REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION -
ILLINOIS PREPAID TUITION PROGRAM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2020

Release Date:  June 16, 2021

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 0

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

This report covers our financial audit of
the Illinois Student Assistance
Commission (Commission) – Illinois
Prepaid Tuition Program (Program) as of
June 30, 2020 and for the year then
ended.

As of June 30, 2020, the Program has a
deficit of $322 million.  The table below
details a reconciliation of the fund
deficit in the financial statements to
the fund deficit in the Actuarial
Soundness Report as of June 30, 2020.

Reconciliation of Fund Deficit with
Unfunded Liability in the Actuarial
Report
Unfunded liability per actuarial
soundness report: $  (340,312,560)
Present value of accrued future
administrative expense: $  20,819,116
Other accrued liabilities: $  (2,334,039)
Fund deficit per Statement of Net
Position: $  (321,827,483)

AUDITOR’S OPINION

The auditors stated the financial
statements of the Commission Program as
of and for the year ended June 30, 2020
are fairly stated in all material
respects.  The auditors included a
paragraph emphasizing the Program has a
deficit of $322 million as of June 30,
2020.

This financial audit was conducted by
Crowe LLP.

JANE CLARK
Division Director
This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:JGR