REPORT DIGEST
DEPARTMENT OF CENTRAL MANAGEMENT SERVICES
ILLINOIS STATE EMPLOYEES’ DEFERRED COMPENSATION PLAN
FINANCIAL AUDIT
For the Year Ended:
December 31, 1999
Release Date:
August 2, 2000
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.
CHANGE IN ACCOUNTING PRINCIPLE
Effective January 1, 1999 the Plan implemented Governmental Accounting Standards Board (GASB) Statement 32, Accounting and Financial Reporting for Internal Revenue Code Section 457, Deferred Compensation Plans. Accordingly, the assets, liabilities, revenues and expenses previously reported in an enterprise fund and an agency fund are no longer considered assets of the State of Illinois and are currently reported in an expendable trust fund.
AUDITORS' OPINION
Our auditors state that the Illinois State Employees' Deferred Compensation Plan financial statements at December 31, 1999 are fairly presented.
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WILLIAM G. HOLLAND, Auditor General
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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.}