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Glenbard Township High School District 87
Policy 4:80

Operational Services

Accounting and Audits

All reporting formats used for the Annual Financial Report will be consistent with the Requirements for Accounting Budgeting, Financial Reporting, and Auditing, as adopted by the Illinois State Board of Education, State and federal laws and regulations, and generally accepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the auditor designated by the Board.

Annual Audit

At the close of each fiscal year, the Superintendent or designee shall arrange to have the District books and accounts audited by an independent certified public accountant designated by the Board of Education in conformance with prescribed standards and legal requirements. A complete and detailed written audit report shall be provided to each Board of Education member and to the Superintendent. The Superintendent or designee shall annually, on or before October 15, submit an original and one copy of the audit, or an extension request if needed, to the Regional Superintendent of Schools.

Annual Financial Report

The Superintendent or designee shall annually prepare and submit the Annual Financial Report on a timely basis using the form adopted by the Illinois State Board of Education. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.

Inventories

The Superintendent or designee is responsible for developing and maintaining an inventory of District buildings and capital equipment.

Disposal of Assets

The Superintendent or designee shall determine when school property will no longer be needed for school purposes. Property so designated shall be disposed of through procedures established by the Superintendent or designee.

Controls for Revolving (Imprest) Funds and Petty Cash

Revolving (Imprest) funds and petty cash systems are established in Board policy 4:50, Payment Procedures. The Superintendent shall: (1) designate a custodian for each revolving fund and petty cash fund, (2) obtain a bond for each fund custodian, and (3) maintain the funds in compliance with this policy, State law, and Illinois State Board of Education rules. A check for the petty cash fund may be drawn payable to the designated petty cash custodian. Each revolving fund shall be maintained in a bank that has been approved by the Board and established in an amount approved by the Superintendent consistent with the annual budget. All expenditures from these bank accounts must be directly related to the purpose for which the account was established and supported with documentation, including signed invoices or receipts. All deposits into these bank accounts must be accompanied with a clear description of their intended purpose. The Superintendent or designee shall include checks written to reimburse revolving funds on the Board's monthly listing of bills indicating the recipient and including an explanation.


LEGAL REF.:      23 Ill. Admin. Code, ch. 110 and 125.
                         105 ILCS 5/2-3.27, 5/2-3.28, 5/10-21.4, and 5/17-1 et seq.

ADOPTED:          December 8, 1997

REVIEWED:         March 13, 2006

REVIEWED:         February 6, 2012

REVISED:            April 23, 2012