REPORT DIGEST

NORTHERN ILLINOIS UNIVERSITY

ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the Year Ended:
June 30, 2000
AND

COMPLIANCE AUDIT

For the Two Years Ended:
June 30, 2000

Summary of Findings:

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

Release Date:
March 20, 2001

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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 Alumni Association did not close its books timely to meet the University's filing requirements with the State Comptroller's GAAP reporting requirements.

 

 

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the next page.}

 

 

NORTHERN ILLINOIS UNIVERSITY ALUMNI ASSOCIATION
FINANCIAL AUDIT
For The Year Ended June 30, 2000
AND
COMPLIANCE AUDIT
For The Two Years Ended June 30, 2000
FINANCIAL OPERATIONS (ALL FUNDS)

FY 2000

FY 1999
REVENUES
Gifts
Royalties
Investment income
Net increase in fair value of investments
All other income
Total revenue and other additions
EXPENDITURES AND OTHER DEDUCTIONS
Scholarships and awards
Personal services support paid to university
Contractual services
Travel
Miscellaneous
Total Expenditures and other deductions

$16,024
124,241
38,660
139,713
6,333
$324,971


$63,176
50,944
79,784
6,922
1,961
$202,787

$17,950
90,000
78,115
197,034
380
$383,479


$61,366
61,933
11,100
24,133
2,395
$160,927
SELECTED ACCOUNT BALANCES

FY 2000

FY 1999
Funds held by Northern Illinois University Foundation
Accounts payable
Unrestricted fund balance
Restricted fund balance
Endowment

$1,625,888
2,709
49,159
28,310
1,546,181

$1,564,200
62,704
117,727|
17,102
1,366,637
SUPPLEMENTARY INFORMATION (In whole numbers)

FY 1999

FY 1998
Fulltime equivalent employees

5

5
UNIVERSITY PRESIDENT    
During Audit Period: Lee McCauley
Currently: Lee McCauley		    
 

 

 

 

 

Untimely preparation of Year-end Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

NEED TO IMPROVE TIMELINESS OF FINANCIAL REPORTING

The Northern Illinois University (NIU) Alumni Association did not submit its annual financial statements to NIU for inclusion in generally accepted accounting principles (GAAP) reporting form transactions until November 2, 2000. As a result, NIU did not submit required financial information to the Office of the State Comptroller until November 6, 2000 or 36 days after the reporting deadline.

The Alumni Association is a component unit of NIU. Consequently, NIU is required to report financial transactions for itself and its component units (NIU Alumni Association and NIU Foundation). Further, the Statewide Accounting Management System (SAMS) policies and procedures require complete financial information from NIU (including its component units) on or before September 30, 2000.

NIU Alumni Association's financial statements are prepared by NIU Foundation pursuant to a contract. However, this contractual relationship does not alter the requirement for timely and complete reporting. (Finding 1, pages 10-11)

Alumni Association officials concurred with our recommendation to require the Foundation to complete the Alumni Association's financial statements in a timely manner.

AUDITORS’ OPINION

Our auditors stated the financial statements of Northern Illinois University Alumni Association as of June 30, 2000, 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 the Bronner Group.