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REPORT DIGEST GOVERNORS STATE UNIVERSITY FOUNDATION FINANCIAL AUDIT For the Year Ended: June 30, 2008 Release Date: January 22, 2009
State of Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
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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 {Expenditures and Activity Measures
are summarized on the reverse page.} |
For the Year Ended June 30, 2008
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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 |
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OTHER SIGNIFICANT ACCOUNT BALANCES |
AT JUNE 30, 2008 |
AT JUNE 30, 2007 |
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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 |
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FOUNDATION EXECUTIVE DIRECTOR |
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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 |