REPORT DIGEST ILLINOIS GRAIN INSURANCE CORPORATION FINANCIAL AND COMPLIANCE AUDIT For the Two Years Ended: Summary of Findings: Total this audit 0 Release Date: State of Illinois WILLIAM G. HOLLAND AUDITOR GENERAL To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS There were no material findings of noncompliance disclosed during our audit tests. AUDITORS OPINION Our auditors state the Illinois Grain Insurance Corporations financial statements for the years ended June 30, 2001 and June 30, 2000 were fairly presented in all material respects. SUBSEQUENT EVENT On August 23, 2001, a grain elevator surrendered its Illinois Grain Dealer's license and relinquished control of its grain-handling facilities to the Illinois Department of Agriculture. The Department of Agriculture estimates that after liquidation of the assets, claims totaling approximately $15,000,000 that are protected under the Illinois Grain Insurance Code will be due. The Illinois Grain Insurance Corporation fund balance was approximately $5,000,000 at that time. The remaining liability of approximately $10,000,000 is anticipated to be funded from an appropriation by the Illinois General Assembly to the Corporation as authorized by the Illinois Grain Code. Under that provision of the Code, the Corporation will be required to reimburse the State over time through a series of assessments made on the remaining licensed grain dealers. ____________________________________ WILLIAM G. HOLLAND, Auditor General WGM:JAF:pp SPECIAL ASSISTANT AUDITORS Our special assistant auditors for this audit were Sleeper, Disbrow, Morrison, Tarro & Lively, LLC {Expenditures and Activity Measures are summarized on the reverse page.} |
ILLINOIS GRAIN INSURANCE CORPORATION
FINANCIAL AND COMPLIANCE AUDIT
For The Two Years Ended June 30, 2001
FINANCIAL ACTIVITY |
FY 2001 |
FY 2000 |
FY 1999 |
Revenues Assessments Fees Penalties Interest Income Recovery of Claims Paid Printer Fees TOTAL |
$148,575 $5,750 $260,988 $7,302 $2,100 $424,715 |
$188,281 $7,750 $223,655 $148,305 $1,900 $569,891 |
$113,432 $3,000 $181,538 $401,413 0 $699,383 |
Expenditures Claims and Recovery |
$19,984 |
$28,425 |
$32,684 |
Excess Revenues Over Expenditures | $404,731 |
$541,466 |
$666,999 |
Fund Balance June 30th | $4,833,602 |
$4,428,871 |
$3,887,405 |
SCHEDULE OF GRAIN DEALERS |
FY 2001 |
FY 2000 |
FY 1999 |
Active dealers beginning of year Add: New dealers Less: Closed or insolvent dealers Active dealers end of year |
467 7 (16) 458 |
485 12 (30) 467 |
509 11 (35) 485 |
CORPORATION PRESIDENT |
During Audit Period: Joseph Hampton, Director, Department
of Agriculture Currently: Joseph Hampton, Director, Department of Agriculture |