REPORT DIGEST

GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

And

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended:

June 30, 2007

Summary of Findings:

Total this audit                   0

Total last audit                   1

Repeated from last audit    0

Release Date:

January 31, 2008

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.auditor.illinois.gov

INTRODUCTION

      There were no material findings of noncompliance disclosed by our tests.

AUDITORS’ OPINION

      Our auditors state the June 30, 2007 financial statements of the Governors State University Alumni Association are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

      Our special assistant auditors for this audit were

Clifton Gunderson.

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

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2007

FY 2006

REVENUE

Contributions ..................................................

Investment Income...........................................

Support from University...................................

Alumni Events..................................................

            Total Revenue.....................................

EXPENSES

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

University Support...........................................

Budget Allocation from GSU...........................

Alumni Events..................................................

General...........................................................

            Total Expenses....................................

Income before other revenues, expenses, gains and losses  

Endowment contributions.....................................

      Increase in net assets......................................

NET ASSETS

      Net Assets – beginning of year.......................

      Net Assets – End of year...............................

$525

8,456

5,213

50,876

$65,070

$2,895

0

5,213

28,129

14,780

$51,017

$14,053

$0

$14,053

$172,298

$186,351

$3,275

9,167

4,214

52,488

$69,144

$3,833

4,369

4,214

26,628

9,117

$48,161

$20,983

$75

$21,058

$151,240

$172,298

 SELECTED ACCOUNT BALANCES

AT JUNE 30, 2007

AT JUNE 30, 2006

Cash and Cash Equivalents..............................

Accounts Receivable.......................................

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

Accounts Payable............................................

Net Assets

          Unrestricted...........................................

          Restricted – Nonexpendable..................

          Restricted – Expendable.........................

         Total Net Assets.....................................

$194,873

   0

$194,873

$8,522

$101,224

77,152

    7,975

$186,351

$175,850

   3,777

$179,627

$7,329

$86,172

77,152

    8,974

$172,298

ALUMNI ASSOCIATION DIRECTOR

During Audit Period and Currently:  Rosemary D. Hulett