Summary of Findings

Total this audit 0

Total last audit 0

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 and the Full Report are 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 (project) for the year ended June 30, 2005. The financial audit covering the Carbondale Foundation as a whole was issued under separate cover.

There were no material findings of noncompliance disclosed by our examination. We commend project management for maintaining an effective system of internal control.

AUDITORS’ OPINION

Our auditors stated the June 30, 2005 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, 2005

FINANCIAL OPERATIONS (ALL FUNDS)	FY2005	FY2004
REVENUE
Rentals..............................................................................	$1,480,918	$1,300,444
All Other Revenues............................................................	28,148	24,638
Total Revenues......................................................	$1,509,066	$1,325,082

OPERATING EXPENSES
Maintenance and Repairs...................................................	$636,848	$599,957
Utilities..............................................................................	385,626	369,481
All Other Expenses............................................................	481,814	448,173
Total Operating Expenses......................................	$1,504,288	$1,417,611

NON-OPERATING REVENUES (EXPENSES)
Investment income.............................................................	$10,053	$7,588
Grants from SIU................................................................	114,000	243,251
Interest expense.................................................................	(19,669)	(24,200)
Net non-operating revenues (expenses).................	$104,384	$226,639
Increase in net assets.................................	$109,162	$134,110

NET ASSETS
Net assets, beginning of year..............................................	$125,478	($8,632)
Net assets, end of year......................................................	$234,640	$125,478

OTHER SIGNIFICANT ACCOUNT BALANCES	AT JUNE 30, 2004	AT JUNE 30, 2004
Cash and Investments........................................................	$431,797	$464,522
Capital Assets...................................................................	$409,778	$509,371
TOTAL ASSETS............................................................	$999,552	$1,076,899
Mortgage Payable.............................................................	$572,914	$725,075
TOTAL LIABILITIES...................................................	$764,912	$951,421
Net Assets – Invested in Capital Assets (net of debt)..........	($163,136)	($215,704)
Net Assets – Restricted-Expendable..................................	$307,082	$307,670
Net Assets (deficit) – Unrestricted.....................................	$90,694	$33,512
TOTAL NET ASSETS (DEFICIT)................................	$234,640	$125,478
MANAGING DIRECTOR
During Audit Period: Mr. Bryan Vagner
Currently: Mr. Bryan Vagner

Summary of Findings

For The Year Ended June 30, 2005

OPERATING EXPENSES