REPORT DIGEST
WESTERN ILLINOIS
UNIVERSITY FOUNDATION
FINANCIAL AUDIT For the One Year
Ended: June 30, 2005 And COMPLIANCE EXAMINATION For the Two
Years Ended June 30, 2005 Summary of Findings:Total this audit 0 Total last audit 0 Repeated from last audit 0 Release Date:
March 8, 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 There were no material compliance findings disclosed during our examination. We commend the Foundation for maintaining effective fiscal controls. AUDITORS’ OPINION Our auditors stated the June 30, 2005 financial statements of the Foundation are fairly presented in all material respects. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:KMA :pp
SPECIAL ASSISTANT AUDITORS BKD, LLP were our special assistant auditors. |
WESTERN
ILLINOIS UNIVERSITY FOUNDATION
FINANCIAL AUDIT
AND COMPLIANCE EXAMINATION
For The Years
Ended June 30, 2005
FINANCIAL OPERATIONS (ALL FUNDS) |
FY 2005 |
FY2004 |
|
OPERATING REVENUES |
|
|
|
Gifts.................................................................................. |
$2,715,448 |
$2,504,520 |
|
Sales and Services............................................................. |
350,502 |
370,784 |
|
Total .................................................................... |
$3,065,950 |
$2,875,304 |
|
OPERATING EXPENSES |
|
|
|
Instruction......................................................................... Student Services................................................................ Institutional Support........................................................... Operation and Maintenance of Plant................................... Scholarships...................................................................... |
$566,525 538,757 638,307 229,379 1,527,970 |
$569,806 519,150 688,912 222,910 1,494,099 |
|
Other................................................................................ |
321,990 |
191,456 |
|
Total..................................................................... |
$3,822,928 |
$3,686,333 |
|
NONOPERATING REVENUES (EXPENSES) Investment Income-Net....................................................... Contribution of Capital Assets to WIU................................ Other.................................................................................. Additions to Permanent Endowments................................... Capital Gifts........................................................................ Total....................................................................... Increase in Net Assets............................................. NET ASSETS - BEGINNING OF YEAR......................... NET ASSETS - END OF YEAR.......................................
|
$966,970
674,448 1,042,399
$22,683,817 $1,926,839 $20,203,912 $22,130,751 |
$1,529,281 (2,984,444) 623,691 833,580 3,000,000 $3,002,108 $2,191,079 $18,012,833 $20,203,912 |
|
SELECTED ACCOUNT
BALANCES |
AT JUNE 30, 2005 |
AT JUNE 30, 2004 |
|
Cash and Cash Equivalents................................................ |
$3,492,568 |
$3,138,366 |
|
Investments....................................................................... |
$17,420,671 |
$16,050,702 |
|
Pledges Receivable, net..................................................... |
$280,260 |
$356,424 |
|
Capital Assets, net............................................................. |
$945,287 |
$956,596 |
|
FOUNDATION EXECUTIVE OFFICER |
During Audit Period: Dr. Larry Mortier (retired eff. 7-29-05) Currently: Dr. Daniel Hendricks (eff. 8-15-05) |