REPORT DIGEST
ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
FINANCIAL AND COMPLIANCE AUDIT
For the Two Years Ended:
June 30, 2003
Summary of Findings:
Total this audit 0
Total last audit 0
Repeated from last audit 0
Release Date:
March 9, 2004
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
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
FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS
There were no material findings of noncompliance disclosed during our audit tests. We commend the Authority for maintaining an effective system of internal control.
AUDITORS' OPINION
Our auditors state the June 30, 2003 and 2002 financial statements of the Illinois Educational Facilities Authority are fairly presented in all material respects.
SUBSEQUENT EVENT
On July 17, 2003, the Governor signed Public Act 93-205 into law, which creates, as of January 1, 2004, the Illinois Finance Authority and consolidates seven of the State’s existing financing authorities, including the Illinois Educational Facilities Authority, into the Illinois Finance Authority. Under Public Act 93-205, the Illinois Finance Authority will, as of January 1, 2004, succeed to the rights and duties of the existing finance authorities. Public Act 93-205 also repeals the existing financing authorities' authorizing legislation as of January 1, 2004.
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WILLIAM G. HOLLAND, Auditor General
WGH:JAF:pp
SPECIAL ASSISTANT AUDITORS
E.C. Ortiz & Co. were our special assistant auditors for this audit.
{Financial Information and Activity Measures are summarized on the next page.}