REPORT DIGEST

OFFICE OF THE TREASURER — COLLEGE SAVINGS
PROGRAM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2025

Release Date:  April 7, 2026

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: 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

SYNOPSIS

• (25-01) The Office of the Treasurer
(Office) had inadequate controls over the
College Savings Program financial statement
preparation and review process.

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

INADEQUATE INTERNAL CONTROLS RELATED TO
REVIEW OF FINANCIAL STATEMENTS

The Office of the Treasurer (Office) had
inadequate internal controls over the
College Savings Program financial statement
preparation and review process.

During preparation of the financial
statements, the Office did not verify
completeness of the reports obtained from
the service provider that were used to
report the cash and cash equivalents, fixed
income assets, or the mutual funds balances
in the financial statements. This led to
the following variances in the Statement of
Net Position and in the Note 2 disclosure:
• Cash and Cash Equivalents were
understated by $98,872,583.
• Fixed Income Assets were understated by
$294,402,432.
• Mutual Fund Assets were overstated by
$110,633,350.

The Office obtained updated financial
information while addressing the variances
noted above. The following variances
remained after the financial statements
were first updated:
• Cash and Cash Equivalents were overstated
by $148,894,384.
• Fixed Income Assets were understated by
$241,541,251.
• Mutual Fund Assets were overstated by
$110,633,350.

The Office ultimately corrected the
financial statements for all material
errors described above. (Finding 1, pages
164-165)

We recommended the Office improve controls
over the financial statement preparation
and review process by verifying
completeness from the service providers
used to report asset balances in the
financial statements.

The Office accepted the recommendation and
stated it will examine the review and
documentation procedures of Program Manager
support used in preparation of the
financial statements for improvement.

AUDITOR’S OPINIONS

The auditors stated the financial
statements of the Office of the Treasurer—
College Savings Program as of and for the
years ended June 30, 2025, and June 30,
2024, are fairly stated in all material
respects.

This financial audit was conducted by Crowe
LLP.

COURTNEY DZIERWA
Division Director

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

FRANK J. MAUTINO
Auditor General

FJM:SJS