REPORT DIGEST

UNIVERSITY OF ILLINOIS ALUMNI ASSOCIATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2008

Release Date:

December 4, 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 Full Report are also available on

the worldwide web at

http://www.auditor.il.gov

AUDITORS’ OPINION

      Our auditors stated the Alumni Association’s June 30, 2008 financial statements are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

      Our special assistant auditors were Clifton Gunderson LLP.

FINANCIAL OPERATIONS (All Funds)

FY 2008

FY 2007

OPERATING REVENUES.................................................

OPERATING EXPENSES...................................................

      Operating income..............................................................

NONOPERATING REVENUES (EXPENSES)

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

      Interest expense.................................................................

      Contributions received.......................................................

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

      Net increase/(decrease) in fair value of investments.............

            Net nonoperating revenues (expenses).........................

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

NET ASSETS, beginning of year.........................................

NET ASSETS, end of year...................................................

$11,800,700

10,364,500

$1,436,200

$385,000

(148,300)

483,200

(334,100)

(1,473,000)

($1,087,200)

$349,000

$14,315,800

$14,664,800

$10,463,700

9,690,900

$772,800

$336,300

(216,100)

722,900

(684,900)

2,490,300

$2,648,500

$3,421,300

$10,894,500

$14,315,800

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30,

2008

At June 30,

2007

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

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

Credit Line – University of Illinois.............................................

Accounts Payable and Accrued Liabilities................................

Deferred Revenues..................................................................

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

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

$16,342,100

17,948,900

2,557,200

470,800

68,500

3,284,100

$14,664,800

$17,251,200

18,713,700

3,842,600

380,500

49,500

4,397,000

$14,315,800

ALUMNI ASSOCIATION PRESIDENT

During Audit Period:  Mr. Loren R. Taylor

Currently:  Mr. Loren R. Taylor