1. Individuals who make contributions to the Illinois College Savings Pool Fund do not have to pay federal or state Income taxes on the earnings from the contributions when withdrawals are made to pay for qualified education expenses.

2. On the statement of changes in fiduciary net position for a countys Property Tax Custodial Fund, property taxes distributed to the local governments should be reported as an operating expense.

3. On the statement of changes in fiduciary net position for a countys Property Tax Custodial Fund, property taxes distributed to the county should be reported as a transfer out.

T/F- This is all that is given