Section 1220.100 Scope

 

This Part governs the Agency's development of systems of accounts to comply with the requirements of the Illinois Power Agency Act and requirements of other statutes or rules triggered by the Agency's actions.

 

Section 1220.110  Definitions

 

The following terms are defined for this Part:

 

"Act" shall mean the Illinois Power Agency Act [20 ILCS 3855].

 

"Agency" shall mean the Illinois Power Agency.

 

"Commission" shall mean the Illinois Commerce Commission.

 

"FOM" shall mean the Financial Operations Manual maintained by the Agency.

 

"GAAP" shall mean generally accepted accounting principles as defined by the Financial Standards Accounting Board (401 Merritt 7, P.O. Box 5116, Norwalk CT 06856-5116 (203/847-0700)).

 

"GRM" shall mean the GAAP Reporting Manual maintained by the Agency.

 

"SAMS" shall mean the Statewide Accounting Management System in the Office of the Illinois State Comptroller.

 

Section 1220.120  SAMS Accounting

 

The Agency shall follow SAMS and the Agency's FOM.  If the two reference materials conflict, the Agency shall follow SAMS and make appropriate changes to the Agency's FOM.

 

Section 1220.130  GAAP Accounting

 

The Agency shall maintain and update from time to time GRM, a GAAP reporting manual describing the policies and procedures for a GAAP-compliant accounting of the Agency's finances for each fiscal year and for a reconciliation between SAMS and GAAP accounting of the Agency's finances.

 

Section 1220.135  Fiscal Operations

 

The Agency shall maintain and update from time to time FOM, a manual describing internal fiscal operations and procedures.

 

Section 1220.140  Compliance With Illinois Finance Authority Requirements

 

If the Agency elects to seek financing from the Illinois Finance Authority for the purposes of constructing a facility pursuant to Section 1-57, 1-80 or 1-85 of the Act or any other lawful use, the Agency shall comply with all accounting requirements of the Illinois Finance Authority.

 

Section 1220.150  Compliance With Public Utilities Act Requirements

 

The Agency shall comply with the accounting requirements in the Public Utilities Act [220 ILCS 5] to the extent that the Agency is required by law or elects to submit financial information to the Commission subject to the Uniform System of Accounts in the Commission's Rules (83 Ill. Adm. Code 415) or any other Uniform System of Accounts required for the submittal of financial information.

 

Section 1220.160  Use of Outside Experts

 

To the extent authorized by the Act, the Agency may retain outside consultants to develop, update, review or verify documents or records developed pursuant to this Part.