REPORT DIGEST

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2005

COMPLIANCE ATTESTATION EXAMINATION

For the Two Years Ended:

June 30, 2005

Summary of Findings

Total this audit                          0

Total last audit                          0

Repeated from last audit           0

Release Date:

February 16, 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

      There were no material findings of noncompliance disclosed during our testing.  We commend the Foundation for maintaining effective internal controls.

AUDITORS’ OPINION

      Our auditors stated the financial statements of Northeastern Illinois University Foundation as of June 30, 2005, and for the year then ended, 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 E.C. Ortiz & Co, LLP.

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2005

FY 2004

REVENUES (Operating and Nonoperating)

    Contributions....................................................................

    Investment Income............................................................

    Royalty Income.................................................................

    University Support............................................................

    Gain on Sale of Charitable Remainder Trust Asset.............

    Permanent Endowment Additions......................................

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

          Total Revenues...........................................................

$ 338,642

184,329

0

65,902

142,421

453,265

    12,685

$ 1,197,244

$ 251,511

170,265

75,000

67,507

0

21,216

    17,228

$ 602,727

EXPENSES

    Scholarships and Fellowships........................................

    University Support........................................................

    Other Expenditures...........................................................

          Total Expenditures......................................................

Increase in Net Assets..........................................................

$  89,610

65,902

266,355

$ 421,867

$775,377

$  73,871

67,507

225,197

$ 366,575

$ 236,152

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2005

AT JUNE 30, 2004

Cash.....................................................................................

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

Charitable Remainder Trust...................................................

Other Assets.........................................................................

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

Liabilities...............................................................................

Net Assets/Fund Balance......................................................

Total Liabilities and Net Assets.............................................

$       302,068

3,187,501

0

       25,040

$ 3,514,609

$       5,880

3,508,729

$ 3,514,609

$       345,221

1,991,867

375,000

       24,681

$ 2,736,769

$       3,417

2,733,352

$ 2,736,769

FOUNDATION EXECUTIVE DIRECTOR

    During Audit Period: Terry Bush

    Currently: Terry Bush