Executive Director's Report - Illinois Student Assistance Commission

Item 3.
6/23/03
EXECUTIVE DIRECTOR'S REPORT
State Legislative Update
The following bills have been approved by the Governor and will be implemented with respect to the
effective date.
Public Act 93-21 (Senate Bill 744) – Effective July 1, 2003
Creates the Illinois Future Teacher Corps Scholarship program, replacing the ITEACH Teacher Shortage
Scholarship program.
Public Act 93-56 (Senate Bill 1047) – Effective June 30, 2003
Amends the College Illinois! Prepaid Tuition Program by deleting the provision excluding prepaid tuition
benefits from being used at schools principally used to provide sectarian instruction, religious teaching, or
professional religious training; prohibiting prepaid tuition benefits paid to institutions from being offset to
pay for a debt owed to the State; and deleting the provision limiting the payment period for prepaid tuition
contracts.
Public Act 93-199 (House Bill 2972) – Effective January 1, 2004
Initiators of unsolicited e-mail advertisements must establish a toll-free number or valid sender-operated
return e-mail address to which the recipient may call or respond, notifying the sender to refrain from e-
mailing any further advertisements. The initiator cannot sell or transfer the e-mail addresses of anyone
who has instructed the sender to refrain from sending further advertisements. Each unsolicited e-mail
advertisement subject line shall include “ADV:” as its first four characters. ("Unsolicited e-mail
advertisement" means any e-mail advertisement that (i) is addressed to a recipient with whom the initiator
does not have a prior or existing business or personal relationship and (ii) is not sent at the request of or
with the express consent of the recipient.)
Public Act 93-455 (House Bill 1119) – Effective July 1, 2004
Renames the Illinois Incentive for Access Grant program to the Silas Purnell Illinois Incentive for Access
Grant program. Expands the program to increase the award amount from $500 to $1,000 for freshman
college students who have no family resources to help pay for college. Also adds a new level of grant,
allowing for $500 grants to be given to students with Expected Family Contributions (EFC) of $500 or
less.
Public Act 93-499 (House Bill 3142) – Effective January 1, 2004
Requires agencies to provide information (updated by the 15 th of each month) on the Internet concerning
the investment of any public funds, including 1) the amount of funds held by the agency on the last day of
the preceding month or the average daily balance for the preceding month; 2) the total monthly
investment income and yield for all funds invested by the agency; 3) the asset allocation for the
investment made by the agency; and 4) a complete listing of all depository institutions, commercial paper
issuers, and broker-dealers approved to do business with the agency.
3-1

Public Act 93-523 (Senate Bill 1586) – Effective January 1, 2004
Requires public bodies to keep a verbatim record (audio or video) of all closed meetings. The verbatim
record may be destroyed after 18 months following completion of the meeting once the body approves the
destruction and approves the written minutes of the closed meeting, as reported during an open meeting of
the body.
Veto Session
The General Assembly is scheduled to convene for the 2003 Veto Session on November 4, 5, 6, 18, 19, &
20. Staff will work on passage of the following bills at that time.
Senate Bill 362 (Clayborne/Molaro)
Creates an Illinois income tax deduction for College Illinois! Prepaid Tuition contract holders. Effective
immediately. Also deletes provision excluding prepaid tuition benefits, 529 college savings, or college
savings bonds from being considered when determining financial aid eligibility. Effective January 1,
2004.
Senate Bill 875 (Welch/Hannig)
Increases the bond authorization for IDAPP from $3.5 billion to $5 billion. Effective immediately.
House Bill 2671 (Madigan/Trotter)
Provides FY2004 appropriations for ISAC. The Governor’s amendatory veto cut $6 million from the
Monetary Award Program (MAP). Effective July 3, 2003.
Staff will also monitor action on Senate Bill 699 (Viverito/Molaro) and House Bill 3412 (Cross/Garrett).
Senate Bill 699 makes several changes to the Open Meetings Act regarding attendance by electronic
means. The Governor’s amendatory veto made technic al changes to the bill. Effective January 1, 2004.
House Bill 3412 (Cross/Garrett) makes several changes to the State Officials and Employees Ethics Act.
The Governor’s amendatory veto made significant changes to the bill as passed both houses. Effective
immediately.
3-2

ILLINOIS STUDENT ASSISTANCE COMMISSION
FISCAL YEAR 2003 APPROPRIATION SUMMARY REPORT
(July 1, 2002 - August 31, 2003)
FY2003
Appropriation
Year-to-date
Expended
Number of
Recipients
Percentage
Expended
STATE GENERAL FUNDS
SCHOLARSHIPS AND GRANTS
Monetary Award Program* $329,522,800 $329,253,619 132,025 99.9%
MAP Reserve Fund * 6,677,000 2,370,160 N/A 35.5%
Minority Teacher Scholarships 3,100,000 2,275,467 493 73.4%
Student to Student Grants 950,000 949,999 4,428 100.0%
Dependents Grants 275,000 251,965 64 91.6%
National Guard Grants 4,500,000 4,473,796 2,132 99.4%
Illinois Veteran Grants 19,250,000 19,239,390 12,164 99.9%
Bonus Incentive Grants 650,000 645,540 1,440 99.3%
ITEACH Teacher Shortage Scholarships 2,900,000 2,585,802 543 89.2%
Illinois Incentive for Access Grants 7,200,000 7,097,500 18,429 98.6%
Merit Recognition Scholarships 5,400,000 5,369,750 5,492 99.4%
Teacher Loan Forgiveness Program 2,700,000 169,076 29 6.3%
TOTAL $383,124,800 $374,682,064 177,239 97.8%
ADMINISTRATION AND OUTREACH
Administration (see detail on next page) 6,109,200 5,460,156 N/A 89.4%
Adult Learner Outreach 150,000 131,814 N/A 87.9%
Higher EdNet Clearinghouse 65,000 55,227 N/A 85.0%
Federal Cost Allocation Requirement 75,000 74,936 N/A 99.9%
TOTAL $6,399,200 $5,722,134 N/A 89.4%
TOTAL, STATE GENERAL FUNDS $389,524,000 $380,404,198 N/A 97.7%
SPECIAL REVENUE FUNDS
STUDENT LOAN OPERATING FUND
Administration Expense (see detail on next page) 57,656,600 27,984,214 N/A 48.5%
Fed Loan System Development & Maint. 5,000,000 4,600,692 N/A 92.0%
Working Capital Transfer 13,000,000 2,000,000 N/A 15.4%
TOTAL $75,656,600 $34,584,906 N/A 45.7%
FEDERAL STUDENT LOAN FUND
Loan Guarantee Program 190,000,000 132,747,768 N/A 69.9%
Federal Reserve Recall 20,000,000 20,000,000 N/A 100.0%
Default Aversion Activities 1,500,000 336,603 N/A 22.4%
TOTAL $211,500,000 $153,084,371 N/A 72.4%
SCHOLARSHIPS AND GRANTS
Federal LEAP/SLEAP-Monetary Award Prog * 3,700,000 3,662,070 N/A 99.0%
Federal Robert C. Byrd Fellowships 1,800,000 1,608,063 1,091 89.3%
TOTAL $5,500,000 $5,270,133 1,091 95.8%
OTHER
ISAC Accounts Receivables 300,000 84,210 N/A 28.1%
Higher Education License Plate Program 70,000 52,325 N/A 74.8%
TOTAL, SPECIAL REVENUE FUNDS $293,026,600 $193,075,944 65.9%
GRAND TOTAL $682,550,600 $573,480,142 178,330 84.0%
* Monetary Award Program Total, All Funds $339,899,800 $335,285,848 132,025 98.64%

ILLINOIS STUDENT ASSISTANCE COMMISSION
FISCAL YEAR 2003 APPROPRIATION REPORT
ADMINISTRATION
(July 1, 2002 - August 31, 2003)
Line Item
STATE GENERAL FUNDS STUDENT LOAN OPERATING FUND T O T A L
FY2003
Appropriation
Year-to-date
Expended
%
Expended
FY2003
Appropriation
Year-to-date
Expended % Expended
FY2003
Appropriation
Year-to-date
Expended
%
Expended
Personal Services $2,811,900 $2,734,305 97.2% $13,226,400 $11,776,376 89.0% $16,038,300 $14,510,681 90.5%
Employee Retirement Paid by State 112,400 106,082 94.4% 529,100 449,241 84.9% 641,500 555,323 86.6%
Retirement 282,300 282,263 100.0% 1,324,000 1,216,239 91.9% 1,606,300 1,498,503 93.3%
Social Security 214,800 202,729 94.4% 1,011,900 857,789 84.8% 1,226,700 1,060,519 86.5%
Group Insurance N/A N/A N/A 2,549,500 2,295,406 90.0% 2,549,500 2,295,406 90.0%
Contractual Services 2,350,800 1,874,707 79.7% 11,742,000 7,203,673 61.3% 14,092,800 9,078,380 64.4%
Contractual - Collection Agency Fees N/A N/A N/A 24,000,000 2,678,771 11.2% 24,000,000 2,678,771 11.2%
Travel 31,300 12,921 41.3% 191,000 122,389 64.1% 222,300 135,310 60.9%
Commodities 38,600 29,674 76.9% 234,700 110,015 46.9% 273,300 139,689 51.1%
Printing 110,600 61,360 55.5% 558,000 162,863 29.2% 668,600 224,223 33.5%
Equipment 20,000 19,836 99.2% 525,000 154,133 29.4% 545,000 173,968 31.9%
Telecommunications 130,000 129,996 100.0% 1,733,500 930,369 53.7% 1,863,500 1,060,364 56.9%
Operation of Auto Equipment 6,500 6,283 96.7% 31,500 26,948 85.5% 38,000 33,231 87.4%
TOTAL $6,109,200 $5,460,156 89.4% $57,656,600 $27,984,214 48.5% $63,765,800 $33,444,370 52.4%

ILLINOIS STUDENT ASSISTANCE COMMISSION
FISCAL YEAR 2004 APPROPRIATION SUMMARY REPORT
(July 1, 2003 - August 31, 2003)
FY2004
Appropriation
Year-to-date
Expended
Number of
Recipients
Percentage
Expended
STATE GENERAL FUNDS
SCHOLARSHIPS AND GRANTS
Monetary Award Program* $338,699,800 $0 0 0.0%
Illinois Incentive for Access Grants 7,200,000 0 0 0.0%
Teacher Loan Forgiveness Program 2,700,000 21,448 2 0.8%
Minority Teacher Scholarships 3,100,000 0 0 0.0%
ITEACH Teacher Shortage Scholarships 2,900,000 0 0 0.0%
Illinois Future Teachers Corps Scholarship 4,100,000 0 0 0.0%
Student to Student Grants 950,000 0 0 0.0%
Dependents Grants 275,000 0 0 0.0%
National Guard Grants 4,500,000 0 0 0.0%
Illinois Veteran Grants 19,250,000 0 0 0.0%
Bonus Incentive Grants 650,000 0 0 0.0%
Merit Recognition Scholarships 5,400,000 0 0 0.0%
Illinois Scholars Program 2,914,300 2,914,300 N/A 100.0%
TOTAL $392,639,100 $2,935,748 2 0.7%
ADMINISTRATION AND OUTREACH
Administration (see detail on next page) 5,465,800 682,915 N/A 12.5%
Adult Learner Outreach 150,000 53 N/A 0.0%
Higher EdNet Clearinghouse 10,000 0 N/A 0.0%
Federal Cost Allocation Requirement 100,000 0 N/A 0.0%
TOTAL $5,725,800 $682,968 N/A 11.9%
TOTAL, STATE GENERAL FUNDS $398,364,900 $3,618,716 N/A 0.9%
SPECIAL REVENUE FUNDS
STUDENT LOAN OPERATING FUND
Administration Expense (see detail on next page) 58,619,800 3,502,255 N/A 6.0%
Fed Loan System Development & Maint. 5,000,000 47,145 N/A 0.9%
Working Capital Transfer 13,000,000 11,000,000 N/A 84.6%
Enhance Outreach Awareness 162,500 0 N/A 0.0%
E-Learning Initiative 250,000 0 N/A 0.0%
TOTAL $77,032,300 $14,549,400 N/A 18.9%
FEDERAL STUDENT LOAN FUND
Loan Guarantee Program 220,000,000 9,422,839 N/A 4.3%
Federal Reserve Recall 4,000,000 2,987,409 N/A 74.7%
Default Aversion Activities 1,300,000 50,120 N/A 3.9%
TOTAL $225,300,000 $12,460,368 N/A 5.5%
SCHOLARSHIPS AND GRANTS
Federal LEAP/SLEAP- Monetary Award Program * 3,700,000 0 0 0.0%
Transfer to ED -Paul Douglas Fund Collected 400,000 0 0 0.0%
Federal Robert C. Byrd Fellowships 1,800,000 0 0 0.0%
TOTAL $5,900,000 $0 0 0.0%
OTHER
ISAC Accounts Receivables 300,000 10,321 N/A 3.4%
Higher Education License Plate Program 70,000 0 N/A 0.0%
Optometric Education Scholarship Program 50,000 0 0 0.0%
Illinois Future Teachers Corps Scholarship 50,000 0 0 0.0%
Contracts and Grants Fund 50,000 0 0 0.0%
TOTAL, SPECIAL REVENUE FUNDS $308,752,300 $27,020,089 8.8%
GRAND TOTAL $707,117,200 $30,638,805 2 4.3%
* Monetary Award Program Total, All Funds $345,099,800 $0 0 0.00%

ILLINOIS STUDENT ASSISTANCE COMMISSION
FISCAL YEAR 2004 APPROPRIATION REPORT
ADMINISTRATION
(July 1, 2003 - August 31, 2003)
Line Item
STATE GENERAL FUNDS STUDENT LOAN OPERATING FUND T O T A L
Year-to-date
Expended
%
Expended
FY2004
Appropriation
Year-to-date
Expended % Expended
FY2004
Appropriation
FY2004
Appropriation
Year-to-date
Expended
%
Expended
Personal Services $2,602,800 $501,235 19.3% $13,887,700 $1,850,920 13.3% $16,490,500 $2,352,156 14.3%
Employee Retirement Paid by State 104,100 20,055 19.3% 555,600 73,665 13.3% 659,700 93,720 14.2%
Retirement 261,600 67,381 25.8% 1,456,400 248,589 17.1% 1,718,000 315,970 18.4%
Social Security 199,100 37,026 18.6% 1,062,500 134,503 12.7% 1,261,600 171,529 13.6%
Group Insurance N/A N/A N/A 2,626,000 424,696 16.2% 2,626,000 424,696 16.2%
Contractual Services 2,013,000 54,967 2.7% 11,742,000 728,286 6.2% 13,755,000 783,253 5.7%
Contractual - Collection Agency Fees N/A N/A N/A 24,000,000 0 0.0% 24,000,000 0 0.0%
Travel 26,400 0 0.0% 191,000 11,214 5.9% 217,400 11,214 5.2%
Commodities 32,800 596 1.8% 234,700 12,448 5.3% 267,500 13,043 4.9%
Printing 100,000 1,656 1.7% 558,000 35 0.0% 658,000 1,691 0.3%
Equipment 10,000 0 0.0% 540,000 143 0.0% 550,000 143 0.0%
Telecommunications 110,500 0 0.0% 1,733,500 12,636 0.7% 1,844,000 12,636 0.7%
Operation of Auto Equipment 5,500 0 0.0% 32,400 5,120 15.8% 37,900 5,120 13.5%
TOTAL $5,465,800 $682,915 12.5% $58,619,800 $3,502,255 6.0% $64,085,600 $4,185,170 6.5%

ILLINOIS STUDENT ASSISTANCE COMMISSION
Federal Student Loan Reserve Fund (FSLRF)
Comparative Sources and Uses Report
Federal Fiscal Year to Date
(October 2002 - July 2003)
2003 2002
BEGINNING CASH BALANCE, 10/01/02 $44,242,699 $56,760,842
Sources of Funds
Collections*** 35,650,578 39,863,693
Repurchases, Rehabs & Consolidations 12,393,518 12,674,439
Non- Reinsurable Claims 1,514,460 496,697
Collection Cost Waived 0 73,433
SPA Payments 0 419,122
Reinsurance** 93,231,288 98,696,260
IRS Offsets 2,124,321 884,418
Interest on Investment 599,807 1,055,253
Miscellaneous Income 5,604 5,031
Return of Working Capital from SLOF 13,000,000 0
Transfer from Federal Reserve Recall Fund 2,987,409 0
Refund to Dept. of Education from SLOF 66,728 0
Total Sources 161,573,713 154,168,348
Uses of Funds
Reimbursements to Lenders 102,490,661 102,775,679
Borrower Refund 738,562 520,439
Funds Remitted to Dept. of Education-Default Collections 25,251,516 28,777,300
Funds Remitted to Dept. of Education-Repurch/Rehabs/Consol** 8,942,563 9,334,278
SLOF Retention-Default Collections*** 7,633,433 9,082,996
SLOF Retention-Repurch/Rehabs/Consol*** 1,740,122 2,131,911
Transfer to SLOF - Account Maintenance Fees 813,486 478,205
IRS Offsets Refunded 2,392,577 928,410
Default Aversion Fees 1,805,602 2,216,131
Transfer to Federal Reserve Recall Fund 0 8,030,665
Total Uses 151,808,523 164,276,013
ENDING CASH BALANCE, 07/31/03 $54,007,889 $46,653,176
ACCRUAL ADJUSTMENTS
DUE TO/FROM DEPT. OF EDUCATION
Due From Dept. of Education
Reinsurance Claims Filed 17,829,760 14,155,828
Total Due from Dept. of Education 17,829,760 14,155,828
Due To Dept. of Education
Collections Share (5,432,497) (5,615,964)
Reinsurance Repayments (2,713,560) (2,367,547)
Other (950,325) (950,096)
Total Due to Dept. of Education (9,096,383) (8,933,607)
Net Due from Dept. of Education 8,733,379 5,222,221
OTHER ADJUSTMENTS
Due from Agency Operating Fund 0 13,000,000
SLOF Retention Payables (1,134,116) (1,188,194)
Cost of Collection due from SLOF 239,173 215,588
Non-Reinsurable Claims 21,881 229
Default Aversion Fee Deferred Charges 5,574,168 4,655,460
Default Aversion Fee Payable (134,339) (121,584)
Other Receivable 326,541 628,518
Vouchers Payable-Lender Reimbursements (558,552) (80,267)
Due to Dept of Education Reserve Recall (6,382,113) (6,552,869)
Total Other Adjustments (2,047,356) 10,556,881
ADJUSTED FUND BALANCE, 07/31/03 $60,693,911 $62,432,278
** Beginning FFY 00, reinsurance received and repurchases, rehabs and consolidations paid are reported at gross amount.
***Beginning July 2001, the default collections, repurchases, rehabs and consolidations are deposited into the FSLRF
as opposed to the SLOF.

ILLINOIS STUDENT ASSISTANCE COMMISSION
Student Loan Operating Fund (SLOF)
Comparative Sources and Uses Report
Federal Fiscal Year to Date
(October 2002 - July 2003)
2003 2002
BEGINNING CASH BALANCE, 10/01/02 $34,107,313 $32,172,504
Sources of Funds
SLOF Retention-Default Collections* 7,633,433 9,317,706
Direct Consolidation Cost 8,215,245 12,684,567
Loan Processing & Issuance Fees 4,415,320 4,122,769
Account Maintenance Fees 5,985,654 5,741,634
Default Aversion Fees 1,805,602 2,216,128
Interest on Investment 437,741 841,116
SLOF Retention-Repurch/Rehabs/Consolidations* 1,740,122 2,131,912
Miscellaneous Income 38,077 146,053
Total Sources 30,271,195 37,201,885
Uses of Funds
Collection Cost Waived 0 73,432
Administrative Expenses 28,519,104 33,038,492
Return of Working Capital to FSLRF 13,000,000 0
Non- Reinsurable Claims 1,514,460 496,698
SPA Payments 0 419,122
Refund to Dept. of Education 66,728 0
Total Uses 43,100,292 34,027,744
ENDING CASH BALANCE, 07/31/03 $21,278,220 $35,346,644
ACCRUAL ADJUSTMENTS
DUE TO/FROM DEPT. OF EDUCATION
Due From Dept. of Education
Loan Processing & Issuance Fees 1,342,171 502,513
Account Maintenance Fees 476,342 446,391
Total Due from Dept. of Education 1,818,513 948,904
Due To Dept. of Education
Working Capital Transfer 0 (13,000,000)
Non-Reinsurable Claims (21,881) (229)
Total Due to Dept. of Education (21,881) (13,000,229)
Net Due from Dept. of Education 1,796,632 (12,051,325)
OTHER ADJUSTMENTS
Due to Illinois GRF (580) (7,649)
Due to Other State Funds and Agency (386,839) (181,636)
SLOF Retention Receivable 1,134,116 1,188,194
Due to FSLRF Cost of Collection (239,173) (215,588)
Due from Debt Service Fund 0 25,998
Default Aversion Fee Receivable 134,339 121,584
Default Aversion Fee Deferred Revenue (5,574,168) (4,655,460)
Interest on Investment 26,489 66,580
Fixed Assets 398,943 387,851
Vouchers Payable-Administrative Expenses (2,239,610) (3,213,643)
Other Payables (62,982) (30,392)
Total Other Adjustments (6,809,465) (6,514,161)
ADJUSTED FUND BALANCE, 07/31/03 $16,265,386 $16,781,159
*Beginning July 2001, the default collections, repurchases, rehabs and consolidations are deposited into the FSLRF as
opposed to the SLOF. Therefore beginning July 2001, the SLOF will only account for the agency's share of collections.

ILLINOIS STUDENT ASSISTANCE COMMISSION
ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM
June 30, 2003
CURRENT MONTH PREV. MONTH FY TO DATE CUMULATIVE
Disbursements:
Student Loan Originations & Purchases
Average Borrower Indebtedness $8,549 $7,185 $6,779 $5,298
Number of Borrowers 7,242 6,966 125,577 939,663
Total Originations & Purchases $61,908,539 $50,053,891 $851,271,819 $4,977,927,884
Operating Expenses $5,575,728 $3,787,925 $40,684,177 $270,303,859
Collections:
Principal - Student $18,450,112 $28,466,872 $461,629,640 $2,015,174,062
Interest - Student 3,822,330 3,846,207 47,909,257 500,979,094
Principal - Guarantor 5,055,729 5,346,900 56,232,798 681,162,211
Interest - Guarantor 206,911 182,243 2,487,743 45,190,978
Federal Interest Benefits 40,895 1,439,539 23,425,813 179,311,138
Special Allowance 3,416 974,857 11,375,390 106,446,505
Summary:
Total Principal $23,505,841 $33,813,772 $517,862,438 $2,696,336,273
Total Interest 4,070,136 5,467,989 73,822,813 725,481,210
Total Special Allowance 3,416 974,857 11,375,390 106,446,505
$27,579,393 $40,256,618 $603,060,641 $3,528,263,988

ILLINOIS STUDENT ASSISTANCE COMMISSION
COLLEGE ILLINOIS!
Sources and Uses Report
July 2003 -- FY 2004
BEGINNING MARKET VALUE TOTAL FUNDS BALANCE, 07/01/03
Cash at Custodians and ISAC $ 7,837,235
SSgA S&P 500 Index Fund 52,864,375
Banc One Investment Advisors 79,536,142
William Blair & Co. 44,633,081
Osprey Partners 56,013,515
Wasatch Advisors 34,948,641
JFL International Equity Fund LLC 17,081,635
Richmond Capital Management 50,652,401
SOURCES OF FUNDS
Total Beginning Balance $343,567,025
Contributions received 4,590,642
Application and other fees 113,600
Interest from Treasury and Banks 27,829
Unrealized Interest on Investments 537,164
Unrealized Gain on Investments 1,498,241
USES OF FUNDS
Total Sources 6,767,476
Administrative Expenses 57,246
Refunds to Purchasers 248,816
Tuition Payments 16,867
Investment Expense 31,661
Total Uses 354,590
ENDING MARKET VALUE TOTAL FUNDS BALANCE, 07/31/03
Cash at Custodians and ISAC $ 5,214,715
SSgA S&P 500 Index Fund 53,802,559
Banc One Investment Advisors 77,274,576
William Blair & Co. 46,536,932
Osprey Partners 59,071,338
Wasatch Advisors 36,552,425
JFL International Equity Fund LLC 20,280,351
Richmond Capital Management 51,247,015
Total Ending Balance $349,979,911

ILLINOIS STUDENT ASSISTANCE COMMISSION
COLLEGE ILLINOIS!
Total Program Performance
July 2003 -- FY 2004
APPROXIMATE INVESTMENT RETURN, 07/31/03
Ending
Market Value
Fiscal
Year-to-date
Since
Inception
Inception
Date***
Total Program $349,979,911 0.7% 0.1% 7/6/99
Policy Benchmark* 0.4% 0.8%
Actuarial Assumption ** 0.6% 7.9%
Domestic Equity $195,963,254 2.9% -6.0% 7/6/99
William Blair 46,536,932 4.3% -14.9% 7/7/00
Russell 1000 Growth 2.5% -20.4%
Osprey Partners 59,071,338 1.9% -7.4% 9/7/01
Russell 1000 Value 1.5% -2.4%
State Street S&P 500 Index Fund 53,802,559 1.8% -6.6% 7/6/99
S&P 500 Index 1.8% -6.4%
Wasatch Advisors 36,552,425 4.5% 7.8% 9/7/01
Russell 2000 6.3% 2.3%
International Equity $20,280,351 1.2% 13.7%
Jarislowsky Fraser 20,280,351 1.2% 13.7% 10/4/02
MSCI EAFE 2.4% 19.8%
Domestic Fixed Income $128,521,591 -2.6% 7.6% 7/6/99
Banc One Investment Advisors 77,274,576 -2.6% -2.6% 7/1/03
Lehman Aggregate Index -3.4% -3.4%
Richmond Capital Management 51,247,015 -2.6% 2.6% 10/7/02
Lehman Intermediate Government/Credit -2.7% 3.6%
Cash Account $5,214,715 0.4% 3.8%
T-Bills 0.1% 3.4%
Note: Returns are preliminary and subject to revision pending the September 30, 2003 quarterly report.
* As of November, 2002 the Policy Benchmark is 45% S&P500, 10% Russell 2000, 5% MSCI EAFE, 25% Lehman
Aggregate, 13% Lehman Intermediate Government/Credit, and 2% T-bills. Previously, the benchmark was 50% S&P500,
10% Russell 2000, 38% Lehman Aggregate and 2% T-bills (from October, 2001 through October, 2002) and 50%
S&P500, 47% Lehman Aggregate and 3% T-bills (prior to October, 2001).
** Actuarial assumption was revised to 7.75% effective 7/01/02. Prior to 7/01/02 the assumption was 8%.
*** Benchmark returns are as of the beginning of the month.
NUMBER AND DOLLAR VALUE OF PLANS, 07/31/03
Number of Plans
Plans Paid in Full 17,859
Active Plans 14,760
Cancelled Plans 3,564
Suspended Plans 69
Total Number of Plans 36,252
Purchased Value of all Plans $618,210,006
Active Plan:
Cancelled Plan:
Plan which has been approved and contract payments are being made.
Plan that has been terminated either at the request of the purchaser or involuntarily due to
delinquency, fraud, etc.
Suspended Plan: Plan with an incomplete application or other outstanding omissions; a plan with this status
is inactive.