REPORT DIGEST OFFICE OF THE TREASURER – COLLEGE SAVINGS PROGRAM FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2021 Release Date: February 2, 2022 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 The College Savings Program (Program) was established in March 2000 pursuant to P.A. 91-0607 which authorizes the State Treasurer to establish and administer a “qualified state tuition program” under Section 529 of the Internal Revenue Code of 1986, as amended. Participants of the Program have a choice of two Section 529 investment programs, the Bright Start College Savings Program and the Bright Directions College Savings Program. The State Treasurer selected an investment firm (Manager) to advise the Office on the investment of the Trust assets, to administer the Trust assets, and to provide other services relating to the Program. The Treasurer acts as trustee and is responsible for the overall administration of the program. To administer the Program, the Treasurer has established a division entitled “The College Savings Program Division.” The revenues and expenditures of the division are recorded in a fund maintained by the Treasurer entitled College Savings Program Administrative Trust Fund. An investment trust fund was used to account for assets held by the Program in a trustee capacity or as an agent for individuals throughout the United States. At June 30, 2021, assets in this fund totaled $16,795,337,969. AUDITOR’S OPINION The auditors stated the financial statements of the Office of the Treasurer – College Savings Program as of and for the year ended June 30, 2021, and 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