Ill. Auditor General: 'Illinois Grain Insurance — Financial Audit'

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

Here are excerpts:

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

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

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AUDITOR'S OPINIONS

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

No single audit performed.

This financial audit was conducted by Adelfia LLC.

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