REPORT DIGEST

GOVERNORS STATE UNIVERSITY FOUNDATION

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

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 Foundation 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

REVENUES

            Operating revenue

EXPENSES

            Operating expenses

                  Operating loss

NONOPERATING REVENUES (EXPENSES)

            Contributions                           

            Investment income

            Net non-operating revenues

            Gains (losses) before other revenues, expenses,

            gains and losses           

            Total other revenues

                        Increase (Decrease) in net assets

NET ASSETS

            Net assets-beginning of year    

            Net assets-end of year

$104,773

$344,001

($239,228)

$209,313

   109,275

$318,588

$79,360

$35,564

$114,924

$2,110,117

$2,225,041

$102,831

$349,982

($247,151)

$170,377

   40,883

$211,260

($35,891)

$27,100

($8,791)

$2,118,908

$2,110,117

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2007

AT JUNE 30,

2006

Cash and Investments......................................

Capital assets..................................................

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

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

Total Liabilities................................................

Net Assets

        Invested in capital assets...........................

       Restricted Nonexpendable........................

       Restricted Expendable..............................

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

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

$1,042,710

1,167,851

      21,721

$2,232,282

$7,241  

$1,167,851

730,498

327,075

      (383)

$2,225,041

$ 952,904

1,167,851

        39,743

$ 2,160,498

$50,381  

$1,167,851

694,935

242,365

      4,966

$2,110,117

FOUNDATION EXECUTIVE DIRECTOR

During Audit Period: Dr. James Britt  - Until 7/16/07, Interim CEO – Dr. William Nowlin                                              7/16/07 to present

Currently: Interim CEO – Dr. William Nowlin