College investment plan audit.
Auditor of State Mary Mosiman today released an audit report on the Office of Treasurer of State, Iowa Educational Savings Plan Trust (Trust) for the year ended June 30, 2013.
The Trust was created by the General Assembly under Chapter 12D of the Code of Iowa to encourage and make possible the attainment of higher education by the greatest number of citizens of the state. The purpose of the Trust is to allow U.S. citizens to invest money for future payment of higher education costs for designated beneficiaries.
At June 30, 2013, the Trust had 113,510 participants and 189,270 beneficiaries.
Mosiman reported additions totaling $700,658,982 for the year, an 87% increase over the prior year. Additions included $353,170,775 of contributions from participants, $730,971 of administrative fees, investment income of $388 and a net increase in fair value of investments of $346,756,848. The increase in fair value of investments during fiscal year 2013 reflected changes in the financial market.
Deductions totaled $226,653,259, a 14.45% increase over the prior year, and included $225,993,693 of distributions to participants and beneficiaries and $659,566 of administrative expenses. The increase in deductions was mainly the result of an increase in distributions to beneficiaries for educational expenses.
A copy of the audit report is available for review in the Office of Auditor of State and on the Auditor of State’s web site at http://auditor.iowa.gov/reports/1460-6550-0001.pdf.