REPORT DIGEST ILLINOIS STUDENT ASSISTANCE COMMISSION - ILLINOIS PREPAID TUITION PROGRAM FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2019 Release Date: March 3, 2020 FINDINGS THIS AUDIT: 0 FINDINGS LAST AUDIT: 0 State of Illinois, Office of the Auditor General FRANK J. MAUTINO, 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 This report covers our financial audit of the Illinois Student Assistance Commission (Commission) – Illinois Prepaid Tuition Program (Program) as of June 30, 2019 and for the year then ended. As of June 30, 2019, the Illinois Prepaid Tuition Program has a deficit of $295 million. The table below details a reconciliation of the fund deficit in the financial statements to the fund deficit in the Actuarial Soundness Report as of June 30, 2019. Reconciliation of Fund Deficit with Unfunded Liability in the Actuarial Report Unfunded liability per actuarial soundness report: $ (317,491,361) Present value of accrued future administrative expense: $ 24,390,847 Other accrued liabilities: $ (1,851,625) Fund deficit per Statement of Net Position: $ (294,952,139) AUDITOR’S OPINION The auditors stated the financial statements of the Commission as of and for the year ended June 30, 2019 are fairly stated in all material respects. The auditors included a paragraph emphasizing that the Program has a deficit of $295 million as of June 30, 2019. This financial audit was conducted by Crowe LLP. JANE CLARK Division Director This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act. FRANK J. MAUTINO Auditor General FJM:JGR