Ill. Admin. Code tit. 23, § 100.30 - General Requirements
a) Each
school board shall use an appropriate set of journals and ledgers for the
recording, summarization, and control of transactions and shall use the
double-entry bookkeeping method and a fund accounting system.
b) Each school board shall establish and
maintain the number and types of funds necessitated by the nature and scope of
its operations.
c) Each chart of
accounts shall incorporate at least the following dimensions:
1) fund or fund group (see Table
A);
2) balance sheet accounts (see
Table B);
3) revenue sources (see
Table C);
4) expenditure purposes
or functions (see Table D); and
5)
expenditure objects (see Table F).
d) Each school board shall use the account
codes assigned by the State Superintendent of Education. However, any number
not listed in the tables of this Part may be used if the description falls
within the relevant classification. Prefixes and suffixes may also be used,
provided that the basic code assigned by the State Superintendent remains
discernible for purposes of aggregating and reporting information.
e) Beginning on July 1, 2020, the Tort
Immunity and Judgement Fund (Tort Fund) is open to all expenditure accounts
under this Part and their applicable object numbers. Expenditures charged to
the Tort Fund must be in accordance with the Local Governmental and
Governmental Employees Tort Immunity Act [745 ILCS 10]. Entities covered under
this Section that extend taxes for tort levy purposes may, in consultation with
the district's local legal counsel and independent auditor, develop a Risk
Management Plan that stipulates the risk management measures utilized by the
district and types of expenditures to be obligated against the tort levy. To
comply with the Local Governmental and Governmental Employees Tort Immunity
Act, all districts incurring expenditures against the tort levy must complete
the Schedule of Tort Immunity Expenditures contained within the Annual
Financial Report (see Section 100). The total expenditures on this Schedule
must reconcile with the total expenditures reported for the Tort Fund, which is
reflected in the expenditure section of the Annual Financial Report (see
Section
100.100
).
Notes
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