REPORT DIGEST

ILLINOIS HOUSING DEVELOPMENT AUTHORITY

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  December 12, 2024

FINDINGS THIS AUDIT: 1

CATEGORY:  NEW -- REPEAT – TOTAL
Category 1:  1 -- 0 -- 1
Category 2:  0 -- 0 -- 0
Category 3:  0 -- 0 -- 0
TOTAL:  1 -- 0 -- 1

FINDINGS LAST AUDIT: 3

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, AUDITOR GENERAL

To obtain a copy of the Report contact:
Office of the Auditor General, 400 West
Monroe, Suite 306, Springfield, IL
62704-9849
(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 digest covers the Illinois Housing
Development Authority (Authority) Financial
Audit as of and for the year ended June 30,
2024.  Digests covering the Authority’s
Single Audit and State Compliance
Examination reports for the year(s) ended
June 30, 2024 will be separately issued at a
later date.

SYNOPSIS

• (24-1)  The Authority did not have
adequate internal controls in place to
ensure their accounting over Subscription-
Based Information Technology Agreements was
properly recorded for financial reporting
purposes.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUATE CONTROLS OVER SUBSCRIPTION-BASED
INFORMATION TECHNOLOGY AGREEMENTS

The Illinois Housing Development Authority
(Authority) did not have adequate internal
controls in place to ensure their accounting
over Subscription-Based Information
Technology Agreements (SBITA) was properly
recorded for financial reporting purposes.

During our review of the Authority’s SBITA
calculations, we observed the Authority did
not accurately record their short-term and
long-term liabilities related to SBITA
contracts. Specifically, the prior year's
short-term SBITA liability was not correctly
reversed in the current fiscal year. This
resulted in an overstatement of the short-
term SBITA liability and an understatement
of the long-term SBITA liability by
$839,913. A reclassification adjustment was
made to correct the financial statements for
the year ending June 30, 2024. (Finding 1,
page 100)

We recommended the Authority perform
adequate review procedures of their SBITA
calculations to ensure all amounts are
accurately reported at year-end.

The Authority’s management agreed with the
finding.

AUDITOR’S OPINION

The auditors stated the financial statements
of the Authority as of June 30, 2024, and
for the year then ended, are fairly stated
in all material respects.

The financial audit was conducted by
CliftonLarsonAllen LLP.

JANE CLARK
Division Director

This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:TLK