REPORT DIGEST

ILLINOIS VENTURES, 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

      Illinois Ventures, LLC is a for profit limited liability company created by the Board of Trustees of the University of Illinois.  The Company exists to facilitate commercialization of various technologies including those originated or developed by faculty, staff and/or students of the University.

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.}

FINANCIAL OPERATIONS

FY 2005

FY 2004

OPERATING REVENUES........................................

OPERATING EXPENSES

      Salaries                                                                     

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

      Insurance...................................................................

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

      Office Rent................................................................

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

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

NONOPERATING REVENUES................................

INCREASE IN NET ASSETS.......................................

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

Net Change in Reserve for Minority Interest in Subsidiary.

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

$3,010,135

$1,000,615

160,229

44,417

93,695

77,878

197,208

$1,574,042

$52,211

$1,488,304

1,200,008

$2,345

$2,690,657

$2,173,091

$845,454

148,546

34,557

75,410

28,925

156,684

$1,289,576

$51,016

$934,531

264,470

$1,007

$1,200,008

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2005

AT JUNE 30,

2004

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

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

Prepaids and Other Assets..............................................

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

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

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

$371,642

$191,168

$29,009

$55,958

$2,348,248

$73,904

$156,731

$48,162

$27,511

$60,608

$1,294,086

$48,971

DIRECTOR

During Audit Period:  Mr. John Banta

Currently:  Mr. John Banta