Ill. Admin. Code tit. 86, § 1000.900 - Scholarship Granting Organizations: Reports
a)
Within 180 days after the end of
its fiscal year, each SGO must provide to the Department a copy of a financial
audit of its accounts and records conducted by an independent certified public
accountant in accordance with auditing standards generally accepted in the
United States, government auditing standards, and this Part.
1)
The audit must include a report on
financial statements presented in accordance with generally accepted accounting
principles.
2)
The
audit must include evidence that no less than 95% of qualified contributions
received were used to provide scholarships to eligible students. To
qualify as an SGO, the SGO must use at least 95% of the qualified contributions
received during an SGO's taxable year for scholarships. (See definition of
"scholarship granting organization" in Section
1000.100.) An SGO
is not required to distribute 95% of the funds during the taxable year in which
the contributions were received.
EXAMPLE: An SGO's taxable year ends June 30. The SGO receives contributions in the amount of $1,000,000 before June 30. The SGO is not obligated to use 95% of the funds before June 30, the end of the SGO's taxable year. It is required to ultimately distribute 95% of the funds for scholarships. In addition, the SGO is required to meet any other requirements contained in Section 1000.600(h) and (i).
3) The audit must include an attestation that
the SGO awarded scholarships in compliance with the definition of "eligible
student" and the guidelines contained in Section 1000.600.
4)
The Department shall review all
audits submitted pursuant to this subsection (a)(4). The
Department shall request any significant items that were omitted in violation
of this Part. The items must be provided within 45 days after
the date of request. If a scholarship granting organization does not comply
with the Department's request, the Department may revoke the scholarship
granting organization's ability to issue certificates of
receipt.
b)
An SGO that is approved to receive qualified contributions shall report
to the Department, on a form prescribed by the Department, by January 31 of
each calendar year beginning in the year 2019. The report shall
include:
1)
the total number
of certificates of receipt issued during the immediately preceding calendar
year;
2)
the total
dollar amount of qualified contributions received, as set forth in the
certificates of receipt issued during the immediately preceding calendar
year;
3)
the total
number of eligible students utilizing scholarships for the immediately
preceding calendar year and the school year in progress and the total dollar
value of the scholarships;
4)
the name and address of each
qualified school for which scholarships using qualified contributions were
issued during the immediately preceding calendar year, detailing the number,
grade, race, gender, income level, and residency by Zip Code of eligible
students and the total dollar value of scholarships being utilized at each
qualified school by priority group, as identified in Section 40(d) of the Act;
and [
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5) a list of all transfers of funds made
pursuant to Section
1000.600(k) and
(l) and the names and addresses of the SGOs
who received the funds.
Notes
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