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(35 ILCS 40/35)
(Section scheduled to be repealed on January 1, 2025)
(a) Within 180 days after the end of its fiscal year, each scholarship granting organization must provide to the Department a copy of a financial audit of its accounts and records conducted by an independent certified public accountant in accordance with auditing standards generally accepted in the United States, government auditing standards, and rules adopted by the Department. The audit must include a report on financial statements presented in accordance with generally accepted accounting principles. The audit must include evidence that no less than 95% of qualified contributions received were used to provide scholarships to eligible students. The Department shall review all audits submitted pursuant to this subsection. The Department shall request any significant items that were omitted in violation of a rule adopted by the Department. The items must be provided within 45 days after the date of request. If a scholarship granting organization does not comply with the Department's request, the Department may revoke the scholarship granting organization's ability to issue certificates of receipt.
(b) A scholarship granting organization that is approved to receive qualified contributions shall report to the Department, on a form prescribed by the Department, by January 31 of each calendar year. The report shall include:
(1) the total number of certificates of receipt
issued during the immediately preceding calendar year;
(2) the total dollar amount of qualified
contributions received, as set forth in the certificates of receipt issued during the immediately preceding calendar year;
(3) the total number of eligible students utilizing
scholarships for the immediately preceding calendar year and the school year in progress and the total dollar value of the scholarships;
(4) the name and address of each qualified school for
which scholarships using qualified contributions were issued during the immediately preceding calendar year, detailing the number, grade, race, gender, income level, and residency by Zip Code of eligible students and the total dollar value of scholarships being utilized at each qualified school by priority group, as identified in subsection (d) of Section 40 of this Act; and
(5) any additional information requested by the
(c) On or before the last day of March for each calendar year, for the immediately preceding calendar year, the Department shall submit a written report to the Governor, the President of the Senate, the Speaker of the House of Representatives, the Minority Leader of the Senate, and the Minority Leader of the House of Representatives regarding this Act. The report shall include, but not be limited to, the following information:
(1) the names and addresses of all scholarship
granting organizations approved to issue certificates of receipt;
(2) the number and aggregate total of certificates of
receipt issued by each scholarship granting organization; and
(3) the information reported to the Department
required by subsection (b) of this Section.
(d) The sharing and reporting of student data under this Section must be in accordance with the requirements of the Family Educational Rights and Privacy Act and the Illinois School Student Records Act. All parties must preserve the confidentiality of such information as required by law. Data reported by the Department under subsection (c) of this Section must not disaggregate data to a level that will disclose demographic data of individual students.
(Source: P.A. 100-465, eff. 8-31-17