Illinois State Board of Education

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FY2010Annual Financial Reports

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23 ILLINOIS ADMINISTRATIVE CODE, Part 100

ISBE Web Page (www.isbe.net)http://www.isbe.net/rules/archive/pdfs/100ARK.pdf

Illinois General Assembly Web Pagehttp://www.ilga.gov/commission/jcar/admincode/

023/02300100sections.html

School District AFR

ISBE Webpage - www.isbe.net

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Rules are available here for viewing

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Fund Account Balance Sheet XX XXXRevenue XX XXXX

Fund Function Object “Source”

Expenditure XX XXXX XXX (xxxx)

Additional Codes:

- Transaction Type X - Fiscal Year XX

State Reporting Requirements

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ISBE Form 50-35

FY2010 Change

s

School District - AFR

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Pages 7 & 8

Tort Fund (80)

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TORT IMMUNITY

A Separate Tort Immunity Fund (80) Was Created, effective FY2009.

This Fund Is Required if Taxes Are Levied or Bonds Are Sold for Tort Immunity or Tort Judgment Purposes.

All “New” Tort Immunity Monies Are Deposited and Accounted for in Fund 80.

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Page 7

7000Accts.

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Page 8

8000Accts.Accounts – 8410 thru 8910

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OTHER SOURCES/USES OF FUNDS

Expanded 8000 Accounts (Other Uses) for Pledged Transfers to Debt Service Fund (30) or Capital Projects Fund (60)

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Tort Fund (80)

Page 21

Added Accounts – 2371 & 2372

Disbursements/Expenditures

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TORT FUND (80) - New Expenditure Accounts

Added:- Function 2371 - Property Insurance (Building & Grounds)- Function 2372 - Vehicle Insurance (Transportation)

Also - See the School Code, Sections 17-7 and 17-8 on Insurance Premiums for School Buildings, School Fixtures, Transportation and Related Costs.

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Fire Preventi

on & Safety Fund (90)

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Added Accounts – 5200 & 5300

Disbursements/Expenditures

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FIRE PREVENTION & SAFETY FUND (90) – New Expenditure Accts.

Debt Services - Accounts for Principal & Interest on Long-Term Debt

Added:- Function 5200 – Interest on Long-Term Debt- Function 5300 – Payment of Principal on Long-Term Debt

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SCHEDULES AND RELATED INFORMATION

Financial Profile ARRA Schedule of Receipts & Disbursements

Schedules of Restricted Taxes & Selected Revenues

Schedule of Capital Outlay Operating Expenditures & Per Capita Costs Schedule of Indirect Cost Data

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Financial Profile(Page 4)

“Operating Funds”

• Educational

• O&M

• Transportation

• Working Cash

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FINANCIAL PROFILE

Calculated Two Ways to Account for Delays in General State Aid (GSA) or Mandated Categorical Aid (MCAT) Due to School Districts: (1) Utilizing A Base Calculation (AFR estimate – Page 4), and

(2) Additional Revisions to this Calculation (by ISBE) to Adjust for Applicable Late Payments of GSA or MCATs.

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FINANCIAL PROFILE – Changes In Base (est.) Calculation

Adjustments to Revenues for Debt Services or Capital Projects (only from Funds 10 & 20)New Accounts 8410 – 8910 (Other Uses - AFR, Page 8) for Pledged Transfers to Debt Service Fund (30) or Capital Projects Fund (60). Includes Taxes, Grants, Other Revenues, but not Fund Balances.

Adjustments to Fund Balance for Deficit in Tort Fund (80). Treated the Same as MR/SS Fund (50)

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FINANCIAL PROFILE - GSA & MCATS

Additional Calculations (by ISBE) for Late Payments:

For Cash Basis School Districts, adjustments are made to Fund Balance, Revenue and Cash. Amounts are determined from delays in payments for the current year and prior year.

For Accrual Basis Districts, Only Cash Is Adjusted

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ARRASchedule of Receipts &

Disbursements

(Page 23)Districts Must

Document Expenditures with Fund, Function,

Object, and Revenue Account Codes for ARRA Expenditures

Within Detailed Ledger Reports

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Schedule of

Restricted Taxes & Selected RevenuesPage 26

New Reporting

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SCHEDULE OF RESTRICTED LOCAL TAX LEVIES AND SELECTED REVENUE SOURCES

New Reporting Added – The School Facility Occupation Taxes

Added – Driver Education Also – The Tort Immunity Sections on This

Page Should Be Completed Only If Expenditures Are Reported in a Fund Other Than Tort Immunity Fund (80) as a Result of Existing (restricted) Fund Balances.

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Schedule of Capital

Outlay (Page 27)

Non – Capitalized Equipment

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NON-CAPITALIZED EQUIPMENT

A Capital Asset - Except the Cost Is Less Than the Capitalization Threshold Adopted by the School Board.

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Operating Expenditures & Per Capita

Costs(Pages 28 & 29)

Less Activity Not Applicable to Regular K-12 Programs

Total Expenditures

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Operating Expenditures Per Pupil

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Operating Expenditures & Per Capita

Costs(Pages 28 & 29)

Less Offsetting Revenues

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Includes Adjustment for Offsetting Revenues from State Sources Except Those from the Common SchoolFund and Federal Sources Except Those from Federal Impaction Aid

• Acct 4850 ARRA General State Aid – Education Stabilization

• Acct 4870 ARRA General State Aid – Other Government Services Stabilization

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Schedule of Indirect Cost

Data (Page 30)

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Termination BenefitsObject 800

Limited – Only Payments Made to Terminated or Retiring Employees as Compensation for Unused Sick or Vacation Days.

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Questions ?

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School Business Services Division

217/785-8779

http://www.isbe.net/sbss/default.htm