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| College Illinois To be Turned Over to Comptroller |
(IRN)-College Illinois, the state's prepaid college tuition program, is getting a prolonged lesson in accountability, with a call from lawmakers to turn the operations of the program over to the state comptroller.
State Representative Jim Durkin (R-Western Springs) says continued reports of questionable investment strategies by the Illinois Student Assistance Commission, which runs College Illinois, means something must be done to reassure parents who have invested in the program.
"ISAC has placed overreliance in risky, alternative investment tools – hedge funds, real estate and equities," said Durkin.
The program's $1.25 billion from 55,000 contracts is 68 percent funded, with 38 percent of its funds in alternative investments. Salaries and benefits for those working at College Illinois have seen a four-fold increase in the past two years.
ISAC Executive Director Andrew Davis said last month that dramatic increases in salaries and benefits derived from the tuition funds came about because the program lost out on federal dollars in the past few years, which brought about a major shift in where funds come from.
Davis also welcomed an audit approved by lawmakers last month that would look into management and operations of the tuition program.
Meanwhile, Gov. Pat Quinn took notice of complaints against the operations at College Illinois. He appointed two new board members to ISAC last week and got rid of a longtime friend of his who served as chairman of the commission.
(Source: Illinois Radio Network) |
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| 05 23 11 by Newsroom |
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