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

 

 

This Report Digest and Full Report are also available on

the worldwide web at

http://www.auditor.il.gov

 

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

 

FINANCIAL OPERATIONS

FY 2008

FY 2007

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

 

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2008

AT JUNE 30,

2007

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

 

DIRECTOR

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