Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 600 - ENROLLMENT OF AND PAYMENT FOR NONRESIDENT STUDENTS AT THE PHILIP J. ROCK CENTER AND SCHOOL
Subpart C - FISCAL PROCEDURES
Section 600.250 - Cost Reports
Universal Citation: 23 IL Admin Code ยง 600.250
Current through Register Vol. 48, No. 12, March 22, 2024
The School shall file the reports listed in this Section electronically in a format prescribed by the State Superintendent of Education and within the timelines specified.
a) Cost Report
The cost report is due no later than the May 1 immediately preceding the fiscal year to which the report applies and shall convey budgeted cost and revenue projections for that fiscal year.
b) Attested Cost Report
1) An attested cost report is due no later
than 20 days after the end of each quarter (i.e., September 30, December 31,
March 31 and June 30).
2) Each
attested cost report shall contain expenditures on a cash accounting basis and
revenue information on an accrual basis that are year-to-date from the
beginning of the fiscal year.
3)
Each attested cost report shall include any outstanding obligations, with the
exception of payroll expenses, that are expected to be paid within 30 days
after the end of the quarter.
c) Financial Audit and Consolidated Financial Report
1) No later than 120 days before the
end of the fiscal year, the School shall submit a financial audit, performed by
a certified public accountant licensed under the Illinois Public Accounting Act
[225 ILCS 450 ], for the fiscal year just completed.
2) The School shall complete and submit a
Consolidated Financial Report in an electronic format specified by the State
Superintendent with the financial audit required under subsection
(c)(1).
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