REPORT DIGEST OFFICE OF THE STATE TREASURER – THE ILLINOIS FUNDS 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 Illinois Funds was established under the name Illinois Public Treasurers’ Investment Pool (IPTIP) in 1976 to supplement and enhance the investment opportunities available to custodians of public agency funds throughout the State of Illinois. The management, custodianship and operation of The Illinois Funds are under the supervision of the State of Illinois – Office of the Treasurer. To administer the Illinois Funds, the Treasurer has established a division entitled “The Illinois Funds Administrative Office.” The revenues and expenditures of the Division were recorded in a fund maintained by the Treasurer entitled “The Illinois Funds Administrative Trust Fund.” An investment trust fund is used to account for assets held by The Illinois Funds in a trustee capacity for public treasurers throughout the State of Illinois. The custodian for this fund is U.S. Bank of Illinois. AUDITORS' OPINION Our auditors stated that the June 30, 2014 financial statements of the Office of the State Treasurer – The Illinois Funds are presented fairly in all material respects. WILLIAM G. HOLLAND Auditor General WGH:tmh SPECIAL ASSISTANT AUDITORS Our Special Assistant Auditors for this audit were McGladrey LLP.