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
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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 $300 1,387 32,851 60,578 19,964 20,202 $(67,355) 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 |