Section 1000.900 Scholarship Granting Organizations: Reports

Section 1000.900  Scholarship Granting Organizations:

Reports

a)

Within

180 days after the end of its fiscal year, each SGO 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 this Part.

1)

The

audit must include a report on financial statements presented in accordance

with generally accepted accounting principles.

2)

The

audit must include evidence that no less than 95% of qualified contributions

received were used to provide scholarships to eligible students.

To qualify as an SGO, the SGO must use at least 95% of the

qualified contributions received during an SGO's taxable year for

scholarships.  (See definition of "scholarship granting organization"

in Section 1000.100.)  An SGO is not required to distribute 95% of the funds

during the taxable year in which the contributions were received.

EXAMPLE: An SGO's taxable year

ends June 30.  The SGO receives contributions in the amount of $1,000,000

before June 30.  The SGO is not obligated to use 95% of the funds before June

30, the end of the SGO's taxable year. It is required to ultimately distribute

95% of the funds for scholarships.  In addition, the SGO is required to meet

any other requirements contained in Section 1000.600(h) and (i).

3)         The

audit must include an attestation that the SGO awarded scholarships in

compliance with the definition of "eligible student" and the

guidelines contained in Section 1000.600.

4)

The

Department shall review all audits submitted pursuant to this subsection

s for scholarships.  In addition, the SGO is required to meet

any other requirements contained in Section 1000.600(h) and (i).

3)         The

audit must include an attestation that the SGO awarded scholarships in

compliance with the definition of "eligible student" and the

guidelines contained in Section 1000.600.

4)

The

Department shall review all audits submitted pursuant to this subsection

(a)(4)

.

The Department shall request any significant items that were omitted in

violation of

this Part

.  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)

An

SGO 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 beginning in the year 2019.  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 Section 40(d) of

the Act; and

[35 ILCS 40/35]

5)

a

list of all transfers of funds made pursuant to Section 1000.600(k) and (l) and

the names and addresses of the SGOs who received the funds

ber, 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 Section 40(d) of

the Act; and

[35 ILCS 40/35]

5)

a

list of all transfers of funds made pursuant to Section 1000.600(k) and (l) and

the names and addresses of the SGOs who received the funds.