REPORT DIGEST OFFICE OF THE TREASURER – ILLINOIS ACHIEVING A BETTER LIFE EXPERIENCE PROGRAM FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2020 Release Date: January 20, 2021 FINDINGS THIS AUDIT: 0 FINDINGS LAST AUDIT: 1 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 On January 1, 2016, the General Assembly of the State of Illinois adopted Public Act 99-145, creating the Illinois Achieving a Better Life Experience Program (IL ABLE) within the Illinois State Treasurer’s Office to allow individuals with disabilities and their families to save money to cover qualified disability expenses, without giving up eligibility for public benefits. Illinois, along with several other states, formed a consortium and entered into an Interstate Agreement to benefit from efficiencies and economies of scale achieved by working together to adopt common program elements. The Treasurer officially launched IL ABLE on January 30, 2017. The Treasurer is responsible for the administration and implementation of IL ABLE in accordance with federal rules and regulations. IL ABLE is a “qualified ABLE program” under Section 529A of the Internal Revenue Code of 1986, as amended, so the IL ABLE accounts’ earnings are federally tax- advantaged. AUDITOR’S OPINION The auditors stated the financial statements of the Office of the Treasurer, Illinois Achieving a Better Life Experience Program financial statements as of and for the year ended June 30, 2020, are fairly stated in all material respects. 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:sjs