REPORT DIGEST

SOUTHERN ILLINOIS UNIVERSITY FOUNDATION AT CARBONDALE

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2007

AND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2007

Summary of Findings:

Total this audit                        0

Total last audit                        0

Repeated from last audit         0

Release Date:

January 3, 2008

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. 

AUDITORS’ OPINION

      Our auditors stated the June 30, 2007 financial statements of the Foundation are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:KAL

SPECIAL ASSISTANT AUDITORS

      Crowe Chizek and Company, LLC were our special assistant auditors for this audit.

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2007

FY 2006

REVENUE

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

$4,268,320

$3,911,521

EXPENSES

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

28,226,151

13,755,130

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

($23,957,831)

($9,843,609)

NON-OPERATING REVENUES

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

$19,083,794

$12,584,041

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

12,076

1,045,567

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

16,737,490

6,704,934

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

1,197,018

(106,681)

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

$37,030,378

$20,227,861

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

$13,072,547

$10,384,252

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

$925,488

$461,371

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

3,608,632

3,174,044

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

$17,606,667

$14,019,667

NET ASSETS

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

$114,071,683

$100,052,016

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

$131,678,350

$114,071,683

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30, 2007

AT JUNE 30, 2006

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

$125,392,774

$105,139,457

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

$138,621,285

$120,823,458

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

$3,755,523

$3,705,877

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

$2,243,736

$1,828,612

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

$6,942,935

$6,751,775

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

$63,401,710

$59,011,985

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

$59,162,168

$45,942,893

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

$131,678,350

$114,071,683

CHIEF EXECUTIVE OFFICER

During Audit Period:  Mr. Rickey McCurry

Currently:  Mr. Rickey McCurry