REPORT DIGEST

ILLINOIS STUDENT ASSISTANCE COMMISSION -
ILLINOIS PREPAID TUITION PROGRAM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2023

Release Date:  April 4, 2024

FINDINGS THIS AUDIT: 0
FINDINGS LAST AUDIT:  0

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 report covers our financial audit of
the Illinois Student Assistance Commission
(Commission) – Illinois Prepaid Tuition
Program (Program) as of June 30, 2023 and
for the year then ended.

As of June 30, 2023, the Program has a
surplus of $10.48 million.  The table below
details a reconciliation of the fund balance
in the financial statements to the surplus
in the Actuarial Soundness Report as of June
30, 2023.

Reconciliation of Fund Balance with Surplus
in the Actuarial Report

Surplus per actuarial soundness report:
$4,787,209
Present value of accrued future
administrative expense: $6,705,292
Other accrued liabilities: $ (1,007,632)
Fund balance per Statement of Net Position:
$ 10,484,869

AUDITOR’S OPINION

The auditors stated the financial statements
of the Commission - Program as of and for
the year ended June 30, 2023 are fairly
stated in all material respects.

This financial audit was conducted by Crowe
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:JGR