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1 Illinois State Board of Education 1
FY2016 Annual Financial Report (AFR)
Presenters:
Christine Kolaz Debra Hemberger Scott Durr
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- Common Call-in questions
- Reminders
- Legislation
- Other Information
- Due Dates
- Downloading the AFR
1 Illinois State Board of Education 1 FY2016 Annual Financial - - PowerPoint PPT Presentation
1 Illinois State Board of Education 1 FY2016 Annual Financial - - PowerPoint PPT Presentation
1 Illinois State Board of Education 1 FY2016 Annual Financial Report (AFR) Presenters: Christine Kolaz Debra Hemberger Scott Durr Illinois State Board of Education 2 Presentation Topics Common Call-in questions Reminders
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Common Call in Questions
- Depreciating Transportation Capital Outlay
Expenditures
- General State Aid Formula
Illinois State Board of Education
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Common Call in Questions cont..
Capital Improvements vs Operations & Maintenance for Construction Projects
- All expenditures for construction must be accounted for in the Capital
Improvements Fund (cost usually associated with long-term financing).
- All expenditures for regular maintenance should be recorded in the
Operations & Maintenance Fund.
- School Boards should have an approved capitalization threshold in
place to determine these types of expenditures.
Illinois State Board of Education
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Common Call in Questions
Inter-Fund Loan Transfers and Reconciling Cash Fund Accounts
- Some districts are recording these transactions
incorrectly in the Assets/Liability section of the AFR.
- District must record in the fund, where money is
borrowed from and where it is payable to at the end of the fiscal year.
Illinois State Board of Education
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Common Call in Questions
Inter-Fund Loan Transfers and Reconciling Cash Fund Accounts
- Inter-fund loans have to be repaid within 3 years.
- Cannot make inter-fund loans or transfers from
restricted funds or accounts (ex: municipal retirement/social security, tort fund, health life safety, or transportation fund. (105 ILCS 5/10-22.33 Inter-fund Loans for exceptions)
Illinois State Board of Education
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Common Call in Questions
Declaring Interest Income
- Section 100.50 of the Administrative Rules (Inter-fund
Transfers) § A. 4) Unless otherwise provided by statute
- r 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.
Illinois State Board of Education
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- Revenue Account for: Race To the Top –
Preschool Expansion Grant Account: (4902)
- Tuition Payment for Charter Schools- Acct: (1115)
- Question on the Audit Questionnaire, (No. 14,
Page 2), At least one of the following forms was filed with ISBE late: The FY15 AFR, FY15 Annual Statement of Affairs or FY16 Budget (Explain in the comments box below).
Illinois State Board of Education
FY16 AFR Reminders
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- Indirect Cost Rate Calculation (page 30, line 10)
Food Services – Enter only Food cost here
- Submit all AFR and revised AFR documents
through the Attachment Manager to “Annual Financial Report” or email: AFR@isbe.net
- If applicable break links before submitting AFR
form to show values in all cells
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Illinois State Board of Education
FY16 AFR Reminders cont..
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Illinois State Board of Education
Example - Breaking Links
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- SB1403 & HB4022 Now SB231 & SB 16
- Changes funding formula
- Does not include site based accounting
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Illinois State Board of Education
Legislation
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Single Audit - Federal Compliance Report Forms
- These forms are available for districts who
require a Single Audit to be completed.
- Please do not remove any sheets from the AFR
and do not rename any of the tabs.
- New threshold amount is $750,000
Illinois State Board of Education
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- When discussing the audit with the district, please
suggest the district compare the following reports with the prior year’s values.
- Profile Score and Designation
- Administrative Cost Percentage
- Operating Expense Per Pupil/Per Capita Tuition Charge and 9
Month Average Daily Attendance (OEPP/PCTC 9 MO ADA)
- Indirect Cost Rates (ICR)
- Any questionable differences should be brought to
ISBE’s attention immediately.
Discuss Reports with the District
Illinois State Board of Education
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Due Dates
- AFRs are due to the ROE/ISC by October 15,
annually
- AFRs are due to ISBE by November 15, annually
(unless an extension is granted)
- Extension of Time can be granted by the ROE/ISC up
to December 15, annually
- ROEs are to submit their extension approval
immediately to ISBE
Note: Any due date that falls on a Saturday will be due on the Friday
- before. Any due date that falls on a Sunday will be due on the Monday
after.
Illinois State Board of Education
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Downloading & Submitting the AFR
AFR Form: http://www.isbe.net/sfms/afr/afr.htm School Business Services Division: http://www.isbe.net/sbss/default.htm
Illinois State Board of Education
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