REPORT DIGEST

SOUTHERN ILLINOIS RESEARCH PARK, INC.

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2005

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

Summary of Findings:

Total this audit                          0

Total last audit                          5

Repeated from last audit           0

Release Date:

March 23, 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

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

      There were no material compliance findings disclosed during our examination.  We commend the Research Park for maintaining effective fiscal controls.

AUDITORS’ OPINION

      Our auditors stated the June 30, 2005 financial statements of Research Park are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL:pp

SPECIAL ASSISTANT AUDITORS

      Kerber, Eck & Braeckel LLP were our special assistant auditors for this audit.

FINANCIAL OPERATIONS (All Funds)

FY 2005

FY 2004

REVENUES

      Operating revenues..............................................

$32,319

$149,769

EXPENSES

      Operating expenses..............................................

$57,705

$158,032

            Operating income (loss)..................................

($25,386)

($8,263)

NONOPERATING REVENUES (EXPENSES)

Interest Income..........................................................

$576

$869

Grant Income.............................................................

$80,956

$0

      Net non-operating revenues..................................

$81,532

$869

Increase in net assets..................................................

$56,146

($7,394)

NET ASSETS

Net Assets – beginning of year...................................

$102,474

$109,868

Net Assets – end of year............................................

$158,620

$102,474

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2005

AT JUNE 30, 2004

Cash and Investments..................................................

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

Accounts Payable.......................................................

Total Liabilities........................................................

Net Assets – Invested in capital assets.........................

Net Assets – Restricted...............................................

Net Assets – Unrestricted...........................................

Total Net Assets......................................................

$73,272

$219,843

$61,223

$61,223

$80,956

$3,000

$74,664

$158,620

$81,092

$109,481

$7,007

$7,007

$0

$3,000

$99,474

$102,474

EXECUTIVE DIRECTOR

During the audit:  Mr. Raymond Lenzi

Currently:  Mr. Raymond Lenzi