The Illinois Auditor General has released the findings of an audit for the Illinois Student Assistance Commission for the fiscal year ending June 30. The report was released March 1.
Major findings include lack of compliance with a debt covenant and that administrators failed to maintain proper default ratios, according to the report. In addition, the bank that extended the line of credit, which had a balance of $135.5 million, hasn’t told the commission how to restore proper compliance.
To address the situation, the auditors and the commission agreed that closer monitoring is needed and that the lending bank should be consulted about proper remedies.
The firm Crowe Horwath LLP prepared the audit report.
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