REPORT DIGEST

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the One Year Ended:
June 30, 2001
and

COMPLIANCE AUDIT

For the Two Years Ended:
June 30, 2001

Summary of Findings:

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

Release Date:
March 26, 2002

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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 had uninsured and uncollateralized deposits totaling $77,565 at June 30, 2001.

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AND COMPLIANCE AUDIT
For the Year Ended June 30, 2001
FINANCIAL OPERATIONS (ALL FUNDS)

FY 2001

FY 2000
REVENUES

Contributions
Investment Revenue
Royalty Income
University Support
Special Events
Other

Total Revenues

 

$ 232,197
88,157
75,000
44,171
0
19,272

$ 458,797

 

$ 324,230
78,041
0
19,926
44,160
0

$ 466,357

EXPENDITURES

Scholarships and Fellowships
University Support
Foundation Dinner
Other Expenditures

Total Expenditures
Excess Revenues Over Expenditures

 

$ 58,819
44,171
0
117,303

$ 220,293
$ 238,504

 

$ 56,464
19,926
33,815
194,814

$ 305,019
$ 161,338
SELECTED ACCOUNT BALANCES (ALL FUNDS)

AT JUNE 30, 2001

AT JUNE 30, 2000
Cash
Investments
Charitable Remainder Trust
Other Assets
Total Assets

Liabilities
Fund Balances
Total Liabilities and Fund Balance

$ 3,998
1,886,297
375,000
17,921
$ 2,283,216

$ 8,137
2,275,079
$ 2,283,216

$ 0
1,649,269
375,000
23,257
$ 2,047,526

$ 10,951
2,036,575
$ 2,047,526
FOUNDATION EXECUTIVE DIRECTOR

During Audit Period: Terry Bush
Currently: Terry Bush
 

 

 

 

 

 

Deposits totaling $77,565 were uninsured and uncollateralized

 

 

 

 

 

 

 

 

 

FINDING, CONCLUSION, AND RECOMMENDATION

UNCOLLATERALIZED DEPOSITS

The Foundation’s bank deposits at June 30, 2001 were $562,319. The Federal Deposit Insurance Coverage and pledged collateral coverage for these accounts totaled $484,754. Deposits totaling $77,565 were uninsured and uncollateralized at June 30, 2001.

The State Officers and Employees Money Disposition Act (30 ILCS 230/2c) requires State agencies to obtain appropriate collateral whenever funds deposited exceed the $100,000 federal deposit insurance coverage. (Finding 1, page 9)

Foundation management agreed with our recommendation to obtain sufficient collateral to comply with the State Officers and Employees Money Disposition Act.

AUDITORS’ OPINION

Our auditors state the June 30, 2001 financial statements of the Northeastern Illinois University Foundation are fairly presented in all material respects.

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

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