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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 »
From Crain’s Chicago Business | The state agency that runs the College Illinois prepaid tuition program is putting all new investments on hold as it confronts mounting questions over its unconventional strategies for the fund that backs the college savings of 55,000 students. Get the full story>>
From Crain’s Chicago Business | College Illinois has the deepest shortfall of any state-sponsored prepaid tuition program in the United States and is putting more of participants’ college funds on riskier wagers to try to catch up. Get the full story>>
