Ill. Admin. Code tit. 89, § 401.230 - Finances
a) The agency shall
maintain a degree of financial solvency that insures adequate care of the
children for whom it has assumed responsibility. An agency is considered
insolvent if its financial condition is such that the sum of its debts is
greater than all of its property, at a fair valuation, exclusive of property
transferred, concealed or removed with intent to hinder, delay or defraud its
creditors. (This definition of "insolvency" is based on the definition
contained in the United States Bankruptcy Code of 1978,
11
USC 101(26).)
b) The agency shall designate a chief fiscal
officer who is responsible for the management of financial operations and the
development of an annual operating budget. The board shall review and vote
whether to accept, modify, or reject the proposed annual operating budget prior
to the beginning of the agency's fiscal year. A copy of the approved annual
operating budget shall be appended to the minutes of the meeting during which
the budget was approved.
c) At
least once per quarter, a report shall be submitted to the Board of Directors
comparing budgeted revenues and expenses with actual revenues and expenses to
the board of directors for their review and acceptance, request for
modification, or rejection as insufficient.
d) The agency shall maintain fiscal records
that shall include:
1) current and projected
operating budget;
2) quarterly
analysis of projected versus actual revenues and expenses;
3) records of a corrective plan to reduce the
agency's deficit, if any, and progress toward complying with that plan;
and
4) financial records annually
audited and certified by public accountants not otherwise affiliated with the
agency.
e) The above
records shall be maintained and kept in the State of Illinois where they shall
be readily available for review by authorized representatives of the
Department . If the agency contracts with an outside accounting service, the
agency must include in its contract the required availability of fiscal records
to the Department .
f) A certified
copy of the agency's annual audit as performed by an independent auditor shall
be submitted to authorized Department staff upon request.
g) The agency shall submit the management
representations regarding agency financial condition and operations, as
required by Appendix C of this Part, to the Department within 180 days after
the end of the agency's fiscal year.
Notes
Amended at 24 Ill. Reg. 9340, effective July 7, 2000
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.