REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For the Year Ended: June 30, 2010

Summary of Findings:

Total this audit: 6

Total last audit: 3

Repeated from last audit: 2

Release Date: April 7, 2011

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 www.auditor.illinois.gov

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INTRODUCTION

The Illinois Student Commissions (Commission) financial audit report consists of three sets of financial statements as follows – the financial statements of the Illinois Student Assistance Commission; the financial statements of the Illinois Prepaid Tuition Program (Program), a major fund of the Commission; and the financial statements of the Illinois Designated Account Purchase Program (IDAPP), a major fund of the Commission.

This report covers our financial audit of the Commission as of June 30, 2010 and for the year then ended. The financial statement opinion includes a paragraph emphasizing that the Program has a deficit of $338 million as of June 30, 2010.

All the Financial Statement Audit Report findings of the Commission pertain to either the Program or IDAPP. These findings are summarized in the separate report digests for the financial audit of the Program and IDAPP for the year ended June 30, 2010.

The State Compliance Examination Report will be issued at a later date.

AUDITORS’ OPINION

Our auditors stated the financial statements of the Commission are fairly presented in all material respects. Auditors included a paragraph emphasizing that the Program has a deficit of $338 million as of June 30, 2010.

WILLIAM G. HOLLAND

Auditor General

WGH:JAF:pp

SPECIAL ASSISTANT AUDITORS

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