REPORT DIGEST ILLINOIS STUDENT ASSISTANCE COMMISSION Financial Audit For the Year Ended June 30, 2015 Release Date: January 26, 2016 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 FRANK J. MAUTINO, 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, 2015 and for the year then ended. The Financial Statement Audit Report finding of the Commission pertains to IDAPP. This finding is summarized in the separate report digest for the financial audit of IDAPP for the year ended June 30, 2015. 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 $236 million as of June 30, 2015. GOLDEN APPLE SCHOLARS OF ILLINOIS PROGRAM Pursuant to the Higher Education Student Assistance Act, the Commission administers the Golden Apple Scholars of Illinois Program which is managed by the Golden Apple Foundation for Excellence in Teaching. During procedures performed, the auditors identified instances of noncompliance related to the Golden Apple Scholars of Illinois Program which is described in the separate agreed-upon procedures report. FRANK J. MAUTINO Auditor General FJM:JGR SPECIAL ASSISTANT AUDITORS Our Special Assistant Auditors for this audit were RSM US LLP.