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, 1998




Release Date:
March 25, 1999




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, 1999 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, 1998 financial statements of the Industrial Commission Self-Insurers' Security Fund were fairly stated.

 

___________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:ROQ

 

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, 1998

FINANCIAL STATISTICS

FY 1998

FY 1997

ASSETS
Cash
Receivables
  Total Assets

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

REVENUES
Escrow Fees & Surety Bonds
Refunds
Interest Income
  Total Revenues

EXPENDITURES
Benefit Payments
Personal Services
Escrow Deposit Refunds
Other Expenditures
  Total Expenditures

DECREASE IN LIABILITY FOR UNPAID CLAIMS

NET DECREASE IN FUND BALANCE

 


$2,233,254
10,193
$2,243,447


$13,202
1,487,528
742,717
$2,243,447


$ -
26,792
186,729
$213,521


$580,499
142,002
1,101,623
63,180
$1,887,304

$477,000

$1,196,781


$3,980,045
62,299
$4,042,344


$138,318
1,964,528
1,939,498
$4,042,344


$178,234
-
362,663
$540,897


$810,289
118,369
3,622,994
79,464
$4,631,116

$2,345,899

$1,744,320

 

AGENCY DIRECTOR(S)

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