REPORT DIGEST

UNIVERSITY OF ILLINOIS FOUNDATION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2005

Release Date:

February 2, 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 is also available on

the worldwide web at

http://www.state.il.us/auditor

AUDITORS’ OPINION

      Our auditors stated the Foundation’s June 30, 2005 financial statements are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

      Our special assistant auditors were Clifton Gunderson LLP.

FINANCIAL OPERATIONS (All Funds) (in thousands)

FY 2005

FY 2004

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

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

      Operating income (loss).....................................................

NONOPERATING REVENUES (EXPENSES)

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

      Net increase in fair value of investments..............................

      Interest on indebtedness.....................................................

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

            Income (Loss) before other revenues, expenses, gains .         and losses........................................................................

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

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

NET ASSETS

      Net Assets - beginning of year...........................................

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

$120,668

$141,143

$(20,475)

$3,175

65,700

(228)

$68,647

$48,172

24,445

$72,617

$862,256

$934,873

$101,144

$139,718

$(38,574)

$4,876

98,121

(129)

$102,868

$64,294

40,519

$104,813

$757,443

$862,256

OTHER SIGNIFICANT ACCOUNT BALANCES

      (in thousands)

At June 30,

2005

At June 30,

2004

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

Farms and Real Estate.............................................................

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

Accounts Payable....................................................................

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

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

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

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

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

$932,959

$22,601

$1,028,183

$25,781

$50,043

$93,310

$631,778

$286,911

$934,873

$873,157

$25,103

$956,804

$29,890

$49,827

$94,548

$569,006

$279,567

$862,256

FOUNDATION PRESIDENT

During Audit Period:  Dr. Sidney Micek

Currently:  Dr. Sidney Micek