REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

EVERGREEN TERRACE FAMILY HOUSING HUD

 

 PROJECT AUDIT

For the Year Ended:

June 30, 2003

 

Summary of Findings

 

Total this audit                      1

Total last audit                      1

Repeated from last audit       1

 

Release Date:

March 24, 2004

 

 

 

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 TDD (217) 524-4646

 

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

INTRODUCTION

This digest covers our financial audit of the Evergreen Terrace Family Housing HUD project for the year ended June 30, 2003. The financial and compliance audits covering the Carbondale Foundation as a whole are being issued under separate cover.

Our audit contains one procedural finding identifying the implementation of a policy that did not meet the requirements set by the U.S. Department of Housing and Urban Development (HUD). The Foundation has agreed with our recommendation to change its policy to comply with HUD requirements. (Finding 03-01, page 39)

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2003 financial statements of the Evergreen Terrace Family Housing HUD project 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.

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

            EVERGREEN TERRACE FAMILY HOUSING HUD AUDIT

 

                                For The Year Ended June 30, 2003

 

FINANCIAL OPERATIONS (ALL FUNDS)

FY2003

 

FY2002

REVENUE

 

 

 

Rentals

$1,492,126

$1,383,373

All Other Revenues

24,068

 

33,358

          Total Revenues

$1,516,194

 

$1,416,731

 

 

 

 

OPERATING EXPENSES

 

 

 

Maintenance and Repairs

$731,610

 

$545,369

Utilities

360,829

 

342,399

All Other Expenses

443,968

 

458,611

          Total Operating Expenses

$1,536,407

 

$1,376,379

 

 

 

 

NONOPERATING REVENUES (EXPENSES)

 

 

 

Investment income

$10,634

 

$12,220

Interest expense

(28,522)

 

(32,752)

          Net nonoperating revenues (expenses)

$(17,888)

 

$(20,532)

                    Increase (Decrease) in net assets

$(38,101)

 

$37,600

 

 

 

 

NET ASSETS

 

 

 

Net assets, beginning of year (as adjusted)

$29,469

 

$(8,131)

Net assets (deficit), end of year

$(8,632)

 

$29,469

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2003

 

AT JUNE 30, 2002

Cash and Investments

$469,857

 

$410,200

Capital Assets

$608,964

 

$708,557

TOTAL ASSETS

$1,196,816

 

$1,207,090

Mortgage Payable

$872,744

 

$1,016,055

TOTAL LIABILITIES

$1,205,448

 

$1,177,621

Net Assets – Invested in Capital Assets (net of debt)

$(263,780)

 

$(307,498)

Net Assets – Restricted-Expendable

$362,007

 

$330,562

Net Assets (deficit) – Unrestricted

$(106,859)

 

$6,405

TOTAL NET ASSETS (DEFICIT)

$(8,632)

 

$29,469

MANAGING DIRECTOR

During Audit Period: Mr. Bryan Vagner

Currently: Mr. Bryan Vagner