REPORT DIGEST

 

SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

 

Release Date:

February 8, 2007 

 

 

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 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 Foundation for the year ended June 30, 2006.  A compliance audit covering the two years ended June 30, 2007 will be issued at a later date.

 

 

AUDITORS’ OPINION

 

      Our auditors stated the June 30, 2006 financial statements of the Foundation are fairly presented in all material respects.

 

 

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KAL:pp

 

 

 

 

 

SPECIAL ASSISTANT AUDITORS

 

      Crowe Chizek & Company, LLC were our special assistant auditors for this engagement.

 

 

 

 

 

 

 

 

 

 

 

 


SOUTHERN ILLINOIS UNIVERSITY EDWARDSVILLE FOUNDATION

FINANCIAL AUDIT

For The Year Ended June 30, 2006

 

FINANCIAL OPERATIONS (All Funds)

FY 2006

FY2005

REVENUES

 

 

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

$1,076,447

     $1,194,516

 

 

 

EXPENSES

 

 

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

2,939,247

        3,690,849

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

($1,862,800)

     ($2,496,333)

 

 

 

NON-OPERATING REVENUES (EXPENSES)

 

 

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

$5,360,822

      $3,992,177

Net investment income ............................................................

760,713

           700,292

Bad debt.................................................................................

(16,762)

            (13,203)

Increase (decrease) in present value-interest in trusts................

256,814

            (32,428)

Bond interest expense..............................................................

(75,281)

            (75,281)

Grants to other organizations....................................................

(4,600)

              (8,350)

Payments to annuitants.............................................................

(48,986)

            (48,986)

Other non-operating expenses..................................................

(5,544)

                 (322)

      Net non-operating revenue.................................................

$6,227,176

      $4,513,899

     

Income before permanent endowments....................................

 

$4,364,376

 

      $2,017,566

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

3,227,727

           250,583

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

$7,592,103

      $2,268,149

 

 

 

NET ASSETS

 

 

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

$22,237,315

    $19,969,166

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

$29,829,418

    $22,237,315

 

 

 

OTHER SIGNIFICANT ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

Cash, Deposits, and Investments..................................

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

Revenue Bonds Payable..............................................

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

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

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

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

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

$18,928,962

$32,196,115

$1,650,000

$2,366,697

$463,011

$27,958,345

$1,408,062

$29,829,418

$16,372,039

$25,284,752

$1,650,000

$3,047,437

$525,692

$20,359,650

$1,351,973

$22,237,315

EXECUTIVE DIRECTOR

During the audit:  Mr. G. Patrick Williams

Currently:  Mr. G. Patrick Williams