REPORT DIGEST

ILLINOIS FINANCE AUTHORITY

SINGLE AUDIT
FOR THE YEAR ENDED JUNE 30, 2025

Release Date:  February 24, 2026

FINDINGS THIS AUDIT: 1

CATEGORY:  NEW -- REPEAT – TOTAL
Category 1:  1 -- 0 -- 1
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  1 -- 0 -- 1

FINDINGS LAST AUDIT: 0

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General, 400 West
Monroe, Suite 306, Springfield, IL
62704-9849
(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

This digest covers the Illinois Finance
Authority’s (Authority) Single Audit for
the year ended June 30, 2025. A separate
digest covering the Authority’s financial
audit as of and for the year ended June 30,
2025, was previously released on December
16, 2025. In addition, a separate digest
covering the Authority’s State compliance
examination for the two years ended June
30, 2025, will be released at a later date.

SYNOPSIS

• (25-01) The Authority had weaknesses in
its internal controls over reviews of
allowable costs and activities.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INTERNAL CONTROLS OVER ALLOWABLE COSTS/
ACTIVITIES

The Illinois Finance Authority (Authority)
had weaknesses in its internal controls
over reviews of allowable costs and
activities.

During our testing, we noted for 13 payroll
transactions and 4 indirect cost
transactions tested for allowable
activities and costs, we were unable to
obtain documentation to support that
controls were in place to review for
allowable activities and costs prior to
applying to the grant for all (100%) of the
transactions. (Finding 1, pages 10-11)

We recommended the Authority develop and
document controls for ensuring expenditures
applied to the grant are allowable.

Authority officials accepted the finding
and indicated corrective action has been
taken to address the condition.

AUDITOR’S OPINIONS

The financial audit report was previously
released. The auditors stated the financial
statements of the Authority as of and for
the year ended June 30, 2025, are fairly
stated in all material respects.

The auditors also conducted a Single Audit
of the Authority as required by the Uniform
Guidance. The auditors stated the Authority
complied, in all material respects, with
the types of compliance requirements that
could have a direct and material effect on
the Authority’s major federal programs for
the year ended June 30, 2025.

This Single Audit was conducted by RSM US
LLP.

COURTNEY DZIERWA
Division Director

This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.


FRANK J. MAUTINO
Auditor General

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