REPORT
DIGEST
GOVERNORS STATE UNIVERSITY
FOUNDATION
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 Foundation. Our audit was performed to express an opinion on the Governors State University Foundation'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 Foundation for maintaining an effective system of internal controls.
AUDITORS' OPINION
Our auditors state the June 30, 1997 financial statements of the Governors State University Foundation 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.}