Ill. Auditor General: 'Illinois Grain Insurance — Compliance Examination'

SPRINGFIELD, Illinois, May 24 -- The Illinois Auditor General issued the following compliance examination on May 23, 2024, involving Illinois Grain Insurance Corp..

Here are excerpts:

* * *

INTRODUCTION

The Illinois Grain Insurance Corporation (Corporation) was created to make investments with funds assessed and collected by the Department of Agriculture (Department) and to transfer funds to the Department's Grain Indemnity Trust Fund when the Director of the Department determines it necessary in order to compensate claimants in accordance with the Illinois Grain Code. The assessments are collected from grain dealers, warehousemen, grain sellers, and lenders as established in the Code.

This digest covers the compliance examination of the Corporation for the two years ended June 30, 2023. A separate digest covering the Corporation's Financial Audit as of and for the year ended June 30, 2023 and June 30, 2022 is being separately released.

There were no material findings of noncompliance disclosed during our examination.

* * *

AUDITOR'S OPINIONS

The financial audit report was separately released. The auditors stated the financial statements of the Corporation as of and for the years ended June 30, 2023, and June 30, 2022, are fairly stated in all material respects.

No single audit performed.

* * *

ACCOUNTANT'S OPINION

The accountants conducted a State compliance examination of the Corporation for the two years ended June 30, 2023, as required by the Illinois State Auditing Act. The accountants stated the Corporation complied, in all material respects, with the requirements described in the report.

This compliance examination was conducted by Adelfia LLC.

* * *

The report is posted at: www.auditor.illinois.gov/Audit-Reports/Compliance-Agency-List/Grain/FY23-Grain-Ins-Comp-Digest.pdf