Note:

 

This report of the Illinois Workersí Compensation Commissionsí Self-Insurers Security Fund (Fund) should be read in conjunction with the FY16 financial statements of the Fund and the auditorís report dated January 4, 2018.†

 

In FY16, the auditors issued an adverse opinion on the Fundís financial statements due to the Commission having an inadequate process to determine the claims liabilities of the Fund, and because the proper accounting treatment for the insolvent self-insurer security collected by the State of Illinois is not determinable due to two different irreconcilable interpretations of the Workerís Compensation Act.† Because of the adverse auditor opinion of the Fundís financial statements for the year ended June 30, 2016, the audit reports for the year ended prior to June 30, 2016 should not be relied upon without considering the auditorís report dated January 4, 2018.† †

 


 



REPORT DIGEST



INDUSTRIAL COMMISSION SELF-INSURERS' SECURITY FUND



FINANCIAL AUDIT
For the Year Ended:
June 30, 1996






Release Date:
May 8, 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 audit was limited to an examination of the Self-Insurers' Security Fund for the purpose of rendering an opinion on the financial statements of the fund. A compliance audit for the two-year period ending June 30, 1997 will be performed next year. The Fund was established to provide compensation for employees of insolvent self-insured employers for injuries and occupational disease.

AUDITORS'OPINION

Our auditors state that the June 30, 1996 financial statements of the Industrial Commission Self-Insurers' Security Fund were fairly stated.



___________________________________
WILLIAM G. HOLLAND, Auditor General

WGH:ROQ:ak

SPECIAL ASSISTANT AUDITORS

Philip Rosenstrock & Company were our special assistant auditors for this audit.

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

 

INDUSTRIAL COMMISSION
FINANCIAL AUDIT
For the Year Ended June 30, 1996

FINANCIAL STATISTICS

FY 1996

FY1995

  • ASSETS

Cash
Receivables

Total Assets

  • LIABILITIES AND FUND BALANCE

Vouchers Payable
Liability for Unpaid Claims
Fund Balance

Total Liabilities and Fund Balance

  • REVENUES

Escrow Fees & Surety Bonds
Interest Income

Total Revenues

  • EXPENDITURES

Benefit Payments
Personal Services
Other Expenditures

Total Expenditures

  • CHANGES IN LIABILITY FOR UNPAID CLAIMS
  • NET INCREASE (DECREASE) IN FUND BALANCE



$7,981,716
35,594

$8,017,310



$15,802
3,635,466
4,366,042

$8,017,310



$1,234,670
456,069

$1,690,739



$1,165,998
136,626
181,534

$1,484,158

$(1,455,639)

$(1,239,058)



$7,802,559
37,263

$7,839,822



$44,895
2,189,827
5,605,100

$7,839,822



$362,036
368,016

$730,052



$311,996
146,192
143,625

$601,813

$395,162

$523,401