A Guide to Understanding the Illinois School District Annual
Financial Report (AFR)
The Illinois School District Annual Financial Report (ISBE
Form 50-35) is a standardized document that meets independent
auditing and reporting requirements for public elementary,
secondary school and unit districts.
The AFR includes all funds, account groups, and other components,
that when taken together make-up the school district audit
requirements and provide levels of assurance to school administrators,
staff, and other interested parties.
The AFR is designed to satisfy a minimum level of financial
/ program information for State and local governments, as
well as the requirements of the Single Audit Act of 1984,
Public Law 98-509 (The Single Audit Act).
The Single Audit Act sets audit requirements for school districts
that receive federal financial assistance. Assistance may
be from federal grants, contracts, loans, direct payments,
or cooperative agreements. Depending on the funding amount,
source, and nature of the assistance, the Single Audit Act
may require supplementary reporting to be included with the
AFR.
|
