AHSD25 posts all required financial reporting documents relating to the financial position of the school district including the Annual Budget, Annual Financial Report (AFR), Comprehensive Annual Financial Report (CAFR) with audited financial statements, and contract awards. All financial documents are reported in accordance with the Illinois School Code and Illinois State Board of Education.
Section 17-1.2 of the Illinois School Code (105 ILCS 5/17-1.2) requires Illinois School districts to post the current annual budget, itemized by receipts and expenditures, on the school district's internet website.
Annual Audit and Financial Report
Pursuant to School Board Policy 4:80 (Accounting and Audits), the Board of Education is required to have an audit performed by an independent certified public accountant each year. In addition, a financial report is to be created by the independent certified public accountant each year. The annual audit and annual financial report of the District is to be submitted to the Illinois State Board of Education and Regional Office of Education servicing the District.
Illinois School Code (105 ILCS 5/10-20.40 new) Sec. 10-20.40 Report on Contracts (a) This Section applies to all school districts, including a school district organized under Article 34 of this Code.
(b) A school board must list on the district’s internet website, if any, all contract over $25,000 and any contract that the school board enters into with an exclusive bargaining representative.
(c) Each year, in conjunction with the submission of the Statement of Affairs to the State Board of Education an annual report on all contracts over $25,000 awarded by the school district during the previous fiscal year.
The report shall include at least the following:
The report shall be made available to the public, including publication on the school district’s Internet website, if any.
Disclosure of Federal Participation (Stevens Amendment) (Public Law 101-166, Section 511):
Projects or programs funded in whole or in part with federal grant money must credit the federal government for the federal government’s portion of the financial support. This web page citation informs the public that use of federal dollars in Arlington Heights School District 25 meets the Stevens Amendment requirement. Staff development opportunities, resource purchases and personnel have been funded in whole or in part with federal entitlement dollars.