Executive Director's Report - Illinois Student Assistance Commission

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.