Ill. Admin. Code tit. 23, § 1075.400 – Fiscal Year Reporting

a) Public universities shall report tuition and fee waivers annually to the Board in a common format provided by the Board.
b) Waivers shall be reported as budgeted, granted or expended waivers within the particular fiscal year in which the corresponding tuition and fees are recognized as revenue.
c) In instances in which waivers are adjusted after the end of the fiscal year, universities shall establish a cutoff date of August 31 to facilitate fiscal year waiver reporting. Adjustments made after the cutoff date will be allocated to the following fiscal year. Public universities will develop appropriate written procedures to implement the cutoff date.