REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

 

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2000

Release Date:
March 20, 2001

Logo.gif (1870 bytes)

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

  

 

 

 

 

INTRODUCTION

 

This report covers our financial audit of the Illinois Student Assistance Commission as of June 30, 2000 and for the year then ended. A compliance audit covering the two years ending June 30, 2001 will be performed next year.

 

 

AUDITORS’ OPINION

Our auditors stated the Illinois Student Assistance Commission’s statements as of June 30, 2000 and for the year then ended were fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:SES:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were Miller Cooper & Co., Ltd.

 

 

 

ILLINOIS STUDENT ASSISTANCE COMMISSION
FINANCIAL AUDIT
For The Year Ended June 30, 2000
(In Thousands)

FINANCIAL OPERATIONS (All Funds)

FY 2000

FY 1999
REVENUES
Appropriations
Interest revenue
Federal government
Licenses and fees
Student loan collections
Other
TOTAL

EXPENDITURES/EXPENSES
Education program
Interest expense
Administrative expense
Bond issue expenses
Accretion expense
Bond principal payments
Other expense
TOTAL


$374,429
129,767
81,104
22,046
17,032
4,805
$629,183


$447,908
85,307
59,868
11,385
5,348
1,810
1,074
$612,700


$352,086
99,559
103,804
14,391
17,507
10,820
$598,167


$484,469
66,823
15,362
9,479
341
755
949
$578,178
SELECTED BALANCE SHEET ACCOUNTS

FY 2000

FY 1999
Cash and cash equivalents
Investments and marketable securities
Receivables, net:
Student loans
Other
Restricted assets
Land, buildings and equipment, net
Tuition & accretion payable
Revenue notes and bonds payable
Retained earnings - reserved for bond debt
Fund balances:
Reserved
Unreserved
Total assets and other debits
Total liabilities
Total fund equity and other credits

$155,735
83,188

1,277,439
67,872
347,689
28,264
114,799
1,559,312
98,803

6,368
111,038
2,007,191
1,763,063
244,128

$258,260
72,401

1,083,799
48,827
239,012
28,355
64,448
1,404,654
92,839

10,571
96,316
1,777,336
1,549,623
227,713
AGENCY DIRECTOR(S)    
During Audit Period: Larry E. Matejka
Currently: Larry E. Matejka