REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT
For the Year Ended: June 30, 2013


Release Date:   February 6, 2014

Summary of Findings:
Total this audit ISAC:  2
Total last audit ISAC: 2
Repeated from last audit:  1

Total this audit Golden Apple:  1


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

INTRODUCTION

The Illinois Student Assistance Commission’s
(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, 2013 and for the year
then ended.

All the Financial Statement Audit Report
findings of the Commission pertain to IDAPP.
These findings are summarized in the separate
report digest for the financial audit of IDAPP
for the year ended June 30, 2013.

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 $389 million as of June 30, 2013.

GOLDEN APPLE SCHOLARS OF ILLINOIS PROGRAM

Pursuant to the Higher Education Student
Assistance Act, the Commission administers the
Golden Apple Scholars of Illinois Program which
is managed by the Golden Apple Foundation for
Excellence in Teaching.  During procedures
performed, the auditors identified one instance
of noncompliance related to the Golden Apple
Scholars of Illinois Program which is described
in the separate agreed-upon procedures report.

WILLIAM G. HOLLAND
Auditor General

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit
were McGladrey LLP.

WGH:DJB