECUTIVE OFFICER
During Audit Period and Currently: Ms. Patrice Stratton

SPECIAL ASSISTANT AUDITORS

STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

FY 2006

FY 2005

OPERATING EXPENSES

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

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

SELECTED ACCOUNT BALANCES AT JUNE 30

2006

2005

ASSETS

LIABILITIES AND NET ASSETS

AGENCY EXECUTIVE OFFICER