Sunday, October 23, 2011

New Board To Take Over Troubled Tuition Program

By Andrew Thomason, Illinois Statehouse News
The board that oversees Illinois’ troubled prepaid college tuition program is undergoing an overhaul with the nomination of new members. The state Senate Executive Appointments Committee Wednesday with no discussion approved eight nominees for the new Illinois Student Assistance Commission. The nine-member ISAC advises on investment decisions.

Before Quinn’s nominees can be official, the Senate must give its approval, which could happen as early as next week during the Legislature’s fall veto session.

A number of reports in the media earlier this year, including an investigation by Illinois Statehouse News, revealed that families bought into the financially foundering College Illinois! program thinking it was backed by Illinois taxpayers.

It isn’t. State Rep. Jim Durkin, R-West Springs, an outspoken critic of how College Illinois! was marketed and its investments handled, said he was concerned that none of the nominees have paid into the program.

Getting someone on the board who’s bought a College Illinois! plan is something Quinn is mulling, said Brooke Anderson, a Quinn spokeswoman. “The governor is currently considering some strong candidates for the remaining open slot and expects to name someone soon,” said Anderson in an email.

ISAC’s newest board members are:

    * Kym Hubbard, chairwoman, treasurer and chief investment officer, Ernst & Young.
    * Mark Donovan, vice chancellor of administrative services, University of Illinois at Chicago.
    * Miguel del Valle, retired.
    * Marina Faz-Huppert, legislative director, Local 881 United Food and Commercial Workers.
    * Kendall Griffin, assistant principal for operations, Niles West High School.
    * Verett Ann Mims, assistant treasurer, Global Treasury Operations, Boeing.
    * Paul Roberts, associate provost, Loyola University.
    * Kim Savage, student affairs assistant program coordinator and assistant to the vice             chancellor at the University of Illinois at Chicago.

You can read Andrew's full report at:
http://illinois.statehousenewsonline.com/7011/new-board-takes-over-troubled-college-illinois-program/

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