REPORT DIGEST

 

GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2008

 

 

Summary of Findings:

Total this audit                       0

Total last audit                       0

Repeated from last audit        0

                                               

Release Date:

December 18, 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

 

 

 

 

 

 

 

 

AUDITORS’ OPINION

 

      Our auditors state the June 30, 2008 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.}

 

 

 

 

 

 

 

GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION

FINANCIAL AUDIT

                                                  For the Year Ended June 30, 2008

 

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2008

 

FY 2007

REVENUE

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

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

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

Alumni Membership and Events.......................

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

 

EXPENSES

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

Donations to GSU Foundation.........................

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

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

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

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

           

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

NET ASSETS

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

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

 

$42

7,020

11,694

40,507

$59,263

 

 

$4,420

15,000

11,694

24,367

14,345

$69,826

 

($10,563)

 

$186,351

$175,788

 

$525

8,456

5,213

50,876

$65,070

 

 

$2,895

0

5,213

28,129

14,780

$51,017

 

$14,053

 

$172,298

$186,351

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2008

AT JUNE 30,

2007

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

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

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

Net Assets

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

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

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

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

$176,894 

$176,894

$1,106

 

$91,176

77,152

    7,460

$175,788

$194,873 

$194,873

$8,522

 

$101,224

77,152

    7,975

$186,351

ALUMNI ASSOCIATION DIRECTOR

During Audit Period and Currently:  Rosemary D. Hulett