Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
Section 100.50 - Intra-Fund and Inter-Fund Transactions

Universal Citation: 23 IL Admin Code ยง 100.50

Current through Register Vol. 48, No. 38, September 20, 2024

a) Interest

1) Interest earned on taxes or bonds shall be treated in accordance with the applicable provisions of Sections 10-22.14, 10-22.44, 17-2.2a, 17-2.3, 17-2.11, 20-5, and 27-23 of the School Code [105 ILCS 5/10-22.14, 10 -22.44, 17-2.2a, 17-2.3, 17-2.11, 20-5, and 27-23], the Illinois Pension Code [40 ILCS 5 ], and the Local Governmental and Governmental Employees Tort Immunity Act [745 ILCS 10 ].

2) Interest earned on State grants shall be treated in accordance with the provisions of the Illinois Grant Funds Recovery Act [30 ILCS 705 ].

3) Interest earned on federal grant funds shall be treated in accordance with the relevant federal regulations.

4) Unless otherwise provided by statute or specified by board resolution adopted prior to June 30 of a fiscal year, interest earnings shall be added to and become part of principal as of June 30 of the fiscal year.

b) Premiums on bonds shall be treated in accordance with the provisions of Section 10-22.14 of the School Code.

c) Loans from the Working Cash Fund to any other fund are subject to the provisions of Sections 20-4 and 20-5 of the School Code [105 ILCS 5/20-4 and 20 -5], while any other loans between or among funds are subject to the provisions of Section 10-22.33 of the School Code [105 ILCS 5/10-22.33] .

d) Permanent Inter-Fund Transfers

1) When revenues or other sources of funds are pledged to pay debt service on any long-term debt, the moneys shall be transferred into the Debt Service Fund.

2) When revenues or other sources of funds are pledged to pay for a capital project or acquisition, the moneys shall be transferred into the Capital Projects Fund, except in case of acquisition of any equipment that must be financed from the transportation fund pursuant to Section 17-8 of the School Code [105 ILCS 5/17-8] .

3) The Working Cash Fund may be either abated or abolished in accordance with the procedures specified in Section 20-8 of the School Code [105 ILCS 5/20-8] .

4) All other inter-fund transfers shall be accomplished in accordance with the applicable provisions of Section 17-2A of the School Code [105 ILCS 5/17-2A] .

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