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Illinois Association of School Business Officials Annual Conference May 19, 2010

Illinois Association of School Business Officials Annual Conference May 19, 2010. Accounting for Interfund Transfers – Do You Know the Rules? Lynda Given Andy Mace Chapman and Cutler LLP Miller, Cooper Co., Ltd. Interfund Loans. School Code Section 10-22.33

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Illinois Association of School Business Officials Annual Conference May 19, 2010

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  1. Illinois Association of School Business Officials Annual ConferenceMay 19, 2010 Accounting for Interfund Transfers – Do You Know the Rules? Lynda Given Andy Mace Chapman and Cutler LLP Miller, Cooper Co., Ltd.

  2. Interfund Loans • School Code Section 10-22.33 • From ed to O&M, transportation or life safety • From O&M to ed, transportation or life safety • From transportation to ed, O&M or life safety • Must be repaid within 3 years

  3. Interfund Transfers • School Code Section 17-2A • Authorized by Board resolution among the ed, O&M and transportation funds • Public hearing required • 7-30 days published notice in newspaper of general circulation • 48 hour posted notice at principal office of the School Board • Set forth date, time, place and subject matter of the hearing

  4. Transfers of Interest Income • Local Government Debt Reform Act Section 9(c) • By Board authorization to fund most in need of the interest • Does not apply to: • Interest that has been earmarked or restricted by the School Board for a designated purpose • Interest on IMRF levy • Interest on tort immunity levy, tort immunity bonds or debt service levy to pay tort immunity bonds

  5. Excess School Building Bond Proceeds • School Code Section 10-22.14 • When purposes have been accomplished and paid for in full • Transfer to O&M Fund by School Board resolution

  6. Excess Life Safety Bond Proceeds • School Code Section 10-22.14 • When purposes have been accomplished and paid for in full • Use for other approved life safety projects • Transfer to B&I Fund to pay SFPS Bonds • Secretary within 30 days must direct County Clerk to abate taxes to pay Bonds

  7. Special Education • School Code Section 17-2.2a • Excess Special Education Building Funds may be used for other Special Education purposes (need ROE approval)

  8. Lease Levy • School Code Section 17-2.2c • Transferrable to any fund upon Board determination that they are no longer needed for the stated purpose

  9. Working Cash Fund • School Code Article 20 • Abolish in full to ed fund at end of fiscal year • G.I.S. Venture case – February 6, 2009 • Abate to the ed fund • Then use Section 17-2A for a permanent transfer to O&M • Accounting transfer to Capital Projects Fund

  10. Transfers per New IPAM • Debt Service Fund • Capital Projects Fund

  11. Debt Service Fund • P&I payments made previously from other funds s/b made from the Debt Service Fund • Payments are funded via inter-fund transfers • Examples: • Debt Certificates (O&M Fund) • Capital Leases (Ed Fund)

  12. Capital Projects Fund • Significant capital expenditures previously from other funds s/b made from the Capital Projects Fund • Regular/routine capital items may be excluded • Example – Debt Certificates (O&M)

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