REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

PREPAID TUITION PROGRAM

FINANCIAL AUDIT

For the Year Ended:

June 30, 2000

Release Date:
March 20, 2001

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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

 

This report covers our financial audit of the Illinois Student Assistance Commission – Prepaid Tuition Program as of June 30, 2000 and for the year then ended.

 

 

AUDITORS’ OPINION

Our auditors stated the financial statements of the Program are fairly presented in all material respects.

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:SES:pp

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were Miller Cooper & Co., Ltd.

 

 

 

 

 

ILLINOIS STUDENT ASSISTANCE COMMISSION
PREPAID TUITION PROGRAM
FINANCIAL AUDIT
For The Year Ended June 30, 2000
(In Thousands)

FINANCIAL OPERATIONS (All Funds)

FY 2000

FY 1999
REVENUES
Interest revenue
Application and other fees
Investment securities gain
TOTAL
EXPENDITURES/EXPENSES
Accretion expense
Administrative expense
Interest expense
Other expense
TOTAL


$2,295
1,163
1,801
$5,259

$5,348
2,293
37
2
$7,680


$ 23
1,434
-
$1,457

$ 341
1,753
21
51
$2,166
SELECTED BALANCE SHEET ACCOUNTS

FY 2000

FY 1999
Cash and cash equivalents
Investments and marketable securities
Tuition & accretion payable
Retained earning (deficit)

$31,242
81,523
114,799
(3,130)

$65,360
-
64,448
(709)
ACTUARIAL SURPLUS

FY 2000

FY 1999
Market value of assets

Add - Actuarial present value of future payments expected to be made by contract purchasers
Deduct - Actuarial present value of future payments expected to be paid from contract purchasers
Actuarial surplus as of June 30

$111,756



92,549


(203,476)
$829

$65,360



79,095


(140,532)
$3,923
AGENCY DIRECTOR(S)    
During Audit Period: Larry E. Matejka
Currently Larry E. Matejka