REPORT DIGEST

OFFICE OF THE STATE TREASURER – COLLEGE
SAVINGS PROGRAM

FINANCIAL AUDIT
For the Year Ended June 30, 2014

Release Date:  January 22, 2015

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 0

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
www.auditor.illinois.gov

INTRODUCTION

The College Savings Program (Program) was
established in March 2000 pursuant to P.A.
91-0607 which authorizes 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 and the
Bright Directions College Savings Program.
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.  A private-purpose trust fund was used
to account for assets held by the Program in a
trustee capacity or as an agent for
individuals throughout the United States.  At
June 30, 2014, assets in this fund totaled
$6,895,975,116.

AUDITORS' OPINION

Our auditors stated that the June 30, 2014
financial statements of the Office of the
State Treasurer – College Savings Program are
presented fairly in all material respects.

WILLIAM G. HOLLAND
Auditor General

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SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this audit
were McGladrey LLP.