1. a) Expenditure Report – Budget-Based Projects Administered from State and Federal Funding

   1. 1) An expenditure report is due for each project for which the School submits a budget approved by the State Board of Education no later than 20 days after the end of each quarter based on the starting date of the project.
   2. 2) Each expenditure report shall contain expenditures on a cash accounting basis from the beginning of the fiscal year.

2. b) Financial Audit and Consolidated Financial Report

   1. 1) To calculate a fiscal year's per diem rate pursuant to Section 600.210, the School shall submit a financial audit, performed by a certified public accountant licensed under the Illinois Public Accounting Act [225 ILCS 450], for the period requested by the State Superintendent.
   2. 2) If the State Superintendent is not able to calculate a per diem rate based upon the audit submitted under subsection (b)(1), the State Superintendent may require the School to complete and submit a Consolidated Financial Report in an electronic format specified by the State Superintendent.

The School shall file the reports listed in this Section electronically in a format prescribed by the State Superintendent of Education and within the timelines specified.

(Source: Amended at 50 Ill. Reg. 5674, effective April 8, 2026)