REPORT DIGEST ILLINOIS STUDENT ASSISTANCE COMMISSION PREPAID TUITION PROGRAM FINANCIAL AUDIT For the Year Ended: June 30, 2001
Release Date: State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
INTRODUCTION
This report covers our financial audit of the Illinois Student Assistance Commission Prepaid Tuition Program as of June 30, 2001 and for the year then ended.
AUDITORS OPINION Our auditors stated the financial statements of the Program are fairly presented in all material respects.
____________________________________ 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
PREPAID TUITION PROGRAM
FINANCIAL AUDIT
For The Year Ended June 30, 2001
(In Thousands)
FINANCIAL OPERATIONS (All Funds) | FY 2001 |
FY 2000 |
REVENUES Interest revenue EXPENDITURES/EXPENSES Accretion expense |
$3,514
$8,763 |
$2,295
$5,348 |
SELECTED BALANCE SHEET ACCOUNTS | FY 2001 |
FY 2000 |
Cash and cash equivalents Investments and marketable securities Tuition & accretion payable Retained earnings (deficit) |
$4,472 150,466 173,409 (19,316) |
$31,242 81,523 114,799 (3,130) |
ACTUARIAL SURPLUS (DEFICIT) | FY 2001 |
FY 2000 |
Market value of assets Add - Actuarial present value of future payments expected to be made by contract purchasers Deduct - Actuarial present value of future payments expected to be paid from contract purchasers Actuarial surplus (deficit) as of June 30 |
$154,093 111,489
|
$111,756 92,549
|
AGENCY DIRECTOR(S) | ||
During Audit Period: Larry E. Matejka Currently Larry E. Matejka |