REPORT DIGEST

 

ILLINOIS STUDENT ASSISTANCE COMMISSION

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2006

 

 

 

Release Date:

March 20, 2007 

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 and Full Report are also available on

the worldwide web at

http://www.auditor.illinois.gov

 

 

 

 

INTRODUCTION

 

 

††††† This digest covers our financial audit of the Illinois Student Assistance Commission for the year ended June 30, 2006.A compliance examination covering the year ended June 30, 2006 will be issued at a later date.

 

 

 

AUDITORSí OPINION

 

††††† Our auditors stated the June 30, 2006 financial statements of the Illinois Student Assistance Commission 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, 2006 (Amounts Expressed In Thousands)

 

FINANCIAL OPERATIONS (All Funds)

FY 2006

FY 2005

GOVERNMENTAL ACTIVITIES

††††† Program revenues:

††††††††††† 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 (expenses)..................

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

GENERAL REVENUES

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

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

††††† Transfers to the General Revenue Fund.......................

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

 

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

 

 

$149,657

†† 149,657

 

391,440

146,053

†††††††† 631

538,124

†††††††† (388,467)

 

 

††††††††† 183,439

††††††††† 165,965

†††††††† 349,404

 

††††††††† 305,000

†††††††† † †50,730

†††††††† 355,730

†††††††† †† (6,326)

†††††††† (394,793)

 

††††††††† 387,789

††††††††††††† 1,006

†††††††††††††† (912)

††††††††† ††††††† 72

†††††††† 387,955

†††††† $††† (6,838)

 

 

 

$125,278

†† 125,278

 

382,441

123,694

†††††††† 689

506,824

†††††††† (381,546)

 

 

††††††††† 137,067

††††††††† 117,418

†††††††† 254,485

 

††††††††† 202,514

†††††††† †† 41,148

†††††††† 243,662

†††††††† †† 10,823

†††††††† (370,723)

 

††††††††† 381,007

††††††††††††††† 601

††††††††††† (6,308)

††††††† ††††††† 251

†††††††† 375,551

†††††† $†††† 4,828

SELECTED BALANCE SHEET ACCOUNTS

FY 2006

FY 2005

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.....................................

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

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

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

$†† 439,643

798,172

 

3,796,187

122,493

85,796

14,766

816,249

4,206,009

5,271,220

5,140,239

130,981

$†† 234,057

829,923

 

3,387,383

98,859

100,996

15,238

677,604

3,737,845

4,677,657

4,539,838

137,819

AGENCY DIRECTOR(S)

 

 

During Audit Period:Mr. Larry E. Matejka

Currently: Mr. Andrew Davis†††