Section 1501.503  Audits

a)         External Audits.

1)         A copy of the annual external audit shall be submitted electronically to ICCB on or before December 30 following the close of the fiscal year. If the audit cannot be completed by this date, the district may submit a request for extension of time to the Executive Director before November 15 following the close of the fiscal year.  This request shall be with an explanation of the circumstances that cause the report to be delayed, along with an estimated date for submission.

2)         An audit report shall contain financial statements composed of the funds established in Section 1501.511, a comment on internal control, a comment on basis of accounting, uniform financial statements prepared using the modified accrual basis of accounting, a certificate of chargeback verification and a State grant compliance section that includes a schedule of enrollment data, a proof of enrollment data, a description of the process for verifying residency status, a schedule of the district equalized assessed valuation, schedules for the restricted/special initiative grants distributed by ICCB and received by the district in the manner and format established by ICCB, and a schedule of federal financial assistance and related reports as prescribed by the federal Office of Management and Budget.

3)         Each ICCB restricted or special initiatives grant shall verify that grant funds received by the district were expended in the manner designated by ICCB.  ICCB shall designate allowable expenditures for each of the restricted or special initiatives grants to include, but not be limited to, salary and benefits, contractual services, materials, instructional and office equipment, staff development, and travel.  The external audit shall include an auditor's report on compliance with State requirements, along with a balance sheet and a statement of revenues and expenditures based upon an understanding of the purpose of the grant, allowable expenditures, expenditure limitations, grant administrative standards, and transfer of funds, if applicable.

b)         Confirmation of ICCB Grants. To confirm district records, a district shall provide a copy of ICCB allocation of grants to its  external auditor.  External auditing firms can confirm allocations using the community college Operating Budget and Technical Appendix located on the ICCB website.

(Source:  Amended at 41 Ill. Reg. 15723, effective December 18, 2017)