REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

 

Release Date:
June 12, 2003

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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

  

 

INTRODUCTION

 

We performed a financial audit of the Illinois Student Assistance Commission for the year ended June 30, 2002. A two year compliance audit and a one year financial audit will be performed for the period ended June 30, 2003.

 

 

AUDITORS’ OPINION

Our auditors stated the Illinois Student Assistance Commission’s statements as of June 30, 2002 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, 2002
(In Thousands)

FINANCIAL OPERATIONS (All Funds)

FY 2002

FY 2001
REVENUES (AND OTHER SOURCES)
Appropriations
Interest revenue
Federal government
Licenses and fees
Other revenues
Transfers in
TOTAL
EXPENDITURES/EXPENSES (AND OTHER USES)
Education program
Interest expense/Loss on securities
Administrative expense
Bond issue expenses
Accretion expense
Bond principal payments
Other expense
Transfers out
TOTAL


$416,403
106,040
166,099
40,465
1,263
16,419
$746,689

$549,370
82,063
65,344
20,248
12,559
2,005
1,685
16,419
$749,693


$399,423
122,048
130,068
48,448
3,435
6,980
$710,402

$494,255
114,415
70,241
13,972
8,763
1,905
838
6,980
$711,369
SELECTED BALANCE SHEET ACCOUNTS

FY 2002

FY 2001
Cash and cash equivalents
Investments and marketable securities
Receivables, net:
Student loans
Other
Notes receivable
Land, buildings and equipment, net (a)
Tuition & accretion payable
Revenue notes and bonds payable
Net assets, restricted
Net assets, unrestricted (deficit)
Total assets
Total liabilities
Total net assets
(a) State changed capital asset capitalization policy effective 7/1/01

$208,393
668,996

2,091,405
44,526
90,209
16,765
264,381
2,590,505
128,399
(14,127)
3,166,771
3,051,854
114,917

$197,371
366,509

1,723,529
43,054
84,235
26,539
173,409
1,983,197
128,325
(6,110)
2,476,168
2,252,976
223,192
AGENCY DIRECTOR(S)
During Audit Period: Larry E. Matejka
Currently: Larry E. Matejka