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 Annual Statement of Affairs is a financial report that all school districts need to complete according to Illinois State law. Annually, school districts must publish a summary of the Annual Statement of Affairs in a local newspaper prior to November 30. School districts must also submit the full electronic report to the Illinois State Board of Education before December 15.
The Annual Statement of Affairs contains a financial summary of a school district’s funds, tax rates, equalized assessed valuation, and enrollment. Summary information regarding employee salaries and payments to vendors is also contained in the report.