# 86 Ill. Adm. Code 1000.900: Section 1000.900 Scholarship Granting Organizations: Reports

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T86_P1000_S1000_900

## Section

- **Citation:** 86 Ill. Adm. Code 1000.900
- **Heading:** Section 1000.900 Scholarship Granting Organizations: Reports
- **Jurisdiction:** Illinois
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Administrative Code / Title 86 REVENUE / CHAPTER I: DEPARTMENT OF REVENUE / Part 1000 INVEST IN KIDS ACT / Section 1000.900 Scholarship Granting Organizations: Reports

## Text

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.

## Nearby sections

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- [86 Ill. Adm. Code 1000.1000 Section 1000.1000  Scholarship Granting Organizations: Annual Recertification; Revocation](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T86_P1000_S1000_1000.md)
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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T86_P1000_S1000_900. Check the current official text before relying on it. Not legal advice.