REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT
For the Year Ended June 30, 2014

Release Date:  February 11, 2015

FINDINGS THIS AUDIT:  1

CATEGORY:  NEW -- REPEAT -- TOTAL
Category 1:  0 -- 1 -- 1
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  0 -- 1 -- 1

FINDINGS LAST AUDIT: 2

Category 1:	Findings that are material
weaknesses in internal control and/or a
qualification on compliance with State laws
and regulations (material noncompliance).
Category 2:	Findings that are significant
deficiencies in internal control and
noncompliance with State laws and regulations.
Category 3:	Findings that have no internal
control issues but are in noncompliance with
State laws and regulations.

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
www.auditor.illinois.gov

INTRODUCTION
The Illinois Student Assistance Commission’s
(Commission) financial audit report consists
of three sets of financial statements as
follows – the financial statements of the
Illinois Student Assistance Commission; the
financial statements of the Illinois Prepaid
Tuition Program (Program), a major fund of the
Commission; and the financial statements of
the Illinois Designated Account Purchase
Program (IDAPP), a major fund of the
Commission.

This report covers our financial audit of the
Commission as of June 30, 2014 and for the
year then ended.

All the Financial Statement Audit Report
findings of the Commission pertain to IDAPP.
These findings are summarized in the separate
report digest for the financial audit of IDAPP
for the year ended June 30, 2014.

AUDITORS’ OPINION
Our auditors stated the financial statements
of the Commission are fairly presented in all
material respects.  Auditors included a
paragraph emphasizing that the Program has a
deficit of $276 million as of June 30, 2014.

WILLIAM G. HOLLAND
Auditor General

WGH:JGR

SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this audit
were McGladrey LLP.