"Code"

"Descriptor"

100

Current Assets" Current Assets are cash or anything that can be readily converted into cash.

101

"Cash" Currency, coin, checks, postal and express money orders, and bankers' drafts on hand, or on deposit, with an official or agent designated as custodian of cash and bank deposits.

102

"Petty Cash" A sum of money set aside for the purpose of making change or immediate payments of comparatively small amounts, such as freight bills. No entries appear in this account except to open and close it, unless it is increased or decreased.

Paid invoices shall be held to substantiate expenditures from this account. Periodically, the monies should be replenished to the original amount and charges made to the appropriate expenditure accounts for the amount replenished.  At the end of the year, petty cash accounts may be closed and included in Account 101; however, this is not required.

103

"Cash Change Funds" A sum of money set aside for the purpose of providing cash register change.

104

"Cash with Fiscal Agent" Deposits with fiscal agents, such as commercial banks, for the payment of matured bonds and interest.

105

"Imprest Fund" This fund is maintained in a bank and is established to provide for emergency disbursements for which the district wishes to issue a check, but because of the timing cannot pay through the regular disbursement procedure. The same procedure shall be followed for replenishing the account as that used for Petty Cash. The balance of the account may be returned to the district treasurer on or before June 30 of each year, but this is not required.

110

"Taxes Receivable" The uncollected portion of taxes which a school system or governmental unit has levied, including any interest or penalties which may be accrued. Separate accounts may be maintained on the basis of tax roll year and/or current and delinquent taxes.

111

"Estimated Uncollectible Taxes (Credit)" A provision for that portion of taxes receivable which it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the 110 Taxes Receivable account in order to arrive at the net amount of taxes receivable. Separate accounts may be maintained on the basis of tax roll year and/or delinquent taxes.

112

"Tax Liens Receivable" Legal claims against property which have been exercised because of non-payment of delinquent taxes, interest, and penalties. The account includes delinquent taxes, interest, and penalties receivable up to the date the lien becomes effective plus the cost of holding the sale.

113

"Estimated Uncollectible Tax Liens (Credit)" A provision for that portion of tax liens receivable which it is estimated will not be collected. The account is shown on the balance sheet as a deduction from the 112 Tax Liens Receivable amount in order to arrive at the net amount of tax liens receivable.

120

"Accounts Receivable" Amounts owing on an open account from private persons, firms, or corporations for goods and services furnished by a LEA (but not including amounts due from other funds or from other governmental units). Although taxes receivable are covered by this term, they shall be recorded and reported separately in the Taxes Receivable account.

121

"Bond Proceeds Receivable" Amounts receivable from the sale of bonds.

122

"Loans Receivable" Amounts which have been loaned to persons or organizations, where permitted by statutory authority.

130

"Interfund Receivables"

131

"Due From Educational Fund" Amounts owed by the Educational Fund to another Fund in the same LEA for goods sold or services rendered, and excluding Interfund Loans.

132

"Due from Operations and Maintenance Fund" Amounts owed by the Operations and Maintenance Fund to another Fund in the same LEA for goods sold or services rendered and excluding Interfund Loans.

133

"Due from Transportation Fund" Amounts owed by the Transportation Fund to another Fund in the same LEA for goods sold or services rendered and excluding Interfund Loans.

134

"Due from Site and Construction and Capital Improvements Fund" Amounts owed by the Site and Construction and Capital Improvements Fund to another Fund in the same LEA for goods sold or services rendered and excluding Interfund Loans.

135

"Due from Fire Prevention and Safety Fund" Amounts owed by the Fire Prevention and Safety Fund to another Fund in the same LEA for goods sold or services rendered and excluding Interfund Loans.

140

"Due From Other Governmental Units" Amounts due to the reporting governmental unit from other governmental units. These amounts represent grants-in-aid, shared taxes, taxes collected for the reporting unit by another unit, loans, and charges for services rendered by the reporting unit for another government. It is recommended that separate accounts be maintained for each receivable.

141

"Estimated Uncollectible Claim From Other Governmental Unit (Credit)" A provision for that portion of money due from other governmental units which it is estimated will not be collected. This account is shown on the balance sheet as a deduction from the 140 account (Due From Other Governmental Units) in order to arrive at the net amount if due from other governmental unit.

151

"Loan to Educational Fund" An asset account used to record a loan by the Operations and Maintenance Fund; Transportation Fund; or Working Cash Fund to the Educational Fund.

152

"Loan to Operations and Maintenance Fund" An asset account used to record a loan by the Educational Fund; Transportation Fund; or Working Cash Fund; to the Operations and Maintenance Fund.

153

"Loan to Transportation Fund" An asset account used to record a loan by the Educational Fund; Operations and Maintenance Fund or Working Cash Fund to the Transportation Fund.

154

"Loan to Fire Prevention and Safety Fund" an asset account to record a loan by the Educational Fund, Operations and Maintenance Fund, Transportation Fund, or Working Cash Fund.

155

"Loan to Other Funds" An asset account to record a loan by the Working Cash Fund to any Fund for which taxes are levied other than 151-154.

162

"Interest Receivable on Investments" Amounts of interest receivable on investments.

163

"Accrued Interest on Investments Purchased" Interest accrued on investments between the last interest payment date and date of purchase. The account shall be carried as an asset until the first interest payment date after the date of purchase. At that time an entry shall be made debiting Account 101 – Cash, and crediting Account 163 – Accrued Interest on Investments Purchased for the amount of interest purchased.

170

"Inventory" The cost of supplies and equipment on hand not yet distributed to requisitioning units.

171

"Inventories for Resale" The value of goods held by an LEA for resale rather than for use in its own operations. The cost of all materials and other expense incurred in the building of vocational projects for sale shall be debited here and reflected as an asset in the Educational Fund. When the project is sold, this account shall be credited for an amount equal to the cost. Any profit or loss on the project shall be charged to the proper revenue or expense account.

180

"Investments" Securities and real estate held for the production of income in the form of interest, dividends, rentals, or lease payments. The account does not include fixed assets used in LEA operations. Separate accounts for each category of investments may be maintained.

181

"Unamortized Premiums on Investments" The excess of the amount paid for securities over the face value which has not yet been amortized. Use of this account is normally restricted to long-term investments.

182

"Unamortized Discounts on Investments (Credit)" The excess of the face value of securities over the amount paid for them which has not yet been written off. Use of this account is normally restricted to long-term investments.

191

"Deposits" Funds deposited by the LEA as a prerequisite to receiving services and/or goods. Deposits differ from prepaid expenses in that deposits are partial payments made prior to receiving services and/or goods, while prepaid expenses are commonly total payment made within one fiscal year for services to be received in one or more fiscal years.

192

"Prepaid Expense/Deferred Charges" Expenses entered in the accounts for benefits not yet received. Prepaid expenses are those that are regularly recurring costs and are spread over a short period of time. Examples of prepaid expenses are prepaid rent, prepaid interest, and unexpired insurance premiums. Deferred charges are those that may not be regularly recurring costs of operation and usually extend over a long period of time. An example of a deferred charge is unamortized discounts on bonds sold.

193

"Unamortized Discounts on Bonds Sold" That portion of the excess of the face value of bonds over the amount received from their sale which remains to be written off periodically over the life of the bonds.

194

"Other Accrued Revenue" Accrued revenue that is not provided for elsewhere.

199

"Other Current Assets" Current assets not provided for elsewhere.

200

"General Fixed Assets" General Fixed Assets are those assets which the LEA intends to hold or continue in use over a long period (i.e., more than one year) of time.

201

"Land" A fixed asset account which reflects the acquisition value of land owned by a LEA. If land is purchased, this account shall include the purchase price and costs such as legal fees, filling and excavation costs, and other associated improvement costs which are incurred to put the land in condition for its intended use. If land is acquired by gift, the account shall reflect its appraised value at time of acquisition.

202

"Buildings" A fixed asset account which shall reflect the acquisition value of permanent structures or major improvements to existing permanent structures used to house persons and property owned by the LEA. If buildings are purchased or constructed, this account shall include the purchase or contract price of all permanent buildings and fixtures attached to and forming a permanent part of such buildings. If buildings are acquired by gift, the account shall reflect their appraised value at time of acquisition.

203

"Improvements Other Than Buildings" A fixed asset account which shall reflect the acquisition value of permanent improvements, other than buildings, which add value to land. Examples of such improvements are fences, retaining walls, sidewalks, pavements, gutters, tunnels, and bridges. If the improvements are purchased or constructed, this account shall contain the purchase or contract price. If improvements are obtained by gift, it shall reflect the appraised value at time of acquisition.

204

"Equipment Other Than Transportation" Tangible property of a more or less permanent nature, other than land, buildings, or improvements thereto, which is useful in carrying on operations. Examples are machinery, tools, trucks, cars, furniture, and furnishings.

205

"Construction in Progress" The cost of construction work undertaken but not yet completed.

206

"Transportation Equipment" Tangible property of a more or less permanent nature, other than land, buildings, or improvements thereto, which is used for transporting pupils.

300

"Budgeting Accounts and Other Debits" Budgeting Accounts and Other Debits shall include budgeted amounts and their status as related to expenditures and encumbrances as well as items which are offsetting accounts and which normally have debit balances.

301

"Estimated Revenues" The amount of revenues estimated to be received or to become receivable during the fiscal period. At the end of the fiscal period, the account shall be closed out and will not appear in a balance sheet prepared at the close of the fiscal period.

302

"Revenue (Credit)" The increase in ownership equity during a designated period of time. The account shall appear only in a balance sheet prepared during the fiscal period. At the end of the fiscal period, the account shall be closed out and will not appear in a balance sheet prepared at the close of the fiscal period. This is the control account for the revenues.

303

"Bonds Authorized – Unissued" Bonds which the LEA can issue without further proceedings other than to direct their sale. The account shall be included among the resources of a specific fund offset by a credit to Appropriations. When the bonds are sold, the account shall be credited and Cash debited. An alternative approach is not to show the Bonds Authorized – Unissued account in the balance sheet but merely to call attention to the amount of bonds that have been authorized and not issued in a footnote to the appropriate balance sheet. In this case, the journal entry at the time bonds are sold would be a debit to Cash for the proceeds and a credit to the revenue account, Sales of Bonds.

304

"Amount Available in Debt Service Funds" An account in the General Long-Term Debt Account Group which designates the amount of assets available in a Debt Service Fund for the retirement of general long-term debt.

305

"Amount to be Provided for Payment of Bonds" An account in the General Long-Term Debt Account Group which represents the amount to be provided from taxes or other general revenue to retire outstanding general long-term bonds.

306

"Amount to be Provided for Payment - Other" An account in the General Long-Term Debt Account Group which represents the amount to be provided from taxes or other general revenue to retire outstanding general long-term debt other than bonds.

Liabilities, Reserves, and Fund Balance

Liabilities, Reserves, and Fund Balance are LEA Debts plus items which are not debts but which may become debts at some future time as well as other budgeting and offsetting accounts which normally have credit balances and show up only on trial balance sheets.

400

"Current Liabilities" Current liabilities are those debts the LEA expects to pay within a short period of time, usually within a year or less.

401

"Vouchers Payable" Liabilities for goods and services received as evidenced by vouchers which have been pre-audited and approved for payment but which have not been paid.

402

"Accounts Payable" Liabilities on open accounts owing to private persons, firms, or corporations for goods and services received by an LEA (but not including amounts due to other funds of the same LEA or to other governmental units).

403

"Judgments Payable" Amounts due to be paid by an LEA as the result of court decisions, including condemnation awards in payment for private property taken for public use.

404

"Contracts Payable" Amounts due on contracts for assets, goods, and services received by an LEA other than construction.

405

"Construction Contracts Payable" Amounts due by an LEA on contracts for construction of building structures, and other improvements.

406

"Corporate Personal Property Replacement Tax Anticipation Notes Payable" Amounts due by an LEA for corporate personal property tax anticipation notes issued according to Section 4.1 of the Tax Anticipation Note Act (Ill. Rev. Stat. 1991, ch. 85, par. 824.1) [50 ILCS 420/4.1].

407

"Anticipation Warrants Payable" Amounts due by an LEA for tax anticipation warrants issued as described in Section 17-16 of the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 17-16) [105 ILCS 5/17-16].

408

"Anticipation Notes Payable" Amounts due by an LEA for tax anticipation notes issued as described in Section 4.1 of the Tax Anticipation Note Act.

409

"Teachers' Orders Payable" Amounts due by an LEA for teachers' orders issued as described in Sections 8-16 and 10-18 of the School Code (Ill. Rev. Stat. 1991, ch. 122, pars. 8-16 and 10-18) [105 ILCS 5/8-16 and 10-18].

410

"State Aid Anticipation Certificates Payable" Amounts due by an LEA for State Aid Anticipation Certificates issued according to Section 18-18 of  the School Code (Ill. Rev. Stat. 1991, ch. 122, par. 18-18) [105 ILCS 5/18-18].

411

"Interfund Payables"

412

"Due to Educational Fund" Amounts owed to the Educational Fund by another Fund in the same LEA for goods sold or services rendered, excluding Interfund Loans.

413

"Due to Operations and Maintenance Fund" Amounts owed to the Operations and Maintenance Fund by another Fund in the same LEA for goods sold or services rendered, excluding Interfund Loans.

414

"Due to Transportation Fund" Amounts owed to the Transportation Fund by another fund in the same LEA for goods sold or services rendered, excluding Interfund Loans.

415

"Due to Site and Construction and Capital Improvement Fund" Amounts owed to the Site and Construction and Capital Improvement Fund by another Fund in the same LEA for goods sold or services rendered, excluding Interfund Loans.

416

"Due to Fire Prevention and Safety Fund" Amounts owed to the Fire Prevention and Safety Fund by another Fund in the same LEA for goods sold or services rendered, excluding Interfund Loans.

420

"Due to Other Governmental Units" Amounts owed by the reporting LEA to the named governmental unit. It is recommended that separate accounts be maintained for each interagency account payable.

431

"Loan from Educational Fund" A liability account used to record a loan from the Educational Fund to the Operations and Maintenance Fund, Transportation Fund, or Fire Prevention and Safety Fund.

432

"Loan from Operations and Maintenance Fund" A liability account used to record a loan from the Operations and Maintenance Fund to the Educational Fund, Transportation Fund, or Fire Prevention and Safety Fund.

433

"Loan from Transportation Fund" A liability account used to record a loan from the Transportation Fund to the Educational Fund, or the Operations and Maintenance Fund, or the Fire Prevention and Safety Fund.

434

"Loan from Working Cash Fund" A liability account used to record a loan from the Working Cash Fund to any fund for which taxes are levied.

441

"Matured Bonds Payable" Bonds which have reached or passed their maturity date but which remain unpaid.

442

"Matured Interest Payable" Interest on bonds which have reached the maturity date but which remain unpaid.

451

"Teachers' Pension Payable" Teachers' pension deductions withheld from salaries of employees who participate in the Illinois Teachers' Retirement System.

452

"Federal Withholding Tax Payable" Federal income taxes withheld from employees' salaries.

453

"State Withholding Tax Payable" State income taxes withheld from employees' salaries.

454

"Municipal Retirement Payable" Municipal retirement deductions withheld from salaries of employees who participate in the Illinois Municipal Retirement System.

455

"Annuities Payable" Annuity deductions withheld from employees' salaries.

456

"Employee Insurance Payable" Insurance deductions withheld from employees' salaries.

457

"Federal Insurance Contribution Act Payable" FICA (Social Security) deductions withheld from employees' salaries.

458

"Medicare Only Payable" Medicare only deductions withheld from employees' salaries.

459

"Other Payroll Deductions Payable" Other deductions withheld from employees' salaries.

461

"Accrued Expenses" Expenses incurred during the current accounting period but which are not payable until a subsequent accounting period. Examples of accrued expenses are accrued salaries, accrued tuition expense, accrued interest, and accrued rent.

471

"Deposits" Liability for deposits received as a prerequisite to providing or receiving services and/or goods.

472

"Due to Fiscal Agent" Amounts due to fiscal agents, such as commercial banks, for servicing an LEA's maturing indebtedness.

473

"Unamortized Premiums on Bonds Sold" An account which represents that portion of the excess of bond proceeds over par value and which remains to be amortized over the remaining life of such bonds.

474

"Deferred Revenues" Liability accounts that represent assets receivable or collected before they are recognized as revenue.

480

"Due to Activity Fund Organizations" A liability account that represents assets held by an LEA as an agent for activity fund organizations.

499

"Other Current Liabilities" Other current liabilities not provided for elsewhere.

500

"Long-Term Liabilities" Long-Term Liabilities are debts which a school district plans to hold for a long period (i.e., more than one year) of time.

501

"Bonds Payable" The face value of bonds issued and outstanding but not matured.

599

"Other Long-Term Liabilities" Other long-term liabilities not provided for elsewhere.

600

"Budgeting Accounts and Other Credits" These categories represent accounts which reflect budgeted amounts and their status as related to expenditures and encumbrances as well as offsetting accounts which normally have credit balances.

601

"Appropriations" This account records authorizations granted by the legislative body to make expenditures and to incur obligations for specific purposes. This account appears in a balance sheet prepared during the fiscal period. At the end of the fiscal period, the Appropriations account is closed out and does not appear in the balance sheet prepared at the close of the fiscal period.

602

"Expenditures (Debit)" This account appears in balance sheets prepared during the fiscal period and designates the total of expenditures charged against appropriations during such period. The account is shown in each balance sheet as a deduction from the Appropriations account to arrive at the expected balance of total appropriations. This is the control account for expenditures.

603

"Encumbrances (Debit)" This account designates obligations in the form of purchase orders, contracts, or salary commitments which are chargeable to an appropriation and for which a part of the appropriation is reserved. In an interim balance sheet, encumbrances are deducted along with the expenditures from the Appropriations account to arrive at the unencumbered balance of appropriations.

700

"Reserves and Fund Balance" These are accounts which show the excess of the assets of a fund over its liabilities and those that have a portion of the balance reserved for future use.

701

"Reserve for Encumbrances" A reserve representing the segregation of a portion of a fund balance to provide for unliquidated encumbrances. Separate accounts may be maintained for current and prior year encumbrances.

702

"Reserve for Inventory" A reserve which represents the segregation of a portion of a fund balance to indicate that assets equal to the amount of the reserve are tied up in inventories of supplies and inventories on hand and not issued to requesting units.

703

"Fund Balance-Reserved or Restricted" A reserve which represents the segregation of a portion of a fund balance to indicate that assets equal to the amount of the reserve are tied up for the named special purpose. Separate accounts may be maintained for each reserved or restricted balance.

704

"Fund Balance – Unreserved or Unrestricted" The excess of the assets of a fund over its liabilities and reserves, except in the case of funds subject to budgetary accounting where, prior to the end of a fiscal period, it represents the excess of the fund's assets and estimated revenues for the period over its liabilities, reserves, and appropriations for the period.

705

"Investment in General Fixed Assets" An account in the General Fixed Assets Account Group which represents the LEA equity in general fixed assets.