REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

FINANCIAL AUDIT
For the Year Ended:
June 30, 1996

Release Date:
May 21, 1997

State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046

INTRODUCTION

This digest covers our financial audit of the Illinois Student Assistance Commission for the year ended June 30, 1996.

AUDITORS' OPINION

Our auditors stated the June 30, 1996 financial statements of the Illinois Student Assistance Commission are fairly presented.

____________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:JW:pp

SPECIAL ASSISTANT AUDITORS

Pandolfi, Topolski, Weiss & Co., Ltd. were our special assistant auditors for this audit.

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

OTHER FINANCING SOURCES
EXCESS (DEFICIENCY) OF REVENUES

COMBINED FUND BALANCES
Cash and cash equivalents
Investments
Receivables
Revenue notes and bonds payable
Retained Earnings

$142,257
13,673
4,333
5,207
4,068
$169,538

$445,311
175
843
1,553
$447,882

$284,170
$5,826

$192,735
$192,561
$772,794
$955,302
$76,913

$172,727
13,259
7,140
2,550
2,888
$198,564

$459,462
1,711
696
1,595
$463,464

$271,537
$6,637

$134,130
$216,455
$656,146
$836,274
$70,210

$153,423
12,781
10,216
1,334
1,357
$179,111

$396,771
912
565
1,608
$399,856

$225,960
$5,215

$108,029
$302,075
$586,672
$846,962
$64,845