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REPORT DIGEST UNIVERSITY OF
ILLINOIS RESEARCH PARK, LLC FINANCIAL
AUDIT AND COMPLIANCE
EXAMINATION For the Two Years Ended: June 30, 2008 Summary of Findings: Total this year 0 Total last year 3 Repeated from last audit 0 Release Date: November 20, 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
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Report are also available on the worldwide web at |
INTRODUCTION
University of Illinois Research Park, LLC is an Illinois Limited Liability Company created by the Board of Trustees of the University of Illinois. The Company exists 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. FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS There were no material findings of noncompliance disclosed during our audit tests.
AUDITORS’ OPINION
Our auditors stated the Company’s June 30, 2008 & 2007 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. {Expenditures and Activity Measures are summarized on the reverse page.} |
UNIVERSITY OF ILLINOIS
RESEARCH PARK, LLC
FINANCIAL AUDIT AND COMPLIANCE EXAMINATION
For the Two Years Ended June 30, 2008
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FINANCIAL
OPERATIONS |
FY 2008 |
FY 2007 |
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OPERATING REVENUES Budget Allocation University of Illinois....................... Service Income......................................................... Rental Income.......................................................... Total.................................................................. OPERATING EXPENSES Salaries Advertising................................................................ Depreciation.............................................................. Legal fees.................................................................. Support for Enterprise Works.................................... Professional Fees....................................................... Support for Office of Vice Chancellor Research......... Services under 13th Amendment to Development Agreement................................................................. Other........................................................................ Total................................................................... OPERATING INCOME
NONOPERATING REVENUE.................................. INCREASE IN NET ASSETS....................................... NET ASSETS - Beginning of Year.................................. NET ASSETS - End of Year.......................................... |
$286,947 119,631 164,159 $570,737 $114,492 89,713 30,352 40,902 0 21,897 0 86,770 33,737 $417,863 $152,874 $118 $152,992 $863,823 $1,016,815 |
$309,312 392,360 158,033 $859,705 $101,511 26,074 28,304 37,640 19,847 65,770 106,326 41,274 30,725 $457,471 $402,234 $66 $402,300 $461,523 $863,823 |
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SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2008 |
AT JUNE 30, 2007 |
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Cash.............................................................................. Accounts Receivable...................................................... Capital Assets................................................................ Accrued Lease Income................................................... Accounts Payable........................................................... Deferred Revenue........................................................... |
$6,549 $0 $809,454 $232,440 $31,628 $0 |
$2,717 $20,000 $720,175 $173,054 $52,123 64,146 |
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DIRECTOR |
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During Audit Period: Director - Mr. David Chicoine – thru 12/31/06, Interim Director – Mr. James A. Weyenmeyer – 1/16/07 thru 12/31/07, Director – Dr. Avijit Ghosh – 1/1/08 thru current Currently: Dr. Avijit Ghosh |