REPORT DIGEST


ILLINOIS STUDENT ASSISTANCE COMMISSION
-  ILLINOIS PREPAID TUITION PROGRAM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2021

Release Date:  June 8, 2022

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, 2021 and for the year then
ended.

As of June 30, 2021, the Program has a
deficit of $216 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, 2020.

Reconciliation of Fund Deficit with
Unfunded Liability in the Actuarial
Report

Unfunded liability per actuarial
soundness report:  $  (238,281,263)
Present value of accrued future
administrative expense: $  23,131,164
Other accrued liabilities: $
(1,098,017)
Fund deficit per Statement of Net
Position:  $  (216,248,116)

AUDITOR’S OPINION

The auditors stated the financial
statements of the Commission - Program
as of and for the year ended June 30,
2021 are fairly stated in all material
respects.  The auditors included a
paragraph emphasizing that the Program
has a deficit of $216 million as of
June 30, 2021.

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