REPORT DIGEST

OFFICE OF THE STATE TREASURER –
COLLEGE SAVINGS PROGRAM

FINANCIAL AUDIT
For the Year Ended: June 30, 2013


Release Date:   January 23, 2014

Summary of Findings:
Total this audit: 0
Total last audit:  0
Repeated from last audit: 0

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

The College Savings Program (Program) was
established in March 2000 pursuant to P.A.
91-0607 which authorizes the State Treasurer to
establish and administer a “qualified state
tuition program” under Section 529 of the
Internal Revenue Code of 1986, as amended.
Participants of the Program have a choice of two
Section 529 investment programs, the Bright
Start College Savings Program, which commenced
operations on March 27, 2000, and the Bright
Directions College Savings Program, which
commenced operations on November 18, 2005.  The
State Treasurer selected an investment firm
(Manager), one for Bright Start and one for
Bright Directions, to advise the office on the
investment of the Trust assets, to administer
the Trust assets, and to provide other services
relating to the Program.  As such, the Managers
act as agents of the Treasurer, and as trustees
of the Trust.  The Treasurer, however, retains
ultimate authority to manage the investments of
the Trust.

To administer the Program, the Treasurer has
established a division entitled “The College
Savings Program Division.”  The revenues and
expenditures of the Division are recorded in a
fund maintained by the Treasurer entitled
College Savings Program Administrative Trust
Fund, which is classified as an enterprise fund.

A private-purpose trust fund was used to account
for assets held by the Program in a trustee
capacity or as an agent for individuals
throughout the United States.  At June 30, 2013,
assets in this fund totaled $5,540,210,032.

AUDITORS’ OPINION

Our special assistant auditors stated that the
College Savings Program financial statements, as
of and for the year ended June 30, 2013 are
fairly stated in all material respects.

WILLIAM G. HOLLAND
Auditor General

WGH:EL

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit
were McGladrey LLP.