Annual Financial Report
District 201-U Financial Creed
The Board and Administration of the district is committed to financial practices that exemplify transparency in governance, accountability to the public and fiscal responsibility to the local tax payers of the district.
The Annual Financial Report (AFR) is a standardized document that meets independent auditing and reporting requirements for public elementary, secondary school, and unit districts.
The AFR includes all funds, account groups, and other components, that satisfy the school district’s audit requirements and provides levels of assurance to school administrators, staff, and other interested parties.
The AFR is designed to satisfy a minimum level of financial and program information for State and local governments, as well as the requirements of the Single Audit Act of 1984, Public Law 98-509 (The Single Audit Act).
The Single Audit Act sets audit requirements for school districts that receive federal financial assistance. Assistance may be from federal grants, contracts, loans, direct payments, or cooperative agreements. Depending on the funding amount, source, and nature of the assistance, the Single Audit Act may require supplementary reporting to be included with the AFR.
The District has provided for review the last five years of Annual Financial Reports that have been submitted to the Illinois State Board of Education.