REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

Release Date:

May 19, 2005

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

Iles Park Plaza

740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

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, 2004. A two year compliance examination and a one year financial audit will be performed for the period ended June 30, 2005.

AUDITORS’ OPINION

The auditors stated the financial statements for the Illinois Student Assistance Commission as of and for the year ended June 30, 2004 are fairly presented in all material respects.

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WILLIAM G. HOLLAND, Auditor General

WGH:JAF:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were McGladrey & Pullen, LLP.

{Expenditures and Activity Measures are summarized on the reverse page.}

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For The Year Ended June 30, 2004 (In Thousands)

FINANCIAL OPERATIONS (All Funds)	2004	2003*
GOVERNMENTAL ACTIVITIES Program revenues: Charges for services............................................. Operating grants and contributions......................... Program expenses: Scholarships, awards and grants............................. Loan guarantees................................................... Interest................................................................ Governmental activities, net (expenses).................. BUSINESS-TYPE ACTIVITIES Program revenues: Charges for services............................................. Operating grants and contributions......................... Program expenses: Student loans........................................................ Prepaid tuition....................................................... Business-type activities, net revenues (expenses).... Program activities, net................................. GENERAL REVENUES Appropriations............................................................ Investment income...................................................... Miscellaneous............................................................. Total General Revenues and Transfers............. Change in net assets....................................	$ - 104,343 104,343 $388,270 102,721 743 $491,734 $(387,391) $125,055 82,149 $207,204 $143,975 35,771 $179,746 $27,458 $(359,933) $385,844 289 (857) $385,276 $25,343	$234 122,901 $123,135 $384,484 117,867 793 $503,144 $(380,009) $118,619 49,284 $167,903 $147,320 25,817 $173,137 $(5,234) $(385,243) $377,135 566 273 $377,974 $(7,269)
SELECTED BALANCE SHEET ACCOUNTS	2004	2003
Cash and cash equivalents................................................. Investments and marketable securities................................ Receivables, net: Student loans.............................................................. Other......................................................................... Notes receivable............................................................... Capital assets, net............................................................. Tuition & accretion payable............................................... Revenue notes and bonds payable...................................... Net assets, restricted......................................................... Net assets, unrestricted (deficit)......................................... Total assets...................................................................... Total liabilities................................................................... Total net assets.................................................................	$219,198 1,171,513 2,801,537 72,691 104,308 15,773 537,699 3,603,210 138,710 (7,710) 4,394,669 4,261,678 132,991	$265,673 933,385 2,428,497 71,157 104,791 16,329 396,914 3,200,980 142,492 (36,190) 3,846,155 3,738,507 107,648
AGENCY DIRECTOR(S)
During Audit Period and Currently: Larry E. Matejka

* Certain reclasses have been made to the 2003 financial statements to conform to the presentation of the 2004 financial statements for comparative purposes.