REPORT DIGEST

 

OFFICE OF THE

STATE TREASURER

THE ILLINOIS FUNDS

 

FINANCIAL AUDIT

For the Year Ended:

June 30, 2004

 

 

Release Date:

February 10, 2005

 

 

 

 

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 is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

INTRODUCTION

 

      The Illinois Funds was established under the name Illinois Public Treasurers' Investment Pool ("IPTIP") in 1976 to supplement and enhance the investment opportunities available to custodians of public agency funds throughout the State of Illinois.  The management, custodianship and operation of The Illinois Funds are under the supervision of the Office of the Treasurer - State of Illinois.

 

      To administer The Illinois Funds, the Treasurer has established a division entitled "The Illinois Funds Administrative Office".  The revenues and expenditures of the Division were recorded in a fund maintained by the Treasurer entitled The Illinois Funds Administrative Trust Fund.

 

      An investment trust fund was used to account for assets held by The Illinois Funds in a trustee capacity for public treasurers throughout the State of Illinois.  At June 30, 2004, assets in this fund totaled $5,187,440,821.  The custodian for this fund was U.S. Bank of Illinois. 

 

AUDITORS' OPINION

 

      Our special assistant auditors stated that The Illinois Fundsí financial statements, as of and for the year ended June 30, 2004, are fairly stated in all material respects.

 

 

___________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:JSC:pp

SPECIAL ASSISTANT AUDITORS

      Our special assistant auditors on this audit were Kerber, Eck & Braeckel LLP.

 

 

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

 


OFFICE OF THE STATE TREASURER

THE ILLINOIS FUNDS

FINANCIAL AUDIT

For Year Ending June 30, 2004

 

STATEMENTS OF FIDUCIARY NET ASSETS

FY 2004

FY 2003

 

 

Money Market Mutual Funds........................................................

Repurchase Agreements...............................................................

Certificates of Deposit..................................................................

Commercial Paper........................................................................

Direct U.S. Treasury Obligations:

-          Treasury Bills........................................................

-          Treasury Notes...................................................

            -     Treasury Bonds.........................................................

 

U.S. Agency Obligations:

-          Federal Home Loan Banks Interest Bearing Notes

-          Federal Home Loan Mortgage Corporation Discount Notes

-          Federal National Mortgage Association Notes

-          Federal National Mortgage Associate Discount Notes

-          Federal Farm Credit Interest Bearing Notes

 

Accrued Interest Receivable.........................................................

            Total Assets.....................................................................

 

Bank Custodial Fees Payable........................................................

State Management Fees Payable...................................................

             Total Liabilities................................................................

 

Net Assets Available to Participants..............................................

 

 

$  413,495,978

3,875,139,056

219,438,416

-

 

114,843,224

436,830,581

10,376,151

 

 

57,499,858

17,846,523

10,000,000

27,906,343

1,000,000

 

        3,064,691

$5,187,440,821

$         158,252

          252,608

$         410,860

 

$5,187,029,961

 

 

$  368,333,402

4,043,141,333

4,034,465

199,430,188

 

174,524,351

101,601,275

-

 

 

-

14,930,796

-

27,669,979

-

 

           563,133

$4,934,228,922

 

$         149,350

          228,809

$         378,159

 

$4,933,850,763

 

 

 

SELECTED ACTIVITY MEASURES

FY 2004

FY 2003

Administrative Fees Received......................................................

Administrative Expenditures.........................................................

Total Number of Participants........................................................

Number of State of Illinois Participants ........................................

Balance of State of Illinois Investments.........................................

Number of Employees.................................................................

$2,802,431

$2,812,000

1,981

29

$1,633,588,523

22

$2,694,389

$3,259,000

1,932

29

$1,493,216,802

34

 

 

STATE TREASURER

 

During Audit Period:  Honorable Judy Baar Topinka

Currently:  Honorable Judy Baar Topinka