Note:

 

This report of the Illinois Workers’ Compensation Commissions’ Self-Insurers Security Fund (Fund) should be read in conjunction with the FY16 financial statements of the Fund and the auditor’s report dated January 4, 2018. 

 

In FY16, the auditors issued an adverse opinion on the Fund’s financial statements due to the Commission having an inadequate process to determine the claims liabilities of the Fund, and because the proper accounting treatment for the insolvent self-insurer security collected by the State of Illinois is not determinable due to two different irreconcilable interpretations of the Worker’s Compensation Act.  Because of the adverse auditor opinion of the Fund’s financial statements for the year ended June 30, 2016, the audit reports for the year ended prior to June 30, 2016 should not be relied upon without considering the auditor’s report dated January 4, 2018.   

 

 

 

REPORT DIGEST

INDUSTRIAL COMMISSION SELF-INSURERS’ SECURITY FUND

FINANCIAL AUDIT

For the Year Ended:

June 30, 2000

 

Release Date:
March 14, 2001

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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 audit was limited to an examination of the Self-Insurers’ Security Fund for the purpose of rendering an opinion on the financial statements of the Fund. A compliance audit for the two-year period ending June 30, 2001 will be performed next year. The Fund was established to provide compensation for employees of insolvent self-insured employers for injuries and occupational diseases.

 

AUDITORS’ OPINION

Our auditors state that the June 30, 2000 financial statements of the Industrial Commission Self-Insurers’ Security Fund were fairly stated.

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:JAW

 

SPECIAL ASSISTANT AUDITORS

Hill, Taylor LLC were our special assistant auditors for this audit.

{Expenditures and Activity Measures are summarized on the next page.}

 

INDUSTRIAL COMMISSION

SELF-INSURERS’ SECURITY FUND

FINANCIAL AUDIT

For the Year Ended June 30, 2000

FINANCIAL STATISTICS

FY 2000

FY 1999

ASSETS
Cash
Receivables
Total Assets


$2,326,865
12,408
$2,339,273


$3,772,069
14,481
$3,786,550

LIABILITIES AND FUND BALANCE
Accounts Payable
Vouchers Payable
Liability for Unpaid Claims
Fund Balance
Total Liabilities and Fund Balance


$76,799
23,986
4,016,134
(1,777,646)
$2,339,273


$157,604
$13,646
1,884,569
1,730,731
$3,786,550

REVENUES
Escrow Fees & Surety Bonds
Refunds
Interest Income
Total Revenues


$327,254
323,614
162,840
$ 813,708


$3,200,000
109,378
169,044
$3,478,422

EXPENDITURES
Benefit Payables
Personal Services
Refunds
Other Expenditures
Total Expenditures


$1,976,889
137,163
10,702
64,738
$2,189,492


$1,515,809
141,066
292,431
119,982
$ 2,069,288

INCREASE IN LIABILITY FOR UNPAID CLAIMS

$2,131,565

$397,041

NET DECREASE IN FUND BALANCE

$3,508,377

$(988,014)

 

AGENCY DIRECTOR(S)

During Audit Period: Mr. John W. Hallock, Jr., Chairman
Currently: Mr. John W. Hallock, Jr., Chairman