When is the Annual Financial Report Filed?
Illinois law requires school districts to, as of June 30
of each year, have an audit of their accounts conducted by
a licensed certified public accountant (CPA).
The school district submits, by October 15th of each year,
an original and one copy of the AFR to its Regional Office
of Education. The Regional Superintendent files the original
with the State Board of Education by November 15th. If the
circumstances require, a school district may request that
the Regional Office of Education grant a filing extension
of up to 60 days from the October 15th date.
The State Board of Education determines the adequacy of all
school district audits and keeps the AFR's on file. The process
is expected to change as technology improves. School districts
are required to submit using the Attachment Manager or a CD
for the AFR filing rather than a "paper and pencil"
approach.
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