REPORT DIGEST
OFFICE OF THE
STATE TREASURER
BRIGHT START COLLEGE SAVINGS PROGRAM
FINANCIAL AUDIT
For the Period Ended:
June 30, 2001
Release Date:
February 13, 2002
State of Illinois
Office of the Auditor General
WILLIAM G. HOLLAND
AUDITOR GENERAL
To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217)782-6046 or TDD (217) 524-4646
This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor
INTRODUCTION
The Bright Start College Savings Program (Program) was initiated pursuant to P.A. 91-0607 which authorized the State Treasurer to establish and administer a "qualified state tuition program" under Section 529 of the Internal Revenue Code of 1986, as amended. Amounts contributed to the program by participants are invested in the Bright Start College Savings Trust (Trust).
The State Treasurer selected an investment firm (Manager) to advise the office on the investment of Trust assets, to administer the Trust assets, and to provide other services relating to the Program. As such, the Investment Manager acts as agent of the Treasurer, and as trustee of the Trust. The Treasurer, however, retains ultimate authority to manage the investments of the Trust.
To administer the Bright Start College Savings Program, the Treasurer has established a division entitled "The Bright Start College Savings Program Administrative Office." The revenues and expenditures of the Division are recorded in a fund maintained by the Treasurer entitled The Bright Start College Savings Program Administrative Trust Fund, which is classified as an enterprise fund.
An expendable trust fund was used to account for assets held by the Program in a trustee capacity or as agent for individuals throughout the United States. At June 30, 2001, assets in this fund totaled $110,038,190.
AUDITORS' OPINION
Our special assistant auditors stated that The Bright Start College Savings Program's financial statements, as of and for the year ended June 30, 2001 are fairly stated in all material respects.
WILLIAM G. HOLLAND, Auditor General
WGH:JSC:pp
SPECIAL ASSISTANT AUDITORS
The public accounting firm of Kerber, Eck & Braeckel LLP were our special
assistant auditors.
{Expenditures and Activity Measures are summarized on the reverse page.}