REPORT
DIGEST

ILLINOIS STATE UNIVERSITY FOUNDATION

FINANCIAL AUDIT
For the Year Ended:
June 30, 1998

COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 1998

Summary of Findings:

Total this audit 3
Total last audit 1
Repeated from last audit 0

Release Date:
May 20, 1999

Isufd001.gif (1611 bytes)

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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

  

SYNOPSIS
  • The Foundation did not properly safeguard or timely deposit a check it received for approximately $36,000.

{Financial Information is summarized on the reverse page.}

 

ILLINOIS STATE UNIVERSITY FOUNDATION
FINANCIAL AND COMPLIANCE AUDIT
For The Two Years Ended June 30, 1998
FINANCIAL OPERATIONS (ALL FUNDS)

FY 1998

FY 1997
REVENUE
Gifts, grants, and awards
Investment income
Gain (loss) on investments
Net increase in fair value of investments
Nongift income
Property and equipment additions
Other revenue

Total revenue

EXPENDITURES
Awards, scholarships, and grants
Athletic support
College and academic departmental support
Foundation and development
Other operating expenditures
Expenditure/deductions for property & equip.

Total expenditures

NET CHANGE IN FUND BALANCE


$ 6,266,035
780,813
69,961
2,404,211
1,561,137
23,541
562,893

$11,668,591


$ 582,266
1,085,048
1,384,703
753,300
947,804
29,263

$4,782,384

$6,886,207


$5,249,205
711,676
(36,524)
0
738,488
4,679
232,902

$6,900,426


$ 493,497
882,887
1,289,888
535,160
807,847
21,068

$4,030,347

$2,870,079
SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 1998

AT JUNE 30, 1997
Cash and Investments
Fund Balances:
Unrestricted
Restricted
Endowment
Investment in Plant

$30,076,385

$1,918,711
8,018,005
19,814,483
430,021

$20,387,576

$1,083,205
5,360,389
13,690,007
412,202
SELECTED ACTIVITY MEASURES

FY 1998

FY 1997
Distributions to the University (Total)
Contributions to the Foundation (Total)
Contribution Ratio (cost per dollar raised)
Distribution Ratio (cost per dollar distributed)

$3,356,770
$6,266,035
0.149
0.278

$3,055,524
$5,249,205
0.126
0.217
FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Dr. Judith K. Riggs
Currently: Dr. Susan Kern

 











$36,000 check not deposited for 6 months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS

UNTIMELY DEPOSIT AND IMPROPER SAFEGUARDING OF CHECKS

During our audit, we noted the Foundation cashed a Certificate of Deposit in January of 1997. The check remained in the Foundation Office, on an employee’s desk, until July 1997 when it was deposited. The check was for approximately $36,000. Foundation personnel indicated that not depositing and reinvesting the check was an oversight. (Finding 98-2, page 11)

We recommended the Foundation ensure control procedures are followed to safeguard all checks and ensure timely deposits of checks.

Foundation management agreed with our recommendation and stated they will enforce control procedures to safeguard all checks and ensure timely deposit of checks.

OTHER FINDINGS

The remaining findings and recommendations were less significant and have been given appropriate attention by Foundation management. We will review progress toward implementation of our recommendations during our next audit.

Foundation responses were provided by Ms. Ronda Palmgren.

AUDITORS' OPINION

Our auditors state the June 30, 1998 financial statements of Illinois State University Foundation are fairly presented.

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:RPU:pp

SPECIAL ASSISTANT AUDITORS

Olive LLP were our special assistant auditors for this audit.