REPORT DIGEST ILLINOIS STUDENT ASSISTANCE COMMISSION PREPAID TUITION PROGRAM FINANCIAL AUDIT For the Year Ended: June 30, 2002
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, 2002 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, 2002
(In Thousands)
FINANCIAL OPERATIONS (All Funds) | FY 2002 |
FY 2001 |
REVENUES Interest revenue Application and other fees Investment securities gain (loss) TOTAL EXPENDITURES/EXPENSES Accretion expense Management, professional services and administrative costs Salaries and employee benefits Investment management fees TOTAL Net Operating (Loss) |
$4,768 2,023 (13,201) $(6,410) $12,560 |
$3,514 1,250 (9,731) $(4,967) $8,763 |
SELECTED BALANCE SHEET ACCOUNTS | FY 2002 |
FY 2001 |
Cash and cash equivalents Investments and marketable securities Current Liabilities: Tuition payable Accretion payable Other current liabilities Total current liabilities Tuition & accretion payable, long-term Retained earnings (deficit) |
$9,152 214,339 5,232 394 635 6,261 258,755 (41,583) |
$4,472 150,466 0 0 873 873 173,409 (19,316) |
ACTUARIAL (DEFICIT) as of June 30 - Per Actuarial Reports | FY 2002 |
FY 2001 |
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 (deficit) as of June 30 Semesters purchased (or being purchased) and outstanding |
$223,315 129,570 (434,470) $(81,585) |
$154,093 111,489 (284,130) $(18,548) |
AGENCY DIRECTOR(S) | ||
During Audit Period: Larry E. Matejka Currently Larry E. Matejka |