REPORT DIGEST ILLINOIS STUDENT ASSISTANCE COMMISSION - ILLINOIS PREPAID TUITION PROGRAM FINANCIAL AUDIT For the Year Ended: June 30, 2012 Release Date: February 21, 2013 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 www.auditor.illinois.gov INTRODUCTION This report covers our financial audit of the Illinois Student Assistance Commission (Commission) – Illinois Prepaid Tuition Program (Program) as of June 30, 2012 and for the year then ended. As of June 30, 2012, the Illinois Prepaid Tuition Program has a deficit of $420,388,265. The table below details a reconciliation of the fund deficit in the financial statements to the fund deficit in the Actuarial Soundness Report as of June 30, 2012. Reconciliation of Fund Deficit with Unfunded Liability in the Actuarial Report Unfunded liability per actuarial soundness report $(467,404,585) Present value of accrued future administrative expense 48,803,761 Other accrued liabilities (1,787,441) Fund deficit per Statement of Net Assets (420,388,265) The financial audit report of the Program contains one finding which pertains to the budget not being properly approved. AUDITORS’ OPINION Our auditors stated the financial statements of the Program are fairly presented on all material respects. WILLIAM G. HOLLAND Auditor General SPECIAL ASSISTANT AUDITORS Our special assistant auditors for this audit were McGladrey LLP. WGH:JAF:rt