REPORT DIGEST

 

 

 

UNIVERSITY OF ILLINOIS

RESEARCH PARK, LLC

 

 

 

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

 

 

 

 

 

 

INTRODUCTION

 

       The University of Illinois Research Park, LLC is a for profit limited liability company created by the Board of Trustees of the University of Illinois.  The Company was formed to develop and operate a research park to encourage and facilitate research and development and to foster economic growth within the State using the University’s intellectual assets.

 

 

 

AUDITORS’ OPINION

 

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

 

 

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:KMA:pp

 

SPECIAL ASSISTANT AUDITORS

 

      Our special assistant auditors were Clifton Gunderson LLP.

 

 

 

 

 

 

 

{Expenditures and Activity Measures are summarized on the reverse page.}

 

 


UNIVERSITY OF ILLINOIS RESEARCH PARK, LLC

FINANCIAL AUDIT

For the Year Ended June 30, 2005

 

FINANCIAL OPERATIONS

FY 2005

FY 2004

OPERATING REVENUES

      Service Income.........................................................

      Rental Income..........................................................

            Total..................................................................

 

OPERATING EXPENSES

      Salaries                                                                     

      Support for Enterprise Works....................................

      Professional Fees.......................................................

      Support for Office of Vice Chancellor Research.........

      Depreciation..............................................................

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

            Total...................................................................

 

NONOPERATING REVENUES (Loss)....................

INCREASE (DECREASE) IN NET ASSETS................

NET ASSETS - Beginning of Year..................................

NET ASSETS - End of Year...........................................

 

 

$251,544

59,236

$310,780

 

 

$300

1,387

32,851

60,578

19,964

20,202

$135,282

 

$(67,355)

$108,143

348,412

$456,555

 

$306,217

67,104

$373,321

 

 

$240,898

78,798

1,350

-

18,255

71,531

$410,832

 

$934

$(36,577)

384,989

$348,412

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2005

AT JUNE 30,

2004

Cash..............................................................................

Accounts Receivable......................................................

Capital Assets................................................................

Lease Receivable............................................................

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

$3,141

$20,000

$726,650

$86,048

$379,284

$3,460

$0

$204,875

$156,115

$16,038

 

DIRECTOR

During Audit Period:  David Chicoine

Currently:  David Chicoine