REPORT DIGEST


ILLINOIS STUDENT ASSISTANCE COMMISSION  -
ILLINOIS PREPAID TUITION PROGRAM

FINANCIAL AUDIT
For the Year Ended: June 30, 2013


Release Date:   February 6, 2014

Summary of Findings:
Total this audit: 0
Total last audit:  1
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

This report covers our financial audit of the
Illinois Student Assistance Commission
(Commission) – Illinois Prepaid Tuition Program
(Program) as of June 30, 2013 and for the year
then ended.

As of June 30, 2013, the Illinois Prepaid
Tuition Program has a deficit of $389,052,907.
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, 2013.

Reconciliation of Fund Deficit with Unfunded
Liability in the Actuarial Report

Unfunded liability per actuarial soundness
report:  $ (448,506,323)
Present value of accrued future administrative
expense:  $ 60,886,378
Other accrued liabilities:  $ (1,432,962)
Fund deficit per Statement of Net Position:  $
(389,052,907)

AUDITORS’ OPINION

Our auditors stated the financial statements of
the Program are fairly presented in all material
respects.

WILLIAM G. HOLLAND
Auditor General

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit
were McGladrey LLP.

WGH:DJB