Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
Table B - Balance Sheet Accounts

Label

Account Number

Notes

ASSETS

CURRENT ASSETS

100

CASH

110

Cash in Bank (Imprest Fund)

111

A fund maintained in a bank to provide for emergency disbursements when issues of timing preclude following the regular disbursement procedure.

Cash on Hand

112

Currency, coin, checks, money orders, and bankers' drafts on hand or on deposit with an official or agent designated as the custodian of cash and bank deposits.

Petty Cash

113

Money set aside to make change or immediate payments of small amounts, such as freight bills.

Change Cash

114

Money set aside for the purpose of providing change for cash registers.

Cash with Fiscal Agents

115

Funds on deposit with fiscal agents, such as commercial banks, for the payment of matured bonds and interest.

INVESTMENTS

120

Investments

121

Securities and real estate held for the production of income in the form of interest, dividends, rentals, or lease payments.

Unamortized Premiums on Investments

122

The excess of the amount paid for securities over the face value that has not yet been amortized.

Unamortized Discounts on Investments (Credit)

123

The excess of the face value of securities over the amount paid for them that has not yet been written off.

Interest Receivable on Investments

124

Amounts of interest receivable on investments.

Accrued Interest on Investments Purchased

125

Interest accrued on investments between the last interest payment date and date of purchase.

Student Activity Cash and Investments

126

Cash and investments owned, operated, and managed by organizations, clubs, or associations within the student body under the guidance and direction of one or more staff members for educational, recreational, or cultural purposes, including, but not limited to, homeroom, yearbook, class year, choral or band group, class projects, student clubs, student council, or student-sponsored bookstore.

TAXES RECEIVABLE

130

Taxes Receivable

131

The uncollected portion of taxes levied, including any interest or penalties that may be accrued. Separate accounts may be maintained on the basis of tax roll year or for current and delinquent taxes.

Allowance for Uncollected Taxes (Credit)

132

A provision for that portion of taxes receivable that is considered unlikely to be collected.

Tax Liens Receivable

133

Legal claims against property that have been exercised because of nonpayment of delinquent taxes, interest, and penalties.

Estimated Uncollectible Tax Liens

134

A provision for that portion of tax liens receivable that is considered unlikely to be collected.

INTERFUND RECEIVABLES

140

Interfund Loans Receivable

141

An asset account used to record a loan by one fund to another fund.

INTERGOVERNMENTAL ACCOUNTS RECEIVABLE

150

Intergovernmental Accounts Receivable

151

Amounts due to the reporting governmental unit from other governmental units. These amounts represent grants-in-aid, shared taxes, taxes collected for the reporting unit by another unit, loans, and charges for service.

Estimated Uncollectible Claim from Other Governmental Units

152

A provision for that portion of money due from other governmental units that is considered unlikely to be collected.

Due from ISBE

153

Amounts due to be transmitted by the State Board of Education through the regional office of education for grants and contracts.

OTHER RECEIVABLES

160

Loans Receivable

161

Amounts that have been loaned to persons or organizations, as permitted by statute.

Allowance for Uncollectible Loans (Credit)

162

The portion of loans receivable that is considered unlikely to be collected. The account is shown on the balance sheet as a deduction from Account 161 (Loans Receivable).

Other Accounts Receivable

163

Amounts owing on an open account from private persons, firms, or corporations for goods and services furnished by a district (but not including amounts due from other funds or from other governmental units).

Allowance for Uncollectible Accounts Receivable (Credit)

164

A provision for that portion of accounts receivable that is considered unlikely to be collected. The account is shown on the balance sheet as a deduction from the Other Accounts Receivable.

INVENTORIES

170

Inventories for Consumption

171

The cost of supplies and equipment on hand and not yet distributed to requisitioning units.

Inventories for Resale

172

The value of goods held by a district for resale rather than for use in its own operations (for example, the cost of all materials and other expense incurred in the building of vocational projects for sale).

PREPAID ITEMS

180

Prepaid Items

181

Expenses entered in the accounts for benefits not yet received. Prepaid expenses differ from deferred charges in that they are spread over a shorter period of time than deferred charges and are regularly recurring costs of operations.

OTHER CURRENT ASSETS

190

Deposits

191

Funds deposited by the district as a prerequisite to receiving services or goods.

Deferred Expenditures

192

Certain disbursements that are made in one period but are more accurately reflected as expenditures in the next fiscal period.

Capitalized Bond and Other Debt Issuance Costs

193

Certain bond and other debt issuance costs, including lease-purchase debt issuance costs that are capitalized for the purpose of accounting for the cost/valuation basis of capital assets.

Premium/Discount on Issuance of Bonds

194

The portion of the excess of the face value of bonds over the amount received from their sale that remains to be written off over the life of the bonds.

Other Accrued Revenue

195

Accrued revenue that is not provided for elsewhere.

Other Current Assets

199

Current assets not provided for elsewhere.

CAPITAL ASSETS

200

WORKS OF ART AND HISTORICAL TREASURES

210

Individual items or collections of items that are of artistic or cultural importance. These are non-depreciable assets.

LAND

220

This account reflects the acquisition value of land owned by a district. If land is purchased, this account shall include the purchase price and costs such as legal fees, filling and excavation costs, and other associated improvement costs.

Non-Depreciable Land

221

This account reflects the acquisition value of land owned by the district other than land acquired and or used for bus parking or maintenance and claimable under the Pupil Transportation Reimbursement program. See 23 Ill. Adm. Code 120.

Depreciable Land

222

This account reflects the acquisition value of land owned by the district and acquired or used for bus parking or maintenance and claimable under the Pupil Transportation Reimbursement program.

Accumulated Depreciation on Land

223

Accumulated amounts for the depreciation of land claimed under the Pupil Transportation Reimbursement program.

BUILDINGS AND BUILDING IMPROVEMENTS

230

Expenditures for acquiring buildings and additions, either existing or to be constructed. Included are expenditures for installment or lease payments (except interest) that have a terminal date and result in the acquisition of buildings, except payments to public building commissions or similar agencies. Expenditures for major permanent structural alterations and the initial or additional installation of heating and ventilating systems, electrical systems, plumbing systems, fire protection systems, and other service systems in existing buildings are also included.

Permanent Buildings and Building Improvements

231

Buildings and additions that are properly classified as real estate.

Temporary Buildings and Building Improvements

232

Buildings and additions that are properly classified as personal property and are primarily characterized by the absence of a permanent foundation.

Accumulated Depreciation on Permanent Buildings and Building Improvements

233

Accumulated amounts for the depreciation of permanent buildings and building improvements.

Accumulated Depreciation on Temporary Buildings and Building Improvements

234

Accumulated amounts for the depreciation of temporary buildings and building improvements.

SITE IMPROVEMENTS AND INFRASTRUCTURE

240

Expenditures for the initial and additional improvement of sites and adjacent ways after acquisition by the district, consisting of such work as grading, landscaping, seeding, and planting of shrubs and trees; constructing new sidewalks, roadways, retaining walls, sewers and storm drains; installing hydrants; initial surfacing and soil treatment of athletic fields and tennis courts; furnishing and installing for the first time fixed playground apparatus, flagpoles, gateways, fences, and underground storage tanks that are not parts of building service systems; and demolition work. Special assessments against the district for capital improvements such as streets, curbs, and drains are also recorded here.

Accumulated Depreciation on Site Improvements and Infrastructure

241

Accumulated amounts for the depreciation of site improvements and infrastructure.

CAPITALIZED EQUIPMENT

250

Any instrument, machine, apparatus, or set of articles whose cost equals or exceeds the capitalization threshold of the district.

Capitalized Equipment -

3-Year Schedule

251

Repairs or modifications to a pupil transportation vehicle, pupil monitoring equipment installed on school buses, including video cameras, and computer equipment used exclusively in the food service program.

Capitalized Equipment -

5-Year Schedule

252

Pupil transportation vehicles used to transport students, driver education cars, vehicles and transportation equipment used exclusively in the food service program, and equipment necessary for the operation of a special educational facility.

Capitalized Equipment -

10-Year Schedule

253

All other capitalized equipment not included in the 3-year or 5-year schedules, including, but not limited to, other equipment used in the food service program, other equipment used in the driver education program, two-way transportation vehicle communication systems, pupil transportation equipment not installed in a vehicle, service vehicles (such as a tow truck) used to service pupil transportation vehicles, and other capitalized equipment.

Accumulated Depreciation on Capitalized Equipment -

3-Year Schedule

254

Accumulated amounts for the depreciation of capitalized equipment with a 3-year schedule.

Accumulated Depreciation on Capitalized Equipment -

5-Year Schedule

255

Accumulated amounts for the depreciation of capitalized equipment with a 5-year schedule.

Accumulated Depreciation on Capitalized Equipment -

10-Year Schedule

256

Accumulated amounts for the depreciation of capitalized equipment with a 10-year schedule.

CONSTRUCTION IN PROGRESS

260

The cost of construction work undertaken but not yet completed.

BUDGETING ACCOUNTS AND OTHER DEBITS

300

ESTIMATED REVENUES

310

The amount of revenues estimated to be received or to become receivable during the fiscal period. At the end of the fiscal period, this account shall be closed out and shall not appear in a balance sheet prepared at the close of the fiscal year.

REVENUE (CREDIT)

320

The increase in ownership equity during a designated period of time. This account appears only in a balance sheet prepared during the fiscal period. At the end of the fiscal period, this account shall be closed out and shall not appear in a balance sheet prepared at the close of the fiscal year.

BONDS AUTHORIZED - UNISSUED

330

Bonds which the district can issue without further proceedings other than to direct their sale.

AMOUNT AVAILABLE IN DEBT SERVICE FUNDS

340

This account designates the amount of assets available in a debt service fund for the retirement of general long-term debt.

AMOUNT TO BE PROVIDED FOR PAYMENT OF BONDS

350

This account represents the amount to be provided from taxes or other general revenue to retire outstanding general long-term debt.

LIABILITIES

CURRENT LIABILITIES

400

INTERFUND PAYABLES

410

Interfund Loans Payable

411

An account used to record a debt owed by one fund to another fund of the same district.

Interfund Accounts Payable

412

Amounts owed to a fund by another fund for goods sold or services rendered.

INTERGOVERNMENTAL ACCOUNTS PAYABLE

420

Intergovernmental Accounts Payable

421

Amounts owed by the reporting district to the named governmental unit.

Intergovernmental Accounts Payable - Unresolved

422

Amounts set up as liabilities due to the uncertainty of ownership of the amounts.

OTHER PAYABLES

430

Accounts Payable

431

Liabilities owing to private persons, firms, or corporations for goods and services received by a district (not including amounts due to other funds or to other governmental units).

Judgments Payable

432

Amounts due to be paid as the result of court decisions, including condemnation awards for private property taken for public use.

Notes & Warrants Payable

433

Amounts due for tax anticipation warrants, corporate personal property tax anticipation notes, or other notes payable.

Vouchers Payable

434

Liabilities for goods and services received, as evidenced by vouchers that have been pre-audited and approved for payment but have not been paid.

CONTRACTS PAYABLE

440

Contracts Payable

441

Amounts due on contracts for assets, goods, and services other than construction.

Construction Contracts Payable - Retainage

442

Amounts due for the "retainage" portion of contracts for construction of building structures and other improvements.

Construction Contracts Payable

443

Amounts due on contracts for construction of building structures and other improvements.

BONDS PAYABLE

450

Mature Bonds Payable

451

Bonds that have reached or passed their maturity date but remain unpaid.

Mature Bonds Payable - Interest

452

Interest on bonds that have reached the maturity date but remain unpaid.

Bonds Payable - Current

453

Bonds that have not reached or passed their maturity date but are due within one year.

Unamortized Premiums on Issuance of Bonds

454

That portion of the excess of bond proceeds over par value that remains to be amortized over the remaining life of the bonds.

LOANS PAYABLE

460

Loans Payable

461

Short-term obligations representing amounts borrowed for short periods of time, usually evidenced by notes payable or warrants payable.

Lease Obligations - Current

462

Capital lease obligations that are due within one year.

Interest Payable

463

Interest due within one year.

SALARIES AND BENEFITS PAYABLE

470

Accrued Salaries and Benefits

471

Expenses incurred during the current accounting period but not payable until a subsequent accounting period.

PAYROLL DEDUCTIONS AND WITHHOLDINGS

480

Payroll Deductions and Withholdings

481

Amounts deducted from employees' salaries for withholding taxes and other purposes, including amounts payable for district-paid benefits. A separate liability account may be used for each type of benefit.

Compensated Absences - Current

482

Compensated absences (e.g., vacation, sick leave, or sabbatical leave) that will be paid within one year.

Accrued Annual Retirement Contribution Liability

483

A liability arising from payments not made to pension funds. This amount represents any difference between the actuarially determined required annual contribution and actual payments made to the pension fund.

DEFERRED REVENUES AND OTHER CURRENT LIABILITIES

490

Deferred Revenues

491

Liability accounts that represent assets receivable or collected before they are recognized as revenue.

Deposits Payable

492

Liability for deposits received as a prerequisite to providing or receiving services or goods.

Due to Fiduciary Funds Organizations

493

Assets held by a district as the agent for activity fund organizations.

Due to Fiscal Agent

494

Amounts due to fiscal agents, such as commercial banks, for servicing a district's maturing indebtedness.

ROE Distributives Payable

495

Amounts received but not yet disbursed to districts and other entities from the regional office's distributive fund.

ROE Distributive Interest Payable

496

Amounts received and recorded for interest on a bank account that has more than one source of funds deposited in it. (This account is used only if interest is recorded before it is allocated to all sources of funds in the account.)

ROE Distributive Interest Payable (Unresolved)

497

Amounts received for interest on account for other governmental units whose disposition is pending.

Accrued Expenses

498

Expenses incurred during the current accounting period but not payable until a subsequent accounting period. Examples include accrued salaries, tuition expense, interest, and rent.

Other current liabilities

499

Other current liabilities not provided for elsewhere.

LONG-TERM LIABILITIES

500

Bonds Payable

511

The face value of bonds issued and outstanding.

Accreted Interest

512

Interest that is accrued on deep-discount bonds, such as capital appreciation bonds. With such bonds, usually no interest payment is made until maturity.

Unamortized Gains/Losses on Debt Refundings

513

An account that represents the difference between the reacquisition price and the net carrying amount of old debt when a current or advance refunding of debt occurs.

Loans Payable

521

An unconditional written promise to pay a certain sum of money one year or more after the issuance date.

Capital Lease Obligations

531

Amounts remaining to be paid on capital lease agreements.

Compensated Absences

551

Amounts to be paid in the following fiscal year for compensated absences occurring in the current fiscal year.

Arbitrage Rebate Liability

561

Liabilities arising from arbitrage rebates to the IRS from bond financing.

Other Long-Term Liabilities

590

Other long-term liabilities not provided for elsewhere.

BUDGETING ACCOUNTS AND OTHER CREDITS

600

Appropriations

601

Authorizations granted by the governing body to make expenditures and to incur obligations for specific purposes.

Expenditures (Debits)

602

An account that appears in balance sheets prepared during the fiscal period and designates the total expenditures charged against appropriations during that period.

Encumbrances (Debits)

603

Obligations in the form of purchase orders, contracts, or salary commitments that are chargeable to an appropriation and for which a part of the appropriation is reserved.

FUND BALANCES AND FUND NET ASSETS

700

Reserve for Inventories

711

A reserve representing the segregation of a portion of a fund balance to indicate that equivalent assets are tied up in inventories of supplies on hand and not yet issued to requesting units.

Reserve for Prepaid Items

712

A reserve representing that portion of a fund balance segregated to indicate that equivalent assets are tied up and are, therefore, not available for appropriation.

Reserve for Encumbrances

713

A reserve representing the segregation of a portion of a fund balance to provide for unliquidated encumbrances. Separate accounts may be maintained for current and prior-year encumbrances.

Other Reserved Fund Balance

714

A reserve representing that portion of a fund balance segregated to indicate that equivalent assets are tied up and are, therefore, not available for appropriation.

Reserved Fund Balance for Student Activity Funds

715

Fund Balances owned, operated, and managed by organizations, clubs, or associations within the student body under the guidance and direction of one or more staff members for educational, recreational, or cultural purposes. (Examples: homeroom, yearbook, class year, choral or band group, class projects, student clubs, student council, student-sponsored bookstore)

Designated Fund Balance

720

A reserve representing the segregation of a portion of a fund balance to indicate that equivalent assets are tied up for the named special purpose.

Unreserved Fund Balance

730

The excess of the assets of a fund over its liabilities and reserves, except in the case of funds subject to budgetary accounting where, prior to the end of a fiscal period, it represents the excess of the fund's assets and estimated revenue.

Invested in Capital Assets Net of Related Debt

740

This account represents the district's equity in general fixed assets.

Residual Equity Transfers

750

Permanent non-routine or non-recurring transfers of amounts from one fund to another. (Separate accounts should be used for transfers in and out, with the reason for each transfer well documented.)

Prior Period Adjustments

760

An account reflecting an adjustment during the current period from a prior period.

Restricted Net Assets

770

Net assets restricted by sources internal or external to the district.

Unrestricted Net Assets

780

Net unrestricted assets not classified in Account 740 or 750.