School District Fund Accounting
The district utilizes a system of fund accounting established by the Illinois School Code and the Illinois Program Accounting Manual. Each fund represents an individual set of accounts that are used to record financial transactions related to the specific purpose of each fund. A separate budget for each fund is prepared showing estimated revenues and expenditures. The district maintains the following funds:
Education (10): The Education Fund is used to provide the instructional program and related costs such as salaries and benefits for teachers, specialists, administrators and clerical staff, instructional materials and equipment, furnishings, administrative supplies, and tuition.
Operations and Maintenance (20) : Revenues and expenditures in this fund are directly related to the operational cost for each of our facilities such as, custodial/maintenance salaries and benefits, repair services, utility costs, cleaning supplies, maintenance equipment, and other expenditures related to school property and facilities.
Debt Service Fund (30): This fund is used to accumulate the necessary resources for the payment of principal and interest on general long-term debt and its related costs.
Transportation (40): All costs associated with transporting students to and from school, on field trips and to extracurricular activities are recorded in the Transportation Fund.
Illinois Municipal Retirement Fund/Social Security Fund (50): This fund is used solely to pay the pension obligations to Social Security and IMRF for non-certified personnel such as custodians and clerical staff.
Capital Projects Fund (60): The revenues in this fund must be used for the acquisition or construction of major capital facilities.
Working Cash Fund (70): This fund holds financial resources that may be temporarily loaned to other funds.
Tort Fund (80): This fund is used for insurance payments, unemployment costs, legal costs
Fire Prevention and Safety (90): This fund is used for improvements to buildings as a result of the life safety study that is required by school code every 10 years.