REPORT DIGEST

ILLINOIS GRAIN INSURANCE CORPORATION

FINANCIAL AND COMPLIANCE AUDIT

For the Two Years Ended:
June 30, 2001

Summary of Findings:

Total this audit 0
Total last audit 1
Repeated from last audit 0

Release Date:
April 24, 2002

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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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

 

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 Corporation’s 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