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NORTHERN ILLINOIS
UNIVERSITY FOUNDATION FINANCIAL AUDIT For the Year Ended: June 30, 2004 COMPLIANCE EXAMINATION For the Two Years Ended June 30, 2004 Summary of Findings
Total this audit 0 Total last audit 2 Repeated from last audit 0 Release Date: February 17, 2005
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 |
FINDINGS, CONCLUSIONS, AND
RECOMMENDATIONS
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 Northern Illinois University Foundation as of June 30, 2004, and for the year then ended, are fairly presented in all material respects.
______________________________________ WILLIAM G. HOLLAND, Auditor General WGH:TLK:PP SPECIAL ASSISTANT AUDITORS
The Bronner Group, LLC were our special assistant auditors on this audit. {Expenditures and Activity Measures are summarized on the reverse page.} |
NORTHERN ILLINOIS UNIVERSITY
FOUNDATION
FINANCIAL AUDIT
For the Year Ended June 30, 2004
COMPLIANCE EXAMINATION
For the Two Years Ended June 30, 2004
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FINANCIAL OPERATIONS
(ALL FUNDS) |
FY 2004 |
FY 2003 |
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REVENUES (Operating and Nonoperating) Gifts..................................................................... Investment Income............................................... Services Contract
Revenue from NIU................... All Other Income................................................. Total Revenues.............................................. |
$13,533,131 4,330,233 511,870 293,911 $18,669,145 |
$9,340,348 1,323,681 504,080 194,992 $11,363,101 |
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EXPENSES Scholarships and
Fellowships............................... Support for University
Departments and Programs Fundraising.......................................................... Administrative Services
provided to NIU.............. Transfer of College of
Business Building to NIU.... Total Expenses..................................................... Increase (Decrease) in
Net Assets........................ |
$568,306 9,740,720 1,023,896 239,608 0 $11,572,530 $7,096,615 |
$569,712 6,506,283 1,070,650 362,471 20,106,004 $28,615,120 ($17,252,019) |
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SELECTED ACCOUNT BALANCES (ALL FUNDS) |
AT JUNE 30, 2004 |
AT JUNE 30, 2003 |
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Cash and Cash
Equivalents................................... Investments.......................................................... Land and Buildings............................................... Capitalized Building
Planning Costs....................... Other Assets........................................................ Total Assets......................................................... Accounts Payable................................................ Deposits Held for NIU Alumni Association........... Endowment Administered
for NIU....................... Other Liabilities.................................................... Total Liabilities..................................................... Unrestricted Fund
Balance................................... Restricted
Non-expendable.................................. Restricted Expendable.......................................... Invested in capital
assets....................................... Total Net Assets.................................................. |
$ 1,235,634 40,881,422 4,227,820 474,238 1,661,816 $48,480,930 $166,387 2,873,070 2,707,244 236,744 $5,983,445 $4,593,383 20,096,250 13,580,032 4,227,820 $42,497,485 |
$ 1,507,289 32,648,940 4,216,579 0 1,250,543 $39,623,351 $263,043 1,387,596 2,358,315 213,527 $4,222,481 $4,432,911 19,253,436 7,497,944 4,216,579 $35,400,870 |
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FOUNDATION PRESIDENT |
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During
Audit Period: Mallory M. Simpson Currently: Mallory M. Simpson |
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