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

Current through Register Vol. 48, No. 28, July 12, 2024
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.