Executive Director's Report - Illinois Student Assistance Commission

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.