REPORT DIGEST

ILLINOIS VENTURES, LLC

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

January 24, 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 and Full Report are also available on

the worldwide web at

http://www.state.il.us/auditor

AUDITORS’ OPINION

      Our auditors stated the Company’s June 30, 2006 financial statements are fairly presented in all material respects.  A compliance examination covering the two years ended June 30, 2006 is being issued separately.

____________________________________

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.}

FINANCIAL OPERATIONS

FY 2006

FY 2005

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

OPERATING EXPENSES

      Salaries......................................................................

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

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

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

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

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

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

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

NET INCREASE OF UNREALIZED APPRECIATION ON INVESTMENTS HELD..........................................

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

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

Net Change in Reserve for Minority Interest in Subsidiary....

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

$3,766,032

$1,331,188

201,137

43,162

93,835

113,719

261,428

$2,044,469

$460,856

$407,725

$2,182,419

$2,690,657

$1,479

$4,874,555

$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

SELECTED ACCOUNT BALANCES

AT JUNE 30,

2006

AT JUNE 30,

2005

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

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

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

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

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

Total Assets...................................................................

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

Current Liabilities............................................................

Net Assets.....................................................................

$787,782

$268,386

$30,654

$106,158

$4,046,227

$5,239,207

$25,573

$364,652

$4,874,555

$371,642

$191,168

$29,009

$55,958

$2,348,248

$2,996,025

$73,904

$305,368

$2,690,657

DIRECTOR

During Audit Period and Current:  Mr. John Banta