"Code"

"Descriptor"

10

"Educational Fund" (See Section 17-2 of the School Code; (Ill. Rev. Stat. 1991, ch. 122, par. 17-2 [105 ILCS 5/17-2]) The greatest variety and the largest volume of transactions shall be recorded here because the Educational Fund covers transactions that are not specifically covered in another fund. Certain expenditures that must be charged to this fund include the direct costs of instructional, health and attendance services, lunch programs, all costs of administration (even those for buildings and grounds), and related insurance costs. Certain revenues that must be credited to this fund include educational tax levies, tuition and textbook rentals.

The salaries of janitors, engineers, and other custodial employees, and all costs of fuel, lights, gas, water, telephone service, and custodial supplies and equipment shall be charged to this fund. The school board may provide, by resolution, to charge to the Operations and Maintenance Fund all salaries of janitors, engineers, or other custodial employees and all costs of fuel, lights, gas, water, telephone service, and custodial supplies and equipment or any one or more of these items. (See Section 17-7 of the School Code Ill. Rev. Stat. 1991, ch. 122, par. 17-7) [105 ILCS 5/17-7])

20

"Operations and Maintenance Fund" (See Sections 17-2, 17-7 of the School Code) All costs of maintaining, improving, or repairing school buildings and property, renting buildings and property for school purposes, or for the payment of premiums for insurance on school buildings shall be charged to the Operations, and Maintenance Fund.

30

"Bond and Interest Fund" (See Section 19-2 et seq. of  the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 19-2 et seq.) [105 ILCS 5/Art. 19]) Bonds are generally    issued to finance the construction of buildings and may be issued for other purposes. Taxes are levied to provide cash to retire these bonds and to pay the interest on them. To protect the bondholders, these tax collections must be accounted for in the Bond and Interest Fund. LEA's must maintain a separate bond and interest fund for each bond issue.

40

"Transportation Fund" (See Sections 17-2 and 17-8 of the School Code; Ill. Rev. Stat. 1991, ch. 122, pars. 17-2 and 17-8 [105 ILCS 5/17-2 and 17-8]) If an LEA pays for transporting pupils for any purpose, the Transportation Fund must be created.  Costs of transportation, including the purchase of vehicles and insurance on buses, are to be paid from this fund.  Moneys received for transportation purposes from any source must be deposited into this fund, except for the portion of state reimbursement applicable to other funds (e.g., utility costs from the Operations and Maintenance Fund) as provided in Sec. 29-5 of  the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 29-5) [105 ILCS 5/29-5].

50

"Municipal Retirement/Social Security Fund" (See Ill. Rev. Stat. 1991, ch. 108½, pars. 7-171, 21-110, 21-110.1 [40 ILCS 5/7-171, 21-110, and 21-110.1]) A separate tax is levied for the purpose of providing resources for the LEA's share of retirement benefits for covered employees. A separate tax is levied for the purpose of providing resources for the LEA's share of social security and Medicare only payments for covered employees. If these two taxes are not levied, the payments shall be charged to the fund where the salaries are charged.

60

"Site and Construction and Capital Improvements Fund"  All of the proceeds of each construction bond issue (other than Fire Prevention and Safety) shall be placed in a Site and Construction account (within the Site and Construction and Capital Improvements Fund) to separate these special moneys from operating moneys. The special moneys may be spent for the purposes specified in the bond indenture and on the ballot.

Expenditures which would ordinarily be charged to the Education Fund, but which may be charged to the Site and Construction and Capital Improvements Fund (unless paid before the Site and Construction and Capital Improvements Fund is created), include election expenses, fidelity insurance, architect's fees, legal fees for title search on sites, fees for the legal opinion on the bonds, and other such administrative costs directly related to the construction project or issuance of bonds.

Expenditures which would ordinarily be charged to the Operations and Maintenance Fund, but which may be charged to the Site and Construction and Capital Improvements Fund (unless paid before the Site and Construction and Capital Improvements Fund is created), include the actual construction costs, builder's risk insurance, purchase of land and other site costs, landscaping, parking lots, sidewalks, utility connections, etc., and other items directly related to the construction project.

Capital Improvements Fund:  (See Section 17-2.3 of the School Code) A Capital Improvements account (within the Site and Construction and Capital Improvements Fund) shall be created when a tax is levied in accordance with Section 17-2 of the School Code.  The moneys received from such levy shall be accumulated until spent for the capital improvements described in the resolution and on the ballot.

70

"Working Cash Fund" (See Section 20-1 et seq. of  the School Code; Ill. Rev. Stat. 1991, ch. 122, par. 20-1 et seq. [105 ILCS 5/20-1 et seq.]) If a separate tax is levied for working cash purposes or if bonds are sold for this purpose, this fund shall be created. Cash available in this fund may be loaned to any fund for which taxes are levied. (Such interfund loans are no longer limited to the Educational, Operations and Maintenance, and Transportation Funds.)

80

"Rent Fund" (See Section 35-23 of  the School Code; Ill. Rev. Stat. 1991, ch. 122, par. 35-23 [105 ILCS 5/35-23]) When a tax is levied to provide revenue for paying rent to the State of Illinois Capital Development Board for a state-owned school building, the receipt of taxes shall be recorded in the Rent Fund. The payment of the rent shall be an expenditure of this fund.

90

"Fire Prevention and Safety Fund" (See Section 17-2.11 of the School Code)  A Fire Prevention and Safety Fund shall be created when a tax is levied or bonds issued for fire prevention, safety, energy conservation or school security purposes.  The moneys received from the levy or the proceeds of the bond issue may only be used for the purposes stipulated in Section 17-2.11.

98

"General Fixed Assets Account Group" Records of physical assets which have a long-term (i.e., more than one year) period of usefulness to an LEA are maintained in a group of accounts separate from the fund which provided the cash for the purchase of those assets. Acquisitions of general fixed assets shall be recorded here at least at the end of the fiscal year by entering the items purchased during the year and charged in the Educational; Operations and Maintenance; Transportation; and Site and Construction and Capital Improvements Funds.

99

"General Long-Term Debt Account Group" Records of a school district's total bonded debt are maintained in a group of accounts separate from the Bond and Interest Fund. When bonds are sold and the resolution including future tax levies is filed with the county clerk, this event shall be entered in the General Long-Term Debt Account Group. Other types of general long-term debt are also recorded here.