REPORT DIGEST

 

GOVERNORS STATE UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2008

 

 

 

 

 

 

Release Date:

January 22, 2009

 

 

 

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 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 LLP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 


GOVERNORS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended June 30, 2008

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2008

FY 2007

REVENUES

            Operating revenue

 

EXPENSES

            Operating expenses

                  Operating loss

 

NONOPERATING REVENUES (EXPENSES)

            Contributions                         

            Investment income (loss)

            Net non-operating revenues

            Gains (losses) before other revenues, expenses,

            gains and losses          

            Total other revenues

                        Increase in net assets

 

NET ASSETS

            Net assets-beginning of year  

            Net assets-end of year

 

$132,087

 

 

$391,418

($259,331)

 

 

$270,324

   (25,874)

$244,450

($14,881)

 

$182,583

$167,702

 

 

$2,225,041

$2,392,743

 

$104,773

 

 

$339,259

($234,486)

 

 

$209,313

   104,533

$313,846

$79,360

 

$35,564

$114,924

 

 

$2,110,117

$2,225,041

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2008

AT JUNE 30,

2007

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.....................................

$ 1,173,890

1,167,851

        54,005

$ 2,395,746

$3,003  

 

$1,167,851

948,049

294,536

    (17,693)

$2,392,743

$ 1,042,710

1,167,851

        21,721

$ 2,232,282

$7,241  

 

$1,167,851

730,498

327,075

         (383)

$2,225,041

 

FOUNDATION EXECUTIVE DIRECTOR

During Audit Period: Interim CEO – Dr. William Nowlin 7/16/07 until 5/13/08, Chief Executive                                    Director - Ms. Joan Vaughan 5/14/08 until present

Currently: Ms. Joan Vaughan