REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION DESIGNATED ACCOUNT PURCHASE PROGRAM

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

Release Date:
March 6, 2003

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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
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

  

 

 

 

 

INTRODUCTION

 

This digest covers our financial audit of the Illinois Student Assistance Commission – Designated Account Purchase Program for the year ended June 30, 2002.

 

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2002 financial statements of the Program are fairly presented.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:SES:pp

 

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were Miller Cooper & Co., Ltd.

ILLINOIS STUDENT ASSISTANCE COMMISSION
ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM
FINANCIAL AUDIT
For the Years Ended June 30 (in thousands)
FINANCIAL OPERATIONS (ALL FUNDS)

FY 2002

FY 2001
REVENUES
Interest - student loans
Interest - investments
Total
$82,777
13,780
$96,557
$86,895
21,990
$108,885
OPERATING EXPENSES
Interest expense
External loan servicing
Salaries and employee benefits
Management and professional services
Line of credit fees
Occupancy
Bond issuance and legal fees
Other operating expenses
Total
$67,545
16,292
9,723
5,912
2,326
1,605
1,537
714
$105,654
$101,636
10,467
8,837
3,888
1,913
1,421
1,350
1,163
$130,675
OPERATING (LOSS) $(9,097) $(21,790)
NONOPERATING REVENUES
Federal special allowance and student interest subsidy
Change in net assets
30,388
$21,291
33,457
$11,667
SELECTED BALANCE SHEET ACCOUNTS

FY 2002

FY 2001
Unrestricted current assets:
Cash and investments
Restricted current assets:
Cash and cash equivalents
Investments
Note receivable
Student loans and interest receivable
Federal special allowance and student interest subsidy
Restricted noncurrent assets:
Note receivable
Student loans and interest receivable
Current liabilities:
Current portion of revenue/notes and demand bonds payable
Accounts payable and accrued expenses
Due to other funds
Noncurrent liabilities:
Revenue bonds payable
Unrestricted Net Assets
$4,529

$88,838
$454,267
$47,250
$328,578
$14,001

$40,250
$1,762,827

$587,969
$19,273
$10,205

$2,002,536
$128,399
$12,058

$65,133
$204,017
$43,744
$278,057
$14,142

$38,011
$1,437,450

$129,904
$16,045
$2,661

$1,842,498
$107,426
AGENCY DIRECTOR
During audit Period: Larry E. Matejka
Currently: Larry E. Matejka