REPORT DIGEST


GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION


FINANCIAL AUDIT
For the One Year Ended:
June 30, 1997
and
COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 1997


Summary of Findings:

Total this audit 0
Total last audit 0
Repeated from last audit 0




Release Date:
April 23, 1998


 


State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046






INTRODUCTION

Our report covers the financial and compliance audit of the Alumni Association. Our audit was performed to express an opinion on the Governors State University Alumni Association's financial statements and to report on special data required by the University Guidelines. The Guidelines were issued by the Legislative Audit Commission to codify and improve the State universities' fiscal practices and administration of locally held funds.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material findings of noncompliance disclosed during our audit tests. We commend the Alumni Association for maintaining an effective system of internal controls.

AUDITORS' OPINION

Our auditors state the June 30, 1997 financial statements of the Governors State University Alumni Association are fairly presented.

____________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:ROQ:ak

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were Nykiel, Carlin, Lemna & Co.

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


GOVERNORS STATE UNIVERSITY ALUMNI ASSOCIATION
FINANCIAL AND COMPLIANCE AUDIT
For The Period Ended June 30, 1997




 

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 1997

FY 1996

  • REVENUE

Contributions
Investment Revenue
Support from University
Total Revenue

  • EXPENDITURES

Academic Awards
University Support
Budget Allocation from GSU
General
Total Expenditures
Net Increase (Decrease) for the Year



$105,962
11,235
24,082
$141,279



$41,248
53,999
24,082
10,909
$130,238
$11,041



$138,183
10,535
28,504
$177,222



$59,826
73,200
28,504
32,478
$194,008
$(16,786)


SELECTED ASSET BALANCES

AT JUNE 30, 1997

AT JUNE 30, 1996

Cash and Investments
Accounts Receivable
Total Assets
Accounts Payable
Fund Balances
Current Unrestricted
Current Restricted
Endowment Fund
Total Fund Balances
Total Liabilities and Fund Balances

$213,665
2,077
$215,742
$5,662

77,895
86,244
45,941
$210,080
$215,742

$202,430
0
$202,430
$3,391

83,345
71,903
43,791
$199,039
$202,430

AGENCY EXECUTIVE DIRECTOR
During Audit Period: Rosemary D. Hulett-Porter
Currently: Rosemary D. Hulett-Porter