REPORT DIGEST

OFFICE OF THE TREASURER - THE ILLINOIS
FUNDS

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2025

Release Date:  March 19, 2026

FINDINGS THIS AUDIT: 2

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

FINDINGS LAST AUDIT: 1

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 internal controls
over the Office’s Illinois Funds 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
Office’s Illinois Funds 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 custodian that were used to report the
subscriptions, redemptions and
reinvestments in the financial statements.
This led to an understatement of
subscriptions, redemptions and
reinvestments on the Statement of Changes
in Fiduciary Net Position of $126,641,876.
(Finding 1, page 65)

The Office elected not to make adjusting
entries for the amount noted above due to
the impact on the year-end financial
statements and a waived entry was reported
for the amount.

We recommended the Office improve controls
over the financial statement preparation
and review process by verifying
completeness from the custodian used to
report subscriptions, redemptions and
reinvestments in the financial statements.

The Office accepted the recommendation and
stated it will work to implement additional
internal controls in its review of
custodian reporting to ensure proper
financial reporting.

OTHER FINDINGS

The remaining finding pertains to the
Office’s inadequate internal controls
related to review of service providers. We
will review the Office’s progress towards
the implementation of our recommendations
in our next financial audit.

AUDITOR’S OPINION

The auditors stated the financial
statements of the Office of the Treasurer –
The Illinois Funds 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

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