This document reports on the findings of the Fiscal Year (FY) 1992 evaluation of the Illinois Prekindergarten Program for Children At Risk of Academic Failure, initiated in 1985 through a statute authorizing the State Board of Education to implement and administer a grant program to public school districts to conduct preschool education programs for children ages 3 to 5 who were academically at risk. Findings indicate, among other things, that statewide, 262 project sites received state funds to serve children in 496 school districts in 1992, an 11 percent increase in the number of funded projects over 1991. It was also shown that: the number of children participating in funded programs increased 22 percent from 1991 to 1992, while the total program budget rose 13 percent, to $71.5 million; that statewide, 26 percent of participating children were ranked by their teachers as above average and 48 percent as average in their kindergarten readiness skills; and that 79 percent of the children whose parents participated in 4 or more school readiness activities were ranked above average or average in kindergarten readiness skills, compared to 65 percent whose parents participated in 2 or fewer of these activities. Besides reporting on these and other findings, the document also describes the evaluation design and limitations, the nature of the program, and the ethnic and socioeconomic characteristics of the children served, as well as providing a financial summary. Four appendixes provide: (1) a policy statement on early childhood education; (2) a copy of the school code of Illinois applicable to the Prekindergarten Program; (3) two supplemental data tables and two figures, including a map of Illinois indicating the number of at-risk children in each county; and (4) a list of four references. (MDM)