Illinois Administrative Code › Title 11 - ALCOHOL, HORSE RACING, LOTTERY, AND VIDEO GAMING › Part 412 - UNIFORM SYSTEM OF ACCOUNTS › Section 412.50 - Balance Sheet Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
100 Cash
This account shall include the amount of cash on hand and
				demand deposits in banks which are immediately available for general business
				purposes.
Typical Items
Working funds
Petty cash funds
Undeposited receipts
General checking accounts
Payroll checking accounts
101 Cash - Restricted, Outstanding Mutuel Tickets
This account shall include the amount of cash on hand and time
				and demand deposits in banks which are restricted in use, as required by the
				Act, for payment of outstanding mutuel tickets.
102 Special Funds
Cash on deposit in banks which is not readily available for
				normal business disbursements because of specific legal withdrawal restrictions
				(i.e., provisions of loan agreements, etc.) shall be included in this
				account.
110 Temporary Cash Investments
This account shall reflect the book cost of interest-bearing
				cash deposits and marketable securities acquired for the purpose of temporarily
				investing cash. Separate sub-accounts shall be maintained as described below
				for this account:
Accounts
Typical Items
Interest-bearing cash deposits
#111
Savings accounts, time deposits and certificates of
						  deposit
Marketable securities
#112
U.S. Treasury bills and notes State and municipal bonds
						  Corporate bonds, notes and stock Promissory and demand notes
120 Receivables
This account shall include amounts due from individuals or
				organizations, including other licensees, for sales, claims, loans and advances
				or other debtor obligations, but only to the extent that such amounts are
				expected to be realized within one year's time.
Typical Items
Uncollected rents
Overpayment of current year's income tax liability or other
				obligation
Accrued interest on investments
Uncollected billings or accruals under occupancy agreements or
				other obligation from other licensees
Substantiated claims against suppliers or public
				carriers
Claims against NSF checks
Loans and advances due from the licensee's officers and
				employees, but not expense advances (see Account #130), affiliated companies or
				others
Obligations in the form of notes receivable
Uncollected proceeds from property sales
Dividends receivable
This account shall be maintained in such a manner as to permit
				segregation and separate reporting of any component item or items in order to
				facilitate the more accurate identification of the aggregate of receivables
				where the amount(s) associated with such item(s) make up a majority of the
				total balance in this account.
120.1
				Reserve for Doubtful Accounts
This account shall include an amount equal to anticipated
				collection losses and other adjustments or allowances which, in the normal
				course of events, will reduce the gross charge to the debtor.
Accounts which are determined to be uncollectible should be
				written off against the reserve, and the recoveries of accounts previously
				written off should be credited to the reserve.
The corresponding charge relating to the establishment of this
				reserve shall be made to the Other Expense Account. (See account #469 in 11
				Ill. Adm. Code Section
				412.70 )
130 Prepayments
This account shall include the costs incurred for benefits or
				services not yet received, but only to the extent that such costs are expected
				to be realized substantially within the next year.
Typical Items
Rent
Insurance
Racing License fees
Commissions
Taxes
Inventories of supplies (i.e., office and concession
				supplies)
Expense advances to employees in the ordinary course of
				business
This account shall be maintained in such a manner as to permit
				segregation and separate reporting of any component item or items in order to
				facilitate the more accurate identification of the aggregate of "prepayments"
				where the amount(s) associated with such item(s) make up a majority of the
				total balance in this account.
140 Other Current Assets
This account shall include the amounts of all other current and
				accrued assets which are expected to be realized within the following year and
				which are not properly includable in any of the other current asset accounts as
				defined herein.
This account shall be maintained in such a manner as to permit
				segregation and separate reporting of any component item or items in order to
				facilitate the more accurate identification of the aggregate of "other current
				assets" where the amount(s) associated with such item(s) make up a majority of
				the total balance in this account.
150 Investments in Affiliated Companies
This account shall include the cost of capital stocks of
				affiliates acquired by the licensee.
In addition, such investments shall be adjusted periodically to
				reflect the company's proportionate share of subsequent increases or decreases
				in the underlying book values of such affiliates acquired. (Accounting for
				investments on the equity method.)
The following sub-accounts shall be maintained to provide for
				the accounting in this area:
Account
Underlying book value of investment
#150.1
Cost in excess of underlying book value at date of
						  investment
#150.2
The underlying book value account shall reflect the initial
				cost of the acquisition as recorded on the affiliates books plus any subsequent
				adjustments by the association to record its share of any increases or
				decreases to this initial book value.
The cost in excess of underlying book value at date of
				acquisition account shall reflect that portion of the licensee's total cost of
				acquisition which exceeded the book value of the affiliate at the initial date
				of investment.
151 Loans and Advances Receivable From Affiliated
				Company
This account shall include the book amount of loans and
				advances made to affiliated companies but only to the extent that such loans
				and advances are expected to be realized after one year's time. See Account
				#120 for recording of loans and advances receivable within one year.
160 Property, Plant and Equipment
Sub-accounts as described below shall be maintained to reflect
				the cost of acquisition or construction of the licensee's owned tangible
				property.
Main Facilities - Plant and Track
Account
Typical Items
Land
#161
All land
Ground improvements
#162
Parking lots, walkways, landscaping, track
						  improvements, etc.
Buildings and improvements
#163
Main plant (grandstand and mutuels building) paddock
						  building, patrol judge towers, etc.
Machinery and equipment
#164
Trucks, tractors, office equipment, heating and cooling
						  equipment, etc.
Furniture and fixtures
#165
Office furniture, etc.
Backstretch Facilities
Buildings and improvements
#166
Stables, barns, tack rooms, training sheds, track
						  kitchen, detention building, recreation building, etc.
Machinery and equipment
#167
The cost of machinery and equipment used exclusively in
						  the backstretch area.
Furniture and fixtures
#168
The cost of furniture and fixtures located in the
						  backstretch area.
160.1
				Accumulated Depreciation
This account shall reflect the accumulated provisions made for
				depreciation upon the licensee's owned tangible property and shall be the sum
				of the amounts contained in the sub-accounts shown below. See Exhibit B for
				reporting of applicable useful lives and method(s) of computing provisions for
				depreciation.
Main Facilities - Plant and Track
Account
Accumulated depreciation - ground improvements
#162.1
Accumulated depreciation - buildings and
						  improvements
#163.1
Accumulated depreciation - machinery and
						  equipment
#164.1
Accumulated depreciation - furniture and
						  fixtures
#165.1
Backstretch Facilities
Accumulated depreciation - buildings and
						  improvements
#166.1
Accumulated depreciation - machinery and
						  equipment
#167.1
Accumulated depreciation - furniture and
						  fixtures
#168.1
170 Leasehold Improvements
This account shall include the costs of acquisition or
				construction of improvements made to facilities leased by the licensee.
170.1 Accumulated Amortization of Leasehold Improvements
This account shall reflect the accumulated provisions made for
				amortization of leasehold improvement costs. Such provisions shall be
				determined on the shorter of the expected useful lives of the improvements or
				the remaining term of the lease.
180 Other Noncurrent Assets
This account shall include the amounts of all other noncurrent
				and accrued assets which are expected to be realized over the period following
				one year's time and which are not properly includable in any of the other
				noncurrent asset accounts as defined herein. For example, cash held by a
				licensee for payment in future years of race purses such as the purse for
				American National races shall be reflected in this account. Other items
				properly accounted for in this account shall include deferred charges and other
				miscellaneous assets which are unusual in nature or the proper final
				disposition of which is uncertain. Deferred charges is defined as the amount of
				charges and expenses to be assigned to future periods. Organizations expense is
				an example. Items in this account are distinguished from similar items
				classified as prepayments (see Account #130) by the reason that such charges
				are generally applicable over longer periods of time. Another distinction
				between a prepayment and a deferred charge is that a prepayment (i.e.,
				insurance) is an amount incurred or paid for services not yet received or the
				benefit of which has not been fully realized - whereas a deferred charge is a
				cost of service or goods already received but the income against which such
				costs are to be matched will not be received until a future period. The
				write-off of deferred charges is therefore made according to recognition of
				income from the related projects.
200 Accounts Payable
This account shall include amounts payable to individuals or
				organizations, including other licensees and affiliates for receipt of an
				asset, service, expense incurred or other obligation, but only to the extent
				that such amounts are expected to be liquidated within one year.
Typical Items
Unpaid rents
Trade payables to suppliers
Unpaid billings under occupancy agreements or other obligation
				with other licensees or affiliates
Deposits or loans and advances payable to affiliated companies
				or others
Unpaid amounts on property purchases
Dividends declared but unpaid
Withholdings from employees for income and social security
				taxes
This account shall be maintained in such a manner as to permit
				segregation and separate reporting of any component item or items in order to
				facilitate the more accurate identification of the aggregate of "payables"
				where the amount(s) associated with such item(s) make up a majority of the
				total balance in this account.
201 Notes Payable
This account shall include amounts payable for current
				maturities of debt obligations for borrowed funds, such as notes or mortgages
				payable to banks and others, bonds or debentures.
202 Special Purse and Reward Fund
This account shall reflect the aggregate utilization of monies
				from the Special Purse and Reward Fund for payment of purses and awards.
203 Entry and Nomination Fees
This account shall reflect the aggregate utilization of monies
				from entry and nomination fee escrow accounts for payment of purses.
204 Admissions Tax
This account shall reflect the amount of state and local taxes
				paid relating to admissions.
205 Parking Tax
This account shall reflect the amount of local taxes paid
				relating to parking.
210 Accruals
This account shall reflect the total estimated liability for
				costs that are not immediately payable although the benefit thereon has been
				received in the current period. Separate sub-accounts shall be maintained as
				described below for this account:
Account
Typical Items
Taxes
#211
Real estate, personal property, income and other
						  taxes
Interest
#212
Interest liability on borrowed funds
Other
#213
Salaries, vacation and holiday pay, social
						  security
If Federal and state income taxes are significantly overpaid,
				the classification of such overpayment should be as a current asset. (See
				Account #120.)
220 Liability for Outstanding Mutuel Tickets
This account shall include the amount of outstanding mutuel
				tickets for which the licensee has the liability of redemption. (See Account
				#101.)
221 Purse Underpayment Liability
This account shall include the amount of the licensee's
				liability for the underpayment of purses as determined by contract with the
				horsemen. This account shall also include the licensee's liability for the
				underpayment of purses provided by the Special Purse and Reward Fund. Any purse
				overpayment should be recorded as an account receivable in Account #120.
230 Loans and Advances Payable to Affiliates
This account shall include the face amount of loans and
				advances made to the licensee by affiliated companies but only to the extent
				that such loans and advances are expected to be liquidated after one year's
				time. See Account #200 for recording of loans and advances payable within one
				year.
231 Long-Term Debt
This account shall include the face amount of debt obligations
				for borrowed funds such as notes or mortgages payable to banks and others,
				bonds or debentures but only to the extent that such obligations are expected
				to be liquidated in the period following one year's time. See Account #201 for
				recording of debt obligations payable within one year.
240 Deferred Income Taxes
This account shall include an amount equal to the tax
				differences which result from differences in timing or reporting certain
				transactions for income tax purposes as compared with financial reporting
				purposes.
For example, the application of accelerated depreciation for
				tax purposes and straight-line depreciation for financial reporting purposes
				will result in deferred income taxes equal to the tax effect of the difference
				in the depreciation provision resulting from the use of these two
				methods.
250 Other Long-Term Liabilities
This account shall include the amounts of all other noncurrent
				and accrued liabilities which are expected to be liquidated over the period
				following one year's time and which are not properly includable in any of the
				other noncurrent liability accounts as defined herein.
This account shall be maintained in such a manner as to permit
				segregation and separate reporting of any component item or items in order to
				facilitate the more accurate identification of the aggregate of "other
				noncurrent liabilities" where the amount(s) associated with such item(s) make
				up a majority of the total balance in this account.
260 Preferred Stock
This account shall include the par value of the state value of
				stock without par value.
261 Common Stock
This account shall include the par value or the stated value of
				stock without par value.
262 Additional Paid-In Capital
This account shall include the excess of the actual cash value
				of the consideration received on issues of preferred and/or common stock over
				the par or stated value of such stock.
263 Retained Earnings
This account shall include the balance, either debit or credit,
				of retained earnings arising from earnings.
263.1 Equity in Undistributed Earnings (Loss) of
				Affiliates
This account shall include the amount of the periodic
				adjustments made by the licensee to reflect its proportionate share of
				increases or decreases in the underlying book value of investments in
				affiliates.