Section 100.100  Annual Financial Reports

a)         Each annual financial report shall be prepared on forms specified by the State Superintendent of Education and, in order to capture all financial information required to be reported pursuant to Sections 2-3.27, 3-15.1, 10-17, 10-20.21, 17-1, and 18-3 of the Code, as well as information required for federal reports pursuant to 34 CFR 75.560 and 75.561, and by Circular 87 and Circular 21 issued by the Office of Management and Budget, shall include:

1)         a balance sheet;

2)         a basic financial statement;

3)         a statement of revenues and other financing sources and uses;

4)         a statement of expenditures and other disbursements;

5)         a schedule of the taxes levied, received, and receivable, as well as tax rates;

6)         a schedule of capital assets and depreciation;

7)         a schedule of long-term debt;

8)         a schedule of short-term debt;

9)         a schedule of expenditures related to the determination of the indirect cost rate;

10)       a schedule of restricted local tax levies and selected revenue sources;

11)       a schedule of tort immunity expenditures, as required by Section 9-103 of the Local Governmental and Governmental Employees Tort Immunity Act;

12)       a report on shared services or outsources, as required by Section 17-1.1 of the Code;

13)       a "budget-to-actual" comparison schedule; and

14)       a schedule of other payments.

b)         The annual financial report of each joint agreement and each school district shall include the aggregate total opening and closing balances and annual activity for all student activity accounts.

c)         The annual financial report of each joint agreement and school district will include the aggregate total closing balances for all fiduciary funds.

d)         The annual financial report of each joint agreement and each Class I or Class IIA school district shall include a schedule of student activity funds, displaying the opening and closing balances and annual activity for each fund.

e)         A schedule of student activity funds in a Class IIB school district shall be included:

1)         in the district's annual financial report, if the funds are included within the scope of the district's annual audit; or

2)         with the separate audit report covering all student activity funds, if the funds are not included within the scope of the district's annual audit.

f)         The annual financial report of a school district subject to Article 34 of the Code shall provide the level of detail called for in Section 34-43.1(E) of the Code.

g)         Each school district and joint agreement shall:

1)         confirm that the annual financial report has been reviewed by the district superintendent or chief administrator, as applicable; and

2)         for a Class IIB school district, confirm that a copy of the annual financial report has been provided to the township treasurer for review.

h)         Each school district and joint agreement shall electronically submit the completed and signed limitation of administrative costs worksheet, a corrective action plan as required under Section 100.110(d), and any other required signature pages.

i)          Auditors shall upload each Annual Financial Report in Excel format along with additional required documents in pdf format through the electronic submission portal.

(Source:  Amended at 49 Ill. Reg. 14518, effective October 29, 2025)