Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING › Section 100.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Basis of accounting" means either a cash basis or an accrual
				basis. For purposes of this Part, "cash basis" includes a modified cash basis,
				and "accrual basis" includes a modified accrual basis.
"Capital asset" means any parcel of land, building, improvement
				to land other than buildings, instrument, machine, apparatus, or set of
				articles that:
under normal conditions of use, including reasonable care and
				maintenance, can be expected to serve its principal purpose for longer than 12
				months;
does not lose its identity through fabrication or incorporation
				into a different or more complex unit or substance;
is nonexpendable; that is, if it is damaged or some of its
				parts are worn out, it is more feasible to repair than replace;
retains its appearance and character through use; and
has a cost equal to or in excess of the capitalization
				threshold adopted by the school board.
"Capitalization threshold" means a dollar figure above which
				the cost of an item will be depreciated.
"CFDA" means the Catalog of Federal Domestic Assistance
				available on the U.S. General Services Administration's website at
				https://www.cfda.gov/.
"Class I county school unit" means a county with fewer than
				2,000,000 inhabitants.
"Class I school district" means any school district located
				within a Class I county school unit.
"Class II county school unit" means a county with 2,000,000 or
				more inhabitants.
"Class IIA school district" means any school district that is
				located within a Class II county school unit but is not subject to the
				jurisdiction of the trustees of schools of any township in which the district
				is located.
"Class IIB school district" means any school district that is
				located within a Class II county school unit and is subject to the jurisdiction
				of the trustees of schools of any township in which the district is
				located.
"Code" means the School Code [105 ILCS 5].
"Construction in progress" means construction work undertaken
				but not yet completed.
"Depreciable land" means land that is owned by a school board
				and used for school bus storage or maintenance and on which depreciation is
				claimed in accordance with the provisions of 23 Ill. Adm. Code 120 (Pupil
				Transportation Reimbursement).
"Depreciation allowance" means an estimate of the annual cost
				of using an item that is based on its acquisition cost divided by its assumed
				or estimated useful life.
"Dimension" means a classification that is used to describe
				various characteristics of accounts (e.g., expenditures, revenues, and sources
				and uses of funds).
"Equipment (3-year schedule)" means 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.
"Equipment (5-year schedule)" means vehicles used to transport
				students, driver education cars, vehicles or transportation equipment used
				exclusively in the food service program, and equipment necessary for the
				operation of a special educational facility.
"Equipment (10-year schedule)" means any capitalized equipment
				not included on the 3-year or 5-year schedule, 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, and service vehicles
				(such as tow trucks) used to service pupil transportation vehicles.
"ESEA" means the federal Elementary and Secondary Education
				Act, as amended by the Every Student Succeeds Act (ESSA (
				P.L.
				114-328 )) (23 USC 6301 et seq.).
"Expenditures" means transactions involving the disbursement of
				cash or the establishment of an obligation without creating an asset or
				canceling a liability.
"Fiduciary funds" means funds received from an independent,
				outside source in which the school board is acting in an administrative
				capacity. The school board, superintendent, or any district employee shall not
				have any right of approval for how the funds are spent or raised, nor shall
				they have direct financial involvement in the funds, as determined under
				Governmental Accounting Standards Board Statement No. 84 (GASB 84). The
				district shall have fiduciary responsibility for these funds, but does not have
				any control over the funds. "Fiduciary funds" includes an outside, independent
				scholarship fund in which the district has no authority to decide how the funds
				are attained or awarded.
"GASB 84" means the Governmental Accounting Standards Board
				Statement No. 84.
"Generally accepted governmental auditing standards" means the
				"Standards for Audit of Government Organizations, Programs, Activities and
				Functions" (2011) published by the Comptroller General of the United States and
				accessible at
http://www.gao.gov/yellowbook
. No
				later amendments to or editions of these standards are incorporated by this
				Section.
"Local Governmental and Governmental Employees Tort Immunity
				Act" means 745 ILCS 10.
"Non-capitalized equipment" means any item that would be a
				capital asset except for the fact that its cost is less than the capitalization
				threshold adopted by the school board.
"Non-depreciable land" means any land owned by a school board
				that does not qualify as depreciable under this Section.
"Operating Funds" means the Educational, Operations and
				Maintenance, Transportation, and Working Cash funds.
"Permanent buildings and building improvements" means buildings
				and additions, either existing or to be constructed, that are properly
				classified as real estate. Included are expenditures for installment or lease
				payments (exclusive of interest) under capitalized leases.
"Petty cash fund" means a fund in which a sum of cash is set
				aside for the purpose of making change or making immediate payments when the
				amounts involved are so small that processing through the school board's
				regular procedure would be uneconomical.
"Revenues" means transactions involving the receipt of cash
				without creating a liability or canceling an asset.
"Revolving fund" means a fund out of which disbursements can be
				made quickly, to address emergencies and other timing issues that prevent a
				district from following its regular procedures for disbursement.
"School board" or "board" means the board of education or board
				of directors of a school district or the governing board or board of control of
				a cooperative or joint agreement.
"Student activity funds" means funds owned, operated, and
				managed by an organization, club, or association 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 bookstores. The school board,
				superintendent, or district employees have direct involvement with the
				decisions of how the funds are spent or attained.
"Supplies" means items of a consumable nature not classified as
				capital assets or non-capitalized equipment.
"Temporary buildings and building improvements" means buildings
				and additions, either existing or to be constructed, that are properly
				classified as personal property and are primarily characterized by the absence
				of a permanent foundation. Included are expenditures for installment or lease
				payments (exclusive of interest) under capitalized leases.
"Unbalanced budget" means a budget in which the direct revenues
				of the operating funds are less than the direct expenditures from those funds
				by an amount that is greater than one-third of the funds' ending fund
				balances.