REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

Release Date:

March 20, 2007

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 and Full Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

INTRODUCTION

This digest covers our financial audit of the Illinois Student Assistance Commission for the year ended June 30, 2006. A compliance examination covering the year ended June 30, 2006 will be issued at a later date.

AUDITORS’ OPINION

Our auditors stated the June 30, 2006 financial statements of the Illinois Student Assistance Commission are fairly presented in all material respects.

____________________________________

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, 2006 (Amounts Expressed In Thousands)

FINANCIAL OPERATIONS (All Funds)	FY 2006	FY 2005
GOVERNMENTAL ACTIVITIES Program revenues: 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 (expenses).................. Program activities, net................................ GENERAL REVENUES Appropriations............................................................ Investment income..................................................... Transfers to the General Revenue Fund....................... Miscellaneous............................................................ Change in net assets...................................	$ 149,657 149,657 391,440 146,053 631 538,124 (388,467) 183,439 165,965 349,404 305,000 50,730 355,730 (6,326) (394,793) 387,789 1,006 (912) 72 387,955 $ (6,838)	$ 125,278 125,278 382,441 123,694 689 506,824 (381,546) 137,067 117,418 254,485 202,514 41,148 243,662 10,823 (370,723) 381,007 601 (6,308) 251 375,551 $ 4,828
SELECTED BALANCE SHEET ACCOUNTS	FY 2006	FY 2005
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..................................... Total assets...................................................................... Total liabilities.................................................................. Total net assets................................................................	$ 439,643 798,172 3,796,187 122,493 85,796 14,766 816,249 4,206,009 5,271,220 5,140,239 130,981	$ 234,057 829,923 3,387,383 98,859 100,996 15,238 677,604 3,737,845 4,677,657 4,539,838 137,819
AGENCY DIRECTOR(S)
During Audit Period: Mr. Larry E. Matejka Currently: Mr. Andrew Davis