REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For the Two Years Ended: June 30, 2011

Release Date: April 24, 2012

Summary of Findings:

Total Prepaid Tuition Program: 5

Total IDAPP: 5

TOTAL: ISAC: 10

Total Last Audit: Prepaid Tuition Program: 1

Total Last Audit: IDAPP: 5

TOTAL Last Audit: ISAC: 6

Repeated from Last Audit: Prepaid Tuition: 1

Repeated from Last Audit: IDAPP: 4

TOTAL Repeated from last Audit: ISAC: 5

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, 2011 and for the year then ended. 

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, 2011. 

The Management Audit of the College Illinois Prepaid Tuition Program administrated by the Illinois Student Assistance Commission will be released in the near future.

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 $262 million as of June 30, 2011. 

WILLIAM G. HOLLAND

Auditor General

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SPECIAL ASSISTANT AUDITORS

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