The Board of Trustees of Kaskaskia College will adopt an annual budget within the first quarter of each fiscal year. The fiscal year will be from July 1 through June 30 of each year. The annual budget will be adopted in accordance with Illinois Revised Statutes, Chapter 122, Paragraph 103-20.1 and said budget shall contain a statement of cash on hand at the beginning of the fiscal year, an estimate of cash revenues to be received during the fiscal year, and estimate of expenditures contemplated for the fiscal year, and a statement of estimated cash on hand at the end of the fiscal year.
The Board may from time to time make transfers between the various items in any fund as long as that transfer does not exceed an aggregate of 10% of the total of said fund as set forth in the budget. If the total should exceed 10%, the Board may proceed to amend said budget with the same procedure used for adoption of the original budget.
In order to carry out the entire educational program of the district, the Board, in accordance with the Illinois Revised Statutes noted above, has established the following funds for operation:
Educational
Fund: This fund is for
the purpose of financing the cost of the academic and service program. It includes the cost of instructional, administrative
and professional salaries, supplies and equipment, library books, materials,
maintenance of instructional and administrative equipment, and other costs
pertaining to the educational program.
Operations
and Maintenance Fund: This
fund is for the purpose of maintaining and improving existing buildings and
grounds as well as the fixtures and equipment that are a permanent part of the
buildings and grounds. Payments on
insurance on buildings are to be made from this fund.
Operations, Building,
and Maintenance Fund (Restricted - Site and Constructions Fund): Funds may be accumulated for the construction
of buildings and site acquisition. The
law permits an accumulation of funds not to exceed an amount equal to five
percent of the equalized assessed valuation of the district. The accumulated funds may not be used for any
other purpose. Taxes levied for
accumulation purposes should be so defined by resolution of the Board of
Trustees.
The resolution shall stipulate the rate levied
for such purposes, the total amount to be accumulated, and specific use
intended.Funds that are being
accumulated should be accounted for separately in the Operations, Building and
Maintenance Fund (Restricted).
Bond and Interest Fund: This is for the purpose of retiring debt from
the sale of general obligation bonds.
Auxiliary Enterprise Fund: This fund exists to account for college
services where a fee is charged to students/staff. Examples of accounts in this fund include
food services, student stores and intercollegiate athletics. Only monies over which the institution has
complete control is included in this fund.
Restricted Purposes Fund: The Restricted Purposes Fund is established for the following purposes:
- Acceptance of federal funds for all types of instructional programs, student services and student development, and construction of physical facilities.
- Acceptance of gifts, grants, devices and bequests from any source if made for community college purposes.
- Entering into contracts with any person, organization, association, or governmental agency for providing or securing educational services.
- Receiving and holding funds for which the College acts as custodian or fiscal agent for another agency such as classes, clubs, and associations which may acquire and collect funds in the name of the College, under such regulations as the State Board may prescribe. The College has an agency interest rather than a proprietary interest in these funds.
Restricted
Purposes Funds, therefore, are those funds restricted as to use and for which a
specific fund has not been otherwise provided in this fund structure. These are to be contrasted with funds over
which the institution has complete control and freedom of use.
Under most conditions, revenues and expenditures from any of the four preceding categories (including federal and state grants for projects or student aid; gifts or bequests for specific purposes; projects carried out under contractual arrangements with any person, organization, association, or governmental agency; scholarship or loan funds; endowment funds; agency funds, public service and organized research program funds) should be accounted for within the Restricted Purposes Fund.
Procedures are to be established for the accounting of these funds and reporting requirements of the grantor will be met by the accounts.
Working
Cash Fund: The Working Cash
Fund may be established by resolution of the Board of Trustees for the purpose
of enabling the Board to have on hand at all times sufficient cash to meet the
demands for ordinary and necessary expenditures. Outstanding bonds may be issued in an amount
or amounts not to exceed at any one time 75 percent of the total taxes from the
authorized maximum rates for the Educational Fund and the Operations and
Maintenance Fund combined, plus 75 percent of the last known entitlement of the
College to taxes imposed to replace revenue loss as a result of the abolition
of ad valorem personal property taxes as provided by law. These bonds may be issued by resolution of
the Board of Trustees without voter approval.
Long-Term Liabilities
Fund: This fund exists to provide for the recording
of liabilities that exist beyond the current year's operation.
Audit Fund: The Audit Fund is established for recording
the payment of auditing expenses. The
audit tax levy is recorded in this fund.
Liability, Protection
and Settlement Fund: The tort, liability, employment insurance and
worker's compensation levy are recorded in this fund.
Trust and Agency Fund: A sub-fund is established called Employee
Medical Insurance Fund which accounts for employee health and dental
insurance-related transactions.
Approval
History: Replaces Budget Policy 4.150