REPORT DIGEST

DEPARTMENT OF CENTRAL MANAGEMENT SERVICES

ILLINOIS STATE EMPLOYEES’ DEFERRED COMPENSATION PLAN

FINANCIAL AUDIT

For the Years Ended

December 31, 2002 and 2001

Release Date:
June 19, 2003

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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

Our audit was limited to examining and giving an opinion on the Deferred Compensation Plan's financial statements. A compliance audit of the Plan will be conducted as a part of our next compliance audit of the Department of Central Management Services, the Plan's administering agency.

AUDITORS' OPINION

Our auditors stated the Illinois State Employees' Deferred Compensation Plan’s financial statements as of and for the years ended December 31, 2002 and 2001were fairly presented in all material respects.

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Sikich Gardner & Co., LLP were our special assistant auditors.

 

{Financial Data and Activity Measures are summarized on the reverse page.}

 

ILLINOIS STATE EMPLOYEES' DEFERRED
COMPENSATION PLAN
FINANCIAL AUDIT
For The Years Ended December 31, 2002 and 2001

ADMINISTRATIVE COSTS

2002

2001
Salaries
Fringe Benefits
Telecommunication services
Statistical services
Travel
Contractual services
Printing
Depreciation
Office supplies
Total Administrative Costs

$ 679,118
310,672
12,903
160,167
7,065
147,195
11,235
15,485
6,579
$1,350,419

$ 639,110
244,518
11,596
90,462
10,410
132,009
7,755
16,149
7,272
$1,159,281

INVESTMENT PORTFOLIO – Fair Value

2002

2001
Stable Return Fund
Liberty Acorn Fund
Ariel Growth Fund
Fidelity Fund
Fidelity Puritan Fund
T. Rowe Price International Stock Fund
T. Rowe Price New Income Fund
Vanguard Total Bond Market Index Fund
Vanguard Institutional Index Fund
Vanguard Money Market Reserves Prime Fund
Wells Fargo Large Capital Growth Fund
PIC Small Capital Growth Fund
Annuities
Total Investments

$ 481,694,085
451,937,006
68,764,035
198,724,506
160,244,845
35,570,818
55,370,593
37,691,188
126,042,109
43,828,533

3,293,611
1,898,749
2,789,869
$1,667,849,947

$ 419,491,583
536,652,609
62,262,508
270,905,985
178,904,015
41,980,178
48,327,080
26,706,512
160,062,530
42,179,464

2,349,218
1,677,684
3,128,278
$1,794,627,644
SELECTED ACTIVITY MEASURES

2002

2001

Number of Participants

52,090

51,139

Average Account Value

$32,172

$35,245
ACTING DIVISION MANAGER
During Audit Period: Mr. Jason Musgrave
Currently: Mr. Jason Musgrave