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
ILLINOIS WORKERS’ COMPENSATION COMMISSION – SELF INSURERS’ SECURITY FUND
FINANCIAL AUDIT For the Year Ended: June 30, 2008
Release Date: April 2, 2009
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 |
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. The Fund was established to provide compensation for employees of insolvent self-insured employers for injuries and occupational diseases. A State compliance examination on the entire Commission will be performed next year for the two year period ending June 30, 2009.
AUDITORS’ OPINION
WGH:KMC:drh
SPECIAL ASSISTANT AUDITORS
{Expenditures and Activity Measures are summarized on the reverse page.} |
WORKERS’ COMPENSATION COMMISSION
SELF-INSURERS’ SECURITY FUND
FINANCIAL AUDIT
STATEMENTS OF REVENUE EXPENSES, AND CHANGES IN NET ASSETS |
FY 2008 |
FY 2007 |
OPERATING REVENUES Escrow Fees and Surety Bond..............................
|
$3,920,983 |
$2,888,347 |
OPERATING EXPENSES Benefit Payments and Refunds.......................... Personnel and Operating Expenses.................... Total ........................................................... |
$4,235,268 247,243 $4,482,511 |
5,241,576 187,620 $5,429,196 |
OPERATING (LOSS) INCOME..........................
NONOPEATING REVENUES (EXPENSES) Interest Income............................................ Change in Liabilities for Unpaid Claims...... Total Nonoperating................................
CHANGE IN NET ASSETS (DEFICIT)............. |
$( 561,528)
$1,306,832 690,490 $1,997,322
$1,435,794 |
$(2,540,849)
$1,473,164 600,729 $2,073,893
$ (466,956) |
SELECTED ACCOUNT BALANCES – STATEMENTS OF NET ASSETS |
FY 2008 |
FY 2007 |
ASSETS: |
|
|
Cash in bank...................................................... |
$ 23,747 |
$ 145,724 |
Cash in State Treasury....................................... |
30,084,685 |
28,660,946 |
Accrued interest receivable................................ Other................................................................. Total Assets |
59,877 100 $30,168,409 |
113,805 405 $28,920,880 |
LIABILITIES: |
|
|
Account Payable................................................ |
$ 594,417 |
$ 78,192 |
Liabilities for Unpaid Claims............................. Compensated Absences..................................... |
9,609,123 28,000 $10,231,540
$19,936,869
$30,168,409 |
10,309,613 32,000 $10,419,805
$18,501,075
$28,920,880 |
CHAIRMAN |
||
During Audit Period: Dennis R. Ruth (2/22/03-10/2/08); Jerry Jutila (10/3/08-11/6/08); Amy J. Masters, Acting (11/21/08-Current) |
||
Currently: Amy J. Masters, Acting |