REPORT DIGEST

UNIVERSITY OF ILLINOIS FOUNDATION

COMPLIANCE EXAMINATION

For the Two Years Ended:

June 30, 2008

Summary of Findings:

Total this audit                    0

Total last audit                    1

Repeated from last audit     0

Release Date:

February 11, 2009

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.illinois.gov

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

      There were no material findings of noncompliance disclosed during our compliance examination.

AUDITORS’ OPINION

      Our auditors stated the Foundation’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

Revenues

Contributions and gifts.............................................................

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

Service fees............................................................................

Allocation from the University of Illinois...................................

Net Increase (decrease) in fair value of investments

Other revenues........................................................................

      Total Revenues.................................................................

Expenses

Salaries and benefits................................................................

Meetings, conferences, and special events................................

Marketing and communications................................................

Travel.....................................................................................

Actuarial adjustments..............................................................

Distributions to the University of Illinois....................................

Other expenses.......................................................................

      Total Expenses..................................................................

Change in Net Assets..........................................................

$161,242,557

6,145,180

13,715,714

8,881,742

(71,088,968)

10,130,990

$129,027,215

$15,960,370

1,196,403

1,295,527

1,132,501

3,095,212

136,866,081

3,231,557

$162,777,651

($33,750,436)

$139,471,879

10,100,736

11,343,168

8,958,887

159,949,646

9,701,995

$339,526,311

$14,579,600

1,455,554

1,517,991

989,221

3,578,386

128,731,012

4,253,206

$155,104,970

$184,421,341

OTHER SIGNIFICANT ACCOUNT BALANCES

At June 30,

2008

At June 30,

2007

Cash and cash equivalents.......................................................

Investments.............................................................................

Accounts receivable................................................................

Total net assets.......................................................................

$3,814,593

1,195,823,133

11,254,246

$1,201,202,352

$4,912,850

1,232,138,558

33,456,517

$1,234,952,788

FOUNDATION PRESIDENT

During Audit Period and Current:  Dr. Sidney Micek