REPORT DIGEST

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2002

Release Date:
February 27, 2003

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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

 

 

 

 

 

INTRODUCTION

Our report covers the financial audit for the period ended June 30, 2002.

 

 

 

 

AUDITORS’ OPINION

Our auditors state the June 30, 2002 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., LTD.

 

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
For the Year Ended June 30, 2002
FINANCIAL OPERATIONS (ALL FUNDS)

FY 2002

FY 2001
REVENUES (Operating and Nonoperating)

Contributions
Investment Revenue
Royalty Income
University Support
Permanent Endowment Additions
Other

Total Revenues

$ 179,285

62,908
75,000
56,516
57,050
16,846


$ 447,605

$ 232,197

88,157
75,000
44,171
0
19,272


$ 458,797
EXPENSES

Scholarships and Fellowships
University Support
Other Expenditures

Total Expenditures
Excess Revenues Over Expenditures

 

$ 80,225
56,516
239,254

$ 375,995
$ 71,610

 

$ 58,819
44,171
117,303

$ 220,293
$ 238,504
SELECTED ACCOUNT BALANCES (ALL FUNDS)

AT JUNE 30, 2002

AT JUNE 30, 2001
Cash
Investments
Charitable Remainder Trust
Other Assets

Total Assets
Liabilities
Net Assets/Fund Balance
Total Liabilities and Net Assets/Fund Balance

$ 313,517
1,644,217
375,000
15,804

$ 2,348,538
$ 1,849
2,346,689
$ 2,348,538

$ 3,998
1,886,297
375,000
17,921

$ 2,283,216
$ 8,137
2,275,079
$ 2,283,216
FOUNDATION EXECUTIVE DIRECTOR
During Audit Period: Terry Bush
Currently: Terry Bush