Financial Audit

Each Scholarship Granting Organization (SGO) must provide to the Department, within 180 days after the end of its fiscal year, a copy of a financial audit of its accounts and records conducted by an independent Certified Public Accountant. The audit must contain:

  • financial statements presented in accordance with generally accepted accounting principles;
  • evidence that no less than 95% of qualified contributions received were used to provide scholarships to eligible students; and
  • evidence that the SGO awarded scholarships in compliance with the definition of “eligible student” and the requirements contained in the Department’s rules.

Once the Department reviews all audit materials submitted, it can request documentation for any significant items that were omitted. These items must be provided within 45 days after the date of request or you may be revoked.

Annual Report to the Department

In addition to the financial audit, the SGO must report to the Department the following information by January 31 of each calendar year:

  • The total number of Certificates of Receipt (CORs) issued
  • The total dollar amount of qualified contributions received
  • The total number of eligible students who received scholarships for the immediately preceding calendar year and the school year in progress, and the total dollar value of the scholarships
  • The name and address of each qualified school for which scholarships were issued detailing:
    • The number, grade, race, gender, income level, and residency by ZIP code of eligible students
    • The total dollar value of scholarships being utilized at each qualified school by priority group*
  • A list of all transfers of funds made and the names and addresses of the SGOs who received the funds**

The first report is due by January 31, 2019.

 

*As identified in subsection (d) of Section 40 of the Invest in Kids Act

**Pursuant to subsections (m) and (n) of Section 1000.600 and the names and addresses of the SGOs who received the funds. [35 ILCS 40/35]