Illinois Administrative Code › Title 8 - AGRICULTURE AND ANIMALS › Part 260 - FAIRS OPERATING UNDER THE AGRICULTURAL FAIR ACT › Subpart E - FAIRS OPERATING UNDER THE FAIR AND EXPOSITION FUND › Section 260.537 - Premium Grand Summary Report and Fair and Exposition Financial Statement and Receipts

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
				participant in Fair and Exposition funds shall follow the same guidelines as
				other county fair associations or agricultural societies when submitting the
				premium grand summary report and receipts (see Section
				260.100(c), (d), (e) and
				(f). The premium grand summary report shall
				be notarized by a notary. The president and the secretary of the fair
				association or agricultural society shall sign the premium grand summary
				report.
1) The premium grand summary report,
				along with all premium, ribbon and trophy receipts, if claimed, shall be
				postmarked on or before December 31 of each year in the County Fair Office on
				forms provided by the Bureau, along with any and all receipts that were claimed
				on a fair and exposition's Declaration of Intention. A fee of $25 will be
				deducted from the total amount due the fair for each day the report and/or
				receipts are late. A premium book shall accompany the premium grand summary
				report.
2) The fair and exposition
				financial statement, which is part of the premium grand summary report, is to
				be completed in lieu of a certified public accountant's audit and is due on or
				as soon after December 31 as is practical. However, if a certified public
				accountant's audit is maintained by the fair and exposition association or
				authority, a copy should be provided to the Bureau. A copy of the premium grand
				summary report and copies of all applicable paid receipts should be retained by
				the fair association or agricultural society five years for its files. A fee of
				$25 will be deducted from the total amount due the fair for each day the
				financial statement and/or receipts are late. The financial statement on file
				with the Department of Agriculture is subject to audit by auditors
				investigating Department of Agriculture accounts.
3) Income shown on the financial statement
				shall include gate admission, grandstand admission, auto parking, stall and pen
				fees, fees paid by concessionaires, commercial exhibits and the carnival, entry
				fees, estimated premium State aid for the current year, estimated
				rehabilitation aid for the current year, aid from the county, if any, rental
				fees for the buildings and grounds for periods other than the fair, and any
				other income that was received by the fair but not included in the other
				categories mentioned. Borrowed money shall not be reported as income. Expenses
				of the fair shall include premiums paid, costs of grounds improvements, charges
				for music and attractions, judges' and assistants' fees, administrative and
				office payrolls, personnel expenses for gates, grandstand help, police and
				parking vehicles, general and common labor payrolls, advertising expenses
				including the costs of the premium book, federal admission tax paid, and other
				operating expenses, such as interest on indebtedness, that were not listed in
				the categories mentioned.
4) The
				financial statement shall show receipts, expenditures and the total operating
				profit or loss. The amount of money spent for real estate and capital or
				permanent improvements for the current year shall also be provided.
5) The bottom portion of the financial
				statement shall include a Declaration of Intention breakdown of State funds
				received and expended by a fair and exposition for the current fair and shall
				include:
A) whether the fair and exposition
				funds declared were used to finance eligible items declared on the previous
				Declaration of Intention submitted to the Bureau and, if so, the amounts used;
				and
B) the total of fair and
				exposition funds claimed, expended by, and paid to the fair and exposition
				association or authority for eligible expenses.