REPORT DIGEST

 

 

ILLINOIS STATE UNIVERSITY FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

 

 

 

 

Release Date:

 March 8, 2006

 

 

 

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 is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

INTRODUCTION

 

      This digest covers our financial audit of the Foundation for the year ended June 30, 2005. 

 

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2005 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:CML:pp

 

 

 

 

SPECIAL ASSISTANT AUDITORS

 

      Nykiel Carlin & Co. were our special assistant auditors for this audit.

 


ILLINOIS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the Year Ended June 30, 2005

 

FINANCIAL OPERATIONS

FY2005

FY2004

 

OPERATING REVENUES

 

 

 

Service contract with University.....................................

$260,000

$260,000

 

    Other Operating Revenues.............................................

47,090

68,808

 

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

307,090

328,808

 

OPERATING EXPENSES

 

 

 

Student Aid, scholarships and awards............................

$1,396,026

$1,373,482

 

     Expenditures on behalf of ISU departments and programs

 

3,385,697

 

2,753,526

 

Other Operating Expenses.............................................

862,439

775,324

 

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

5,644,162

4,902,332

 

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

($5,337,072)

($4,573,524)

 

NONOPERATING REVENUES (EXPENSES)

 

 

 

Contributions – gifts and donations................................

$5,717,834

$8,891,957

 

Interest on capital related debt.......................................

(39,970)

(43,208)

 

Investment income (loss)...............................................

4,301,005

5,918,503

 

Expenditures for ISU capital projects.............................

(7,296,582)

(3,845,997)

 

Other............................................................................

752,524

757,354

 

Net nonoperating revenues......................................

$3,434,811

$11,678,609

 

     Income (loss) before additions to permanent endowments.............................................................................

($1,902,261)

$7,105,085

 

Additions to permanent endowments.............................

$3,900,171

$4,856,118

 

Increase in net assets...............................................

$1,997,910

$11,961,203

 

 

 

 

 

NET ASSETS

 

 

 

Net Assets-beginning of year ........................................

$66,026,565

$54,065,362

 

Net Assets-end of year.................................................

$68,024,475

$66,026,565

 

 

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2004

AT JUNE 30, 2004

 

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

$61,264,675

$57,304,228

 

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

$69,224,808

$68,397,163

 

Long-Term liabilities..........................................................

$697,040

$1,187,741

 

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

$1,200,333

$2,370,598

 

Net Assets – Restricted-Nonexpendable............................

$41,025,261

$34,468,908

 

Net Assets – Restricted-Expendable..................................

$24,311,808

$30,108,617

 

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

$68,024,475

$66,026,565

 

MANAGING DIRECTOR

During Audit Period: Dr. Susan Kern (July 1, 2004 to June 30, 2005)

Currently:  Dr. Diane Ashby