Illinois Student Assistance Commission

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Audit criticizes College Illinois managers

An audit of the College Illinois prepaid tuition program determined the program’s overseers didn’t follow “sound business practices,” or state law, when it hired San Francisco-based Grigsby & Associates for investment advice.

The firm advised College Illinois on debt restructuring, but gave only one opinion to the Illinois Student Assistance Commission — to invest $12.8 million in ShoreBank Corp. The investment was lost last year when ShoreBank collapsed. Get the full story »