REPORT DIGEST

 

ILLINOIS STUDENT ASSISTANCE COMMISSION DESIGNATED ACCOUNT PURCHASE PROGRAM

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2003

 

Release Date:

April 13, 2004

 

 

 

 

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 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, 2003.

 

AUDITORS’ OPINION

Our auditors stated the June 30, 2003 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 McGladrey & Pullen.

 

                             ILLINOIS STUDENT ASSISTANCE COMMISSION

 

                     ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM

                                                      FINANCIAL AUDIT

                                    For the Years Ended June 30 (in thousands)

 

FINANCIAL OPERATIONS (ALL FUNDS)

2003

2002

REVENUES

     Interest - student loans

     Interest - investments

          Total

 

$82,015

9,733

$91,748

 

$82,777

13,780

$96,557

OPERATING EXPENSES

     Interest expense and loan fees

     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

 

$72,409

16,570

9,855

8,011

1,961

1,064

1,434

850

$112,154

 

$67,545

16,292

9,723

5,912

2,326

1,036

1,537

714

$105,085

OPERATING (LOSS)

$(20,406)

$(8,528)

NONOPERATING REVENUES

     Federal special allowance and student interest subsidy

TRANSFERS IN (OUT) -

     Transfers in

     Transfers out

          Change in net assets

 

28,497

 

6,633

(571)

$14,153

 

30,388

 

-

(569)

$21,291

SELECTED BALANCE SHEET ACCOUNTS

FY 2003

FY 2002

Unrestricted current assets:

     Cash and investments

Restricted current assets:

     Cash and cash equivalents

     Investments (including interest accrual)

     Notes receivable

     Student loans and interest receivable

     Federal special allowance and student interest subsidy

Restricted noncurrent assets:

     Notes receivable

     Student loans and interest receivable

Current liabilities:

     Current portion of revenue/notes and demand bonds
          payable

     Accounts payable and accrued expenses

Noncurrent liabilities:

     Revenue bonds payable

Net Assets

 

$3,803

 

$173,455

$601,416

$55,971

$403,678

$6,957

 

$45,795

$2,064,222

 

 

$415,769

$12,466

 

$2,785,211

$142,492

 

$4,529

 

$88,838

$454,267

$47,250

$328,578

$14,001

 

$40,250

$1,762,827

 

 

$587,969

$19,273

 

$2,002,536

$128,399

AGENCY DIRECTOR

During audit Period: Larry E. Matejka

Currently: Larry E. Matejka