REPORT
DIGEST

DEPARTMENT OF CENTRAL MANAGEMENT SERVICES

ILLINOIS STATE EMPLOYEES’ DEFERRED COMPENSATION PLAN

FINANCIAL AUDIT

For the Year Ended:
December 31, 1998

 

Release Date:
June 30, 1999

Defcomp9.gif (1611 bytes)

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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

INTRODUCTION

Our audit was limited to examining and giving an opinion on the Deferred Compensation Plan's financial statements. A compliance audit of the Plan will be conducted as a part of our next compliance audit of the Department of Central Management Services, the Plan's administering agency.

AUDITORS' OPINION

Our auditors state that the Illinois State Employees' Deferred Compensation Plan financial statements at December 31, 1998 are fairly presented.

 

_____________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:RPU:pp

SPECIAL ASSISTANT AUDITORS

Clifton Gunderson L.L.C. were our special assistant auditors for this audit.

{Financial Data and Activity Measures are summarized on the reverse page.}

 

ILLINOIS STATE EMPLOYEES' DEFERRED
COMPENSATION PLAN
FINANCIAL AUDIT
For The Two Years Ended December 31, 1998
BALANCE SHEET STATISTICS (ALL FUNDS)

1998

1997
Cash and Equivalents
Accounts Receivable
Investments
Other Assets

Total

Current Liabilities
Due to Participants
Retained Earnings

Total

$ 5,019,585
160,068
1,307,784,913
24,749

$1,312,989,315

$ 347,383
1,309,501,831
3,140,101

$1,312,989,315

$ 4,687,731
117,322
1,085,896,976
29,105

$1,090,731,134

$ 258,778
1,087,922,334
2,550,022

$1,090,731,134
ADMINISTRATIVE COSTS

1998

1997
Salaries
Fringe Benefits
Recordkeeping costs/administrative fees
Telecommunication services
Statistical services
Travel
Contractual services
Printing
Depreciation
Office supplies

Total

$ 571,392
202,972
364,640
10,879
129,514
10,007
75,512
11,076
17,700
5,543

$1,399,235

$ 557,899
178,056
464,434
12,874
102,360
17,260
44,931
8,351
21,648
5,580

$1,413,393
INVESTMENT PORTFOLIO - Fair Value

1998

1997
Stable Return Fund
Acorn Fund
Ariel Growth Fund
Fidelity Fund
Fidelity Puritan Fund
T. Rowe Price International Stock Fund
T. Rowe Price New Income Fund
Vanguard Bond Index Fund
Vanguard Institutional Index Fund
Vanguard Money Market Reserves Prime Fund
Settlement Account
Annuities

Total

$ 331,398,216
341,459,695
32,927,654
225,928,455
160,218,053
34,722,277
38,860,743
11,321,116
106,155,595
20,705,963
0
4,087,146

$1,307,784,913

$ 304,353,423
326,459,034
26,601,610
154,041,893
129,523,569
27,556,391
35,527,034
4,680,464
58,329,745
15,987,547
33,269
2,802,997

$1,085,896,976
SELECTED ACTIVITY MEASURES

1998

1997

Largest Account Value
Number of Participants
Average Account Value

$663,080
43,007
$30,409

$595,952
39,601
$27,421
DIVISION MANAGER
During Audit Period: Don Templeman
Currently: Lynn Zehnder, acting manager January17, 1999 through April 16, 1999, Lori Skinner acting manager effective April 17, 1999