REPORT DIGEST

 

ILLINOIS STUDENT ASSISTANCE COMMISSION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

 

 

Release Date:

May 19, 2005 

 

 

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 TTY (888) 261-2887

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

 

INTRODUCTION

 

††††† We performed a financial audit of the Illinois Student Assistance Commission for the year ended June 30, 2004.A two year compliance examination and a one year financial audit will be performed for the period ended June 30, 2005.

 

 

AUDITORSí OPINION

 

††††† The auditors stated the financial statements for the Illinois Student Assistance Commission as of and for the year ended June 30, 2004 are fairly presented in all material respects.

 

 

 

††††††††††††††††††††††† ___________________________________

††††††††††††††††††††††† WILLIAM G. HOLLAND, Auditor General

 

 

WGH:JAF:pp

 

SPECIAL ASSISTANT AUDITORS

 

††††† Our special assistant auditors for this audit were McGladrey & Pullen, LLP.

 

 

 

 

 

††††††††††††††† {Expenditures and Activity Measures are summarized on the reverse page.}


ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT

For The Year Ended June 30, 2004 (In Thousands)

FINANCIAL OPERATIONS (All Funds)

2004

2003*

GOVERNMENTAL ACTIVITIES

††††† Program revenues:

††††††††††† Charges for services.............................................

††††††††††† Operating grants and contributions.........................

 

††††† Program expenses:

††††††††††† Scholarships, awards and grants.............................

††††††††††† Loan guarantees...................................................

††††††††††† Interest................................................................

 

††††††††††† Governmental activities, net (expenses)..................

BUSINESS-TYPE ACTIVITIES

††††† Program revenues:

††††††††††† Charges for services.............................................

††††††††††† Operating grants and contributions.........................

 

††††† Program expenses:

††††††††††† Student loans........................................................

††††††††††† Prepaid tuition.......................................................

 

††††††††††† Business-type activities, net revenues (expenses)....

††††††††††††††††† Program activities, net.................................

GENERAL REVENUES

††††† Appropriations............................................................

††††† Investment income......................................................

††††† Miscellaneous.............................................................

††††††††††††††††† Total General Revenues and Transfers.............

††††††††††††††††† Change in net assets....................................

 

 

$††††††††† -

104,343

104,343

 

$388,270

102,721

†††††† 743

$491,734

$(387,391)

 

 

$125,055

†† 82,149

$207,204

 

$143,975

†† 35,771

$179,746

$27,458

$(359,933)

 

$385,844

289

††††† (857)

$385,276

$25,343

 

 

$234

122,901

$123,135

 

$384,484

117,867

††††††† 793

$503,144

$(380,009)

 

 

$118,619

49,284

$167,903

 

$147,320

†† 25,817

$173,137

$(5,234)

$(385,243)

 

$377,135

566

†††††† 273

$377,974

$(7,269)

SELECTED BALANCE SHEET ACCOUNTS

2004

2003

Cash and cash equivalents.................................................

Investments and marketable securities................................

Receivables, net:

††††† Student loans..............................................................

††††† Other.........................................................................

Notes receivable...............................................................

Capital assets, net.............................................................

Tuition & accretion payable...............................................

Revenue notes and bonds payable......................................

Net assets, restricted.........................................................

Net assets, unrestricted (deficit).........................................

Total assets......................................................................

Total liabilities...................................................................

Total net assets.................................................................

$219,198

1,171,513

 

2,801,537

72,691

104,308

15,773

537,699

3,603,210

138,710

(7,710)

4,394,669

4,261,678

132,991

$265,673

933,385

 

2,428,497

71,157

104,791

16,329

396,914

3,200,980

142,492

(36,190)

3,846,155

3,738,507

107,648

AGENCY DIRECTOR(S)

 

 

During Audit Period and Currently:Larry E. Matejka

 

 

* Certain reclasses have been made to the 2003 financial statements to conform to the presentation of the 2004 financial statements for comparative purposes.