Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING › Table A - Classification of Funds

Current through Register Vol. 48, No. 28, July 12, 2024
Label
Account Number
Notes; Source
Educational Fund
10
This is effectively the district's general fund. Each
						  transaction not accommodated by another specific fund shall be processed
						  through this fund. [105 ILCS
						  5/17-2]
Restricted Student Activity Fund
(Sub-Education Fund)
11
This is a sub-fund within the Education Fund to account
						  for Student Activity Funds in accordance with GASB 84.
Operations & Maintenance Fund
20
This fund is required if a tax is levied for purposes
						  of operations and maintenance. [105 ILCS
						  5/17-2 and 17 -7]
Debt Service Fund or Fund Group
30
This fund or fund group is required if taxes are levied
						  to retire bond principal or to pay bond interest, or if other revenue,
						  including revenue from School Facilities Occupation Tax proceeds, is pledged to
						  pay principal, interest, or service charges on other long-term debt
						  instruments. A separate fund shall be established for each issue, but the funds
						  shall be aggregated for reporting purposes. [105 ILCS 5 /Art. 19]
Transportation Fund
40
This fund is required if a district pays for
						  transporting pupils for any purpose. All costs of transportation, other than
						  those authorized by statute to be paid from another fund, shall be paid from
						  this fund. Any funds received for transportation purposes must be deposited
						  into this fund, with amounts due other funds appropriately transferred
						  thereafter.
Municipal Retirement and Social Security Fund
50
This fund is required if a tax is levied to pay for
						  contributions to municipal retirement systems, Social Security, or Medicare.
						  [105 ILCS 5/17-1, 21
						  -110, and 21-110.1]
Capital Projects Fund or Fund Group
60
This fund or fund group is required to account for
						  proceeds resulting from each bond issue, receipts from other long term
						  financing agreements (including impact fee agreements), receipts from School
						  Facilities Occupation Tax proceeds, or construction or maintenance grants used
						  to finance a capital project, capital lease, lease purchase agreement, or if a
						  tax is levied in accordance with Section 17-2.3 of the School Code. A separate
						  fund shall be established for each project or financing source, but aggregated
						  for reporting purposes.
Working Cash Fund
70
This fund is required if a tax is levied or bonds are
						  issued for working cash purposes. [105 ILCS 5 /Art. 20]
Tort Immunity and Judgment Fund
80
This fund is required if taxes are levied or bonds are
						  sold for tort immunity or tort judgment purposes.
Fire Prevention and Safety Fund or Fund Group
90
This fund or fund group is required if a tax is levied
						  or bonds are issued for purposes of fire prevention, safety, energy
						  conservation, or school security. A separate fund must be created for each
						  project or bond issue. [105 ILCS
						  5/2-3.12 and 17 -2.11]
Capital Asset Accounts or Fund Groups
95
This group of accounts records all the district's
						  tangible fixed assets, including land, buildings, machinery, equipment,
						  furniture, and fixtures, regardless of which fund provided the cash at the time
						  of purchase.
Long-Term Debt Accounts or Fund Groups
97
This group of accounts records all the district's
						  outstanding bonds and other long-term debt.
Fiduciary Fund or Fund Group
99
These funds may include all Fiduciary Funds, as
						  determined by Section
						  100.90
						  and defined in Section
						  100.20 of
						  this Part and Section 10-20.19 of the School Code. [105 ILCS
						  5/10-20.19]