Financial Statement Audit – Calendar Year Ended December 31, 2023

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Report Summary

Background

The Office of Auditor of Accounts (AOA) performed a financial statement audit of the State of Delaware Match Plan for the year ended December 31, 2023.

This engagement was conducted in accordance with 29 Del. C. § 2722 (e)(7). This section of the Delaware Code specifies that “The (Plans Management) Board shall arrange for an annual financial audit of each of the Plans, which shall be provided annually to the General Assembly. The Board shall enter into a memorandum of understanding with the Auditor of Accounts regarding each such audit…”

29 Del. C. §2906 charges the Auditor of Accounts with the duty of conducting audits of all the financial transactions of all state agencies.

Key Information and Findings

The State of Delaware Match Plan (the Plan) is a defined contribution plan, under Section 401(a) of the Internal Revenue Code (IRC), covering any individual who is employed by the State, including elected or appointed officials, and who received compensation wholly or in part directly from the State Treasury or from the Treasury through an agency within the State that is wholly or in part supported by the State.

Senate Bill No. 300 suspended funding by the State effective July 1, 2008. There were no employer contributions to the Plan since then. The Plan does not allow participant contributions other than rollover contributions from the trustee of another plan qualified under IRC Section 401(a). Rollover contributions for the years ended December 31, 2023, and 2022, totaled $79,984 and $32,876, respectively.

For the year ended December 31, 2023

• There are 6,767 account holders in the Plan with account balances totaling $22.2 million.
• 648 account holders received distributions from the Plan totaling $2.2 million.

It is my pleasure to report this audit contains an unmodified opinion. An unmodified opinion is sometimes referred to as a “clean” opinion. It is one in which the auditor expresses an opinion that the financial statements present fairly, in all material respects, an entity’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles.

The results of tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

The performance of the Plan’s investments over the past five years is shown on the following table: