REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

 

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                          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

 

 

 

 

 

 

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

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

 

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2005 financial statements of the Foundation 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

COMPLIANCE EXAMINATION AND FINANCIAL AUDIT

For The Two Years Ended June 30, 2005

 

 

FINANCIAL OPERATIONS (ALL FUNDS)

 

FY 2005

 

FY 2004

 

 

 

 

 

REVENUE

 

 

 

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

$3,658,646

$3,822,459

 

 

 

 

 

EXPENSES

 

 

 

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

16,592,000

14,961,034

 

 

 

 

 

Operating loss.............................................................

($12,933,354)

($11,138,575)

 

 

 

 

 

NONOPERATING REVENUES

 

 

 

Contributions....................................................................

$7,907,611

$5,995,959

 

Grants from SIU and University Related Organizations.......

295,693

5,737,678

 

Investment income.............................................................. .............................................................................................

7,314,494

8,461,314

 

Other................................................................................

360,565

458,747

 

Net nonoperating revenues..........................................

$15,878,363

$20,653,698

 

Income before other revenues, expenses, gains and losses.........................................................................

 

$2,945,009

 

$9,515,123

 

 

 

 

 

Contributions for capital assets..........................................

$922,260

$5,813,468

 

Additions to permanent endowments.................................

3,945,260

2,703,350

 

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

$7,812,529

$18,031,941

 

 

 

 

 

NET ASSETS

 

 

 

Net assets-beginning of year..............................................

$92,239,487

$74,207,546

 

 

 

 

 

Net Assets-end of year.....................................................

$100,052,016

$92,239,487

 

 

 

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2005

AT JUNE 30, 2004

 

 

 

 

 

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

$97,380,573

$88,480,846

 

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

$107,065,322

$98,699,258

 

Annuities Payable..................................................................

$3,722,455

$3,408,950

 

Agency Funds Payable..........................................................

$1,756,565

$1,672,229

 

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

$7,013,306

$6,459,771

 

Net Assets – Restricted-Nonexpendable...............................

$53,926,413

$46,918,133

 

Net Assets – Restricted-Expendable......................................

$38,038,374

$38,652,300

 

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

$100,052,016

$92,239,487

 

 

MANAGING DIRECTOR

During Audit Period:  Mr. Bryan Vagner

Currently:  Mr. Bryan Vagner