REPORT DIGEST

 

 ILLINOIS STATE UNIVERSITY

 

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

Release Date:

 March 20, 2007

 

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

 

 

 

 

 

 

INTRODUCTION

 

      This Digest covers our financial audit of Illinois State University for the year ended June 30, 2006.  Our compliance examination report for that period will be released as a separate report at a later date.

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the University’s June 30, 2006 financial statements are fairly presented in all material respects.

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:CML:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

      Our special assistant auditors were Nykiel, Carlin & Co.

 

 

 

 

 

 

 

 

 

 

 


ILLINOIS STATE UNIVERSITY

FINANCIAL AUDIT AND COMPLIANCE EXAMINATION

            For The Year Ended June 30, 2006

 

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2006

FY 2005

OPERATING REVENUES

     Student tuition and fees (net of scholarship allowances)..........

     Grants and contracts........................................................................

     Auxiliary facilities..............................................................................

     Other operating revenues................................................................

             Total Operating Revenues......................................................

 

OPERATING EXPENSES

     Instruction..........................................................................................

     Research.............................................................................................

     Public service.....................................................................................

     Academic support.............................................................................

     Student services................................................................................

     Institutional support.........................................................................

     Operation and maintenance of plant..............................................

     Auxiliary facilities..............................................................................

     Depreciation.......................................................................................

     Payments on behalf of the University...........................................

     Other operating expenditures..........................................................

             Total Operating Expenses.......................................................

Operating loss.......................................................................................

 

NONOPERATING REVENUES (EXPENSES)

      State Appropriations.......................................................................

      Payments on behalf of the University...............................................       Investment income.............................................................................

      Interest on capital assets and related debt..................................

      Other nonoperating revenues (expenses)....................................

      Net nonoperating revenues

      Income (loss) before other revenues, expenses, gains and losses

      Transfers from the Capital Development Board..........................

      Capital grants and gifts...................................................................

 

INCREASE IN NET ASSETS..............................................................

 

Net assets, beginning of year..............................................................

Net assets, end of year.........................................................................

 

$95,396,990

27,356,858

61,863,707

21,872,978

$206,490,533

 

 

$92,774,766

13,585,119

15,367,448

11,213,328

27,754,643

24,010,967

21,603,708

46,480,617

14,782,677

41,325,783

20,630,257

$329,529,313

($123,038,780)

 

 

$80,452,000

42,162,796

3,317,748

(3,056,306)

9,135,889

 $132,012,127

$8,973,347

  4,707,663

1,877,947

 

$15,558,957

     

 $274,483,196

$290,042,153

 

$88,419,957

26,254,879

57,752,634

20,544,325

$192,971,795

 

 

$89,270,282

13,111,090

12,057,416

10,002,030

25,559,122

23,115,754

20,414,726

42,740,825

13,553,122

42,893,414

20,690,745

$313,408,526

($120,436,731)

 

 

$80,452,000

43,775,566

1,932,457

(2,851,351)

9,308,907

 $132,617,579

$12,180,848

  11,829,104

6,861,075

 

$30,871,027

     

 $243,612,169

$274,483,196

SELECTED ACCOUNT BALANCES (ALL FUNDS)

JUNE 30, 2006

JUNE 30, 2005

Cash and cash equivalents...................................................................

Investments............................................................................................

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

Revenue Bonds Payable...................................................................... .

Accrued compensated absences........................................................

$33,749,252

102,969,362

262,486,324

88,477,899

18,125,315

$33,680,685

44,884,365

255,069,878

52,979,932

19,034,972

UNIVERSITY PRESIDENT

 

 

During audit period and currently:  Dr. C. Alvin Bowman, President