REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION

PREPAID TUITION PROGRAM

FINANCIAL AUDIT

For the Year Ended:

June 30, 2002

 

Release Date:
March 6, 2003

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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, 2002 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, 2002
(In Thousands)
FINANCIAL OPERATIONS (All Funds)

FY 2002

FY 2001
REVENUES
Interest revenue
Application and other fees
Investment securities gain (loss)
TOTAL
EXPENDITURES/EXPENSES
Accretion expense
Management, professional services and administrative costs
Salaries and employee benefits
Investment management fees
TOTAL
Net Operating (Loss)
$4,768
2,023
(13,201)
$(6,410)

$12,560
1,996
667
611
$15,834
$(22,244)
$3,514
1,250
(9,731)
$(4,967)

$8,763
1,447
592
391
$11,193
$(16,160)
SELECTED BALANCE SHEET ACCOUNTS

FY 2002

FY 2001
Cash and cash equivalents
Investments and marketable securities
Current Liabilities:
Tuition payable
Accretion payable
Other current liabilities
Total current liabilities
Tuition & accretion payable, long-term
Retained earnings (deficit) 		$9,152
214,339
5,232
394
635
6,261
258,755
(41,583)		 $4,472
150,466
0
0
873
873
173,409
(19,316)
ACTUARIAL (DEFICIT) as of June 30 - Per Actuarial Reports

FY 2002

FY 2001
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 (deficit) as of June 30
Semesters purchased (or being purchased) and outstanding 		$223,315
129,570

(434,470)

$(81,585)
25,708

 $154,093
111,489

(284,130)

$(18,548)
19,935
AGENCY DIRECTOR(S)
During Audit Period: Larry E. Matejka
Currently Larry E. Matejka