REPORT DIGEST

NORTHEASTERN ILLINOIS UNIVERSITY FOUNDATION

FINANCIAL AUDIT

For the One Year Ended:

June 30, 2004

Release Date:

January 27, 2005

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

      Our report covers the financial audit for the period ended June 30, 2004.

AUDITORS’ OPINION

      Our auditors state the June 30, 2004 financial statements of the Northeastern Illinois University Foundation are fairly presented in all material respects.

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

SPECIAL ASSISTANT AUDITORS

      Our special assistant auditors for this audit were E.C. Ortiz & Co., LLP.

(Expenditures and Activity Measures are summarized on the reverse page.)

FINANCIAL OPERATIONS (ALL FUNDS)

FY 2004

FY 2003

REVENUES (Operating and Nonoperating)

    Contributions....................................................................

    Investment Revenue..........................................................

    Royalty Income.................................................................

    University Support............................................................

    Permanent Endowment Additions......................................

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

          Total Revenues...........................................................

$ 251,511

170,265

75,000

67,507

21,216

    17,228

$ 602,727

$ 188,873

70,868

75,000

67,507

93,693

    20,019

$ 515,960

EXPENSES

    Scholarships and Fellowships........................................

    University Support........................................................

    Other Expenditures...........................................................

          Total Expenditures......................................................

Increase in Net Assets..........................................................

$  73,871

67,507

225,197

$ 366,575

$ 236,152

$  77,317

67,507

220,625

$ 365,449

$ 150,511

SELECTED ACCOUNT BALANCES

(ALL FUNDS)

AT JUNE 30, 2004

AT JUNE 30, 2003

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

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

Charitable Remainder Trust...................................................

Other Assets.........................................................................

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

Liabilities...............................................................................

Total Net Assets...................................................................

$       345,221

1,991,867

375,000

       24,681

$ 2,736,769

$       3,417

$2,733,352

$       668,385

1,445,056

375,000

       15,266

$ 2,503,707

$       6,507

$2,497,200

FOUNDATION EXECUTIVE DIRECTOR

    During Audit Period: Terry Bush

    Currently: Terry Bush