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State of Illinois State Universities Retirement System

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State of Illinois State Universities Retirement System State of Illinois State Universities Retirement System Compliance Examination Year Ended June 30, 2013 Performed as Special Assistant Auditors for the Auditor General, State of Illinois State of Illinois State Universities Retirement System Compliance Examination Year Ended June 30, 2013 Table of Contents Page System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control Over Compliance, and on Supplementary Information for State Compliance Purposes 4 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 7 Financial Statement Report The System’s financial statement report for the year ended June 30, 2013, which includes independent auditors’ report, management discussion and analysis, basic financial statements and notes, required supplementary information other than management discussion and analysis, supplementary information, and the independent auditors’ report on internal control over financial reporting and on compliance and other matters based on an audit of basic financial statements performed in accordance with Government Auditing Standards has been issued separately. Supplementary Information for State Compliance Purposes Schedule Page Summary 8 Fiscal Schedules and Analysis Section: Summary Schedule of Appropriations and Expenditures 1 10 Comparative Schedule of Revenues and Expenses 2 11 Analysis of Revenues and Expenses 3 12 Schedule of Administrative Expenses 4 13 Analysis of Administrative Expenses 5 15 Schedule of Changes in Property and Equipment 6 16 Schedule of Investment Portfolio 7 17 Schedule of Investment Expenses 8 19 Selected Account Balances 9 21 Schedule of Accounts Receivable 10 22 System Funding Progress 11 23 Rate of Return 12 24 Revenues and Expenses 13 24 Employer Contributions 14 25 Retirement Benefits 15 25 Survivors’ Benefits 16 25 State of Illinois State Universities Retirement System Compliance Examination Year Ended June 30, 2013 Table of Contents Supplementary Information for State Compliance Purposes (continued) Schedule Page Fiscal Schedules and Analysis Section (Continued): Disability Benefits 17 25 Disability Retirement Allowance Benefits 18 25 Investment Income 19 26 Benefit Costs 20 26 Member Contributions 21 27 Self-Managed Plan Investments 22 28 Future Funding and Benefit Calculations 23 28 Schedule of Changes in Reserves 24 29 Schedule of Contributions/Deductions and Effect on Investments 25 30 Analysis of Operations Section (Unaudited): System’s Functions and Planning Program (Unaudited) 31 Auditor’s Assessment (Unaudited) 33 Locally Held Fund (Unaudited) 33 Average Number of Employees (Unaudited) 33 Schedule of Investment Commissions (Unaudited) 34 Description of Reserves (Unaudited) 36 Selected Activity Measures and Service Efforts and Accomplishments (Unaudited) 37 Investment Listing 26 38 State of Illinois State Universities Retirement System Compliance Examination Year Ended June 30, 2013 System Officials Executive Director Mr. William Mabe Chief Financial Officer Ms. Phyllis Walker Chief Investment Officer Mr. Daniel Allen General Counsel Mr. Michael Weinstein Director of Internal Audit Mr. Steven Hayward Chairperson Ms. Lindsay Anderson Vice Chairman Mr. Antonio Vasquez Treasurer Ms. Dorinda Miller Board of Trustees Ms. Jacqueline Berger Mr. John Engstrom Mr. Richard Figueroa Mr. Andrew Matthews Mr. Craig McCrohon Mr. Mitchell Vogel Mr. Paul Johnson Jr. State Universities Retirement System’s office is located at: 1901 Fox Drive Champaign, IL 61820 1 State Universities Retirement System of lllinois Serving Illinois Community Colleges and Un iversities 190 I Fox Drive • Champaign, IL 61820-7333 (217) 378-8800 • (217) 378-980 I (FAX) January 24, 2014 McGiadrey LLP 20 North Martingale Road , Suite 500 Schaumburg, IL 60173 Ladies and Gentlemen: We are responsible for the identification of, and compliance with, all aspects of laws, regulations, contracts, or grant agreements that could have a material effect on the operations of the State Universities Retirement System of Illinois (System). We are responsible for and we have established and maintained an effective system of, internal controls over compliance requirements. We have performed an evaluation of the System's compliance with the following assertions during the period ended June 30, 2013. Based on this evaluation, we assert that during the years ended June 30, 2013, the System has materially complied with the assertions below. A. The System has obligated, expended, received and used public funds of the State in accordance with the purpose for wh ich such funds have been appropriated or otherwi se authorized by law. B. The System has obligated, expended, received and used public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions imposed by law upon such obligation, expenditure, receipt or use. C. The System has complied, in all material respects, with applicable laws and regulations, including the State uniform accounting system , in its financial and fiscal operations. D. State revenues and receipts collected by the System are in accordance with applicable laws and regulations and the accounting and recordkeeping of such revenues and receipts is fair, accurate and in accordance with law. E. Money or negotiable securities or similar assets handled by the agency on behalf of the State or held in trust by the agency have been properly and legally administered, and the accounting and recordkeeping relating thereto is proper, accurate and in accordance with law. Yours very truly, · rsities Retirement System of Illinois abe, Executive Director Michael B. Weinstein, General Counsel 2 State of Illinois State Universities Retirement System Compliance Examination Year Ended June 30, 2013 Summary The compliance testing performed during this examination was conducted in accordance with Government Auditing Standards and in accordance with the Illinois State Auditing Act. Accountant’s Report The Independent Accountant’s Report on State Compliance, on Internal Control Over Compliance, and on Supplementary Information for State Compliance Purposes does not contain scope limitations, disclaimers, or other significant non-standard language. Summary of Findings Current Prior Number of Report Report Findings None None Repeated findings None None Prior recommendations implementation or not repeated None None Schedule of Findings and Questioned Costs Item No. Page Description NONE Exit Conference In correspondence received from the State Universities Retirement System on January 21, 2014, the System elected to waive a formal exit conference. 3 Independent Accountant’s Report on State Compliance, on Internal Control Over Compliance, and on Supplementary Information for State Compliance Purposes Honorable William G. Holland Auditor General, State of Illinois Springfield, Illinois Board of Trustees State Universities Retirement System of Illinois Champaign, Illinois Compliance As Special Assistant Auditors for the Auditor General, we have examined the State of Illinois, State Universities Retirement System’s (System) compliance with the requirements listed below, as more fully described in the Audit Guide for Financial Audits and Compliance Attestation Engagements of Illinois State Agencies (Audit Guide) as adopted by the Auditor General, during the year ended June 30, 2013. The management of the System is responsible for compliance with these requirements. Our responsibility is to express an opinion on the System’s compliance based on our examination. A. The System has obligated, expended, received, and used public funds of the State in accordance with the purpose for which such funds have been appropriated or otherwise authorized by law. B. The System has obligated, expended, received, and used public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions imposed by law upon such obligation, expenditure, receipt or use. C. The System has complied, in all material respects, with applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal operations. D. State revenues and receipts collected by the System are in accordance with applicable laws and regulations and the accounting and recordkeeping of such revenues and receipts is fair, accurate and in accordance with law. E. Money or negotiable securities or similar assets handled by the System on behalf of the State or held in trust by the System have been properly and legally administered and the accounting and recordkeeping relating thereto is proper, accurate, and in accordance with law. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants; the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States; the Illinois State Auditing Act (Act); and the Audit Guide as adopted by the Auditor General pursuant to the Act; and, accordingly, included examining, on a test basis, evidence about the System’s compliance with those requirements listed in the first paragraph of this report and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our
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