Illinois Student Assistance Commission Prepaid Tuition Program 2001 Audit

REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

PREPAID TUITION PROGRAM

FINANCIAL AUDIT

For the Year Ended:

June 30, 2001

Release Date:
April 18, 2002

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

This report covers our financial audit of the Illinois Student Assistance Commission – Prepaid Tuition Program as of June 30, 2001 and for the year then ended.

AUDITORS’ OPINION

Our auditors stated the financial statements of the Program are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:SES:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were Miller Cooper & Co., Ltd.

ILLINOIS STUDENT ASSISTANCE COMMISSION
PREPAID TUITION PROGRAM
FINANCIAL AUDIT
For The Year Ended June 30, 2001
(In Thousands)

FINANCIAL OPERATIONS (All Funds)	FY 2001	FY 2000
REVENUES Interest revenue Application and other fees Investment securities gain (loss) TOTAL EXPENDITURES/EXPENSES Accretion expense Administrative expense Interest expense Other expense TOTAL	$3,514 1,250 (9,731) $(4,967) $8,763 2,427 27 2 $11,219	$2,295 1,163 1,801 $5,259 $5,348 2,293 37 2 $7,680
SELECTED BALANCE SHEET ACCOUNTS	FY 2001	FY 2000
Cash and cash equivalents Investments and marketable securities Tuition & accretion payable Retained earnings (deficit)	$4,472 150,466 173,409 (19,316)	$31,242 81,523 114,799 (3,130)
ACTUARIAL SURPLUS (DEFICIT)	FY 2001	FY 2000
Market value of assets Add - Actuarial present value of future payments expected to be made by contract purchasers Deduct - Actuarial present value of future payments expected to be paid from contract purchasers Actuarial surplus (deficit) as of June 30	$154,093 111,489 (284,130) $(18,548)	$111,756 92,549 (203,476) $829
AGENCY DIRECTOR(S)
During Audit Period: Larry E. Matejka Currently Larry E. Matejka