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REPORT DIGEST
OFFICE OF THE STATE TREASURER COLLEGE SAVINGS PROGRAM FINANCIAL AUDIT For the Year Ended: June 30, 2009
Release Date: January 7, 2010
State of Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
To obtain a copy of the
Report contact: Office of the Auditor
General (217) 782-6046 or TTY (888)
261-2887 This Report Digest and the
Full Report are also available on the worldwide web at http://www.auditor.illinois.gov |
INTRODUCTION The College Savings
Program (Program) was established in March 2000 pursuant to P.A. 91-0607
which authorized the State Treasurer to establish and administer a
"qualified state tuition program" under Section 529 of the Internal
Revenue Code of 1986, as amended.
Participants of the Program have a choice of two Section 529
investment programs, the Bright Start College Savings Program, which
commenced operations on March 27, 2000, and the Bright Directions College
Savings Program, which commenced operations on November 18, 2005. The State Treasurer selected an investment
firm (Manager), one for Bright Start and one for Bright Directions, to advise
the office on the investment of the Trust assets, to administer the Trust
assets, and to provide other services relating to the Program. As such, the Managers act as agents of the
Treasurer, and as trustees of the Trust.
The Treasurer, however, retains ultimate authority to manage the
investments of the Trust. To administer the Program,
the Treasurer has established a division entitled "The College Savings
Program Division. The revenues and
expenditures of the Division are recorded in a fund maintained by the
Treasurer entitled College Savings Program Administrative Trust Fund, which
is classified as an enterprise fund.
The administrative expenditures paid out of this fund were $980,084 in
FY09 and $1,210,380 in FY08. An investment trust fund
was used to account for assets held by the Program in a trustee capacity or
as agent for individuals throughout the AUDITORS' OPINION
Our special assistant
auditors stated that the College Savings Program financial statements, as of
and for the year ended June 30, 2009 are fairly stated in all material
respects. ___________________________________ WILLIAM G. HOLLAND, Auditor General WGH:JSC:pp SPECIAL ASSISTANT AUDITORS
Our
special assistant auditors for this audit were Crowe Horwath LLP.
{Expenditures and Activity Measures are summarized on the reverse page.} |
OFFICE OF THE STATE TREASURER
COLLEGE
SAVINGS PROGRAM
FINANCIAL
AUDIT
For Year Ending June 30, 2009
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STATEMENTS OF FIDUCIARY NET
ASSETS |
FY 2009 |
FY 2008
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STATEMENT OF FIDUCIARY NET
ASSETS Cash and Cash Equivalents.................................................................................... Capital Shares, Securities Sold
and Dividends Receivable............................... Mutual Funds........................................................................................................... Total Assets............................................................................................. Cash overdraft.......................................................................................................... Payable for capital shares....................................................................................... Payable for Securities
Purchased.......................................................................... Other liabilities.......................................................................................................... Total Liabilities........................................................................................ Net Assets available to
participants..................................................................... Total Liabilities and Net Assets............................................................ STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS Operations Investment Earnings............................................................................................. Gain (Loss) on Net Change in Fair Value of Investments
(Unrealized)
.. Interest expense.................................................................................................... Distribution fees.................................................................................................... State administrative fees...................................................................................... Insurance Fees...................................................................................................... 12b-1 Fees.............................................................................................................. Management and Bank Custodial Fees............................................................. Net Investment Earnings........................................................................ Distribution to Shareholders
Net Investment Income.................................... Participant Transactions Program Contributions......................................................................................... Program Distributions.......................................................................................... Distributions Reinvested..................................................................................... Net Changes in Net Assets.................................................................... Net Increase in Net Assets..................................................................................... Net Assets, beginning of year............................................................................... Net Assets, end of year.......................................................................................... |
$116,526,703 6,906,988 2,375,374,839 $2,498,808,530 $9,804 2,365,606 2,028,810 526,176 4,930,396 2,493,878,134 $2,498,808,530 $34,183,432 (729,427,309) 74,502,795 (11) (2,154,164) (531,308) (153,531) (1,107,943) (4,986,539) (629,674,578) (134,920) 2,279,663,667 (1,946,934,761) 140,660 332,869,566 (296,939,932) 2,790,818,066 $2,493,878,134 |
$81,605,550 7,218,048 2,709,544,880 $2,798,368,478 $218,215 3,804,496 3,068,481 459,220 7,550,412 2,790,818,066 $2,798,368,478 $73,053,355 (16,775,795) (270,349,702) (5,471) (2,510,242) (660,879) (107,407) (981,487) (5,358,655) (223,696,283) (274,998) 1,399,546,594 (910,603,851) 274,489 489,217,232 265,245,951 2,525,572,115 $2,790,818,066 |
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SELECTED ACTIVITY MEASURES (Unaudited) |
FY 2009 |
FY 2008 |
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Number of Balance of Number of Non-Illinois Participants (Bright Start).............................................. Balance of Non-Illinois Participants (Bright Start).............................................. Number of Balance of Number of Out of State Participants (Bright
Directions)................................... Balance of Out of State Participants (Bright
Directions)................................... |
145,926 $1,602,848,174 44,154 $486,351,613 40,102 $380,381,231 2,076 $24,404,518 |
128,018 $1,833,635,882 41,036 $579,877,664 33,449 $355,903,638 1,410 $22,232,202 |
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STATE TREASURER
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During Audit Period: Honorable Alexi Giannoulias Currently: Honorable Alexi Giannoulias |
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