Corporate Accounting 

Overview

Corporate Accounting provides financial services needed by the schools and employees, maintains the fiscal integrity of the organization, and provides financial leadership consistent with state and federal legislation, governmental regulations, Board policies, and sound financial practices.

General Accounting efficiently and effectively maintains an accurate general ledger and accounting system, prepares financial reports and maximizes the receipt of revenues from federal, state and local programs.

Risk Management and Emergency Preparedness is dedicated to protecting assets through the analysis of risk exposures and developing school safety and emergency management planning that protects the lives and well-being of students, staff and community members.

The Children and Family Benefits Unit (CFBU) promotes increased access, enrollment, and renewal of CPS students and families in food stamps, All Kids, FamilyCare, and Temporary Assistance for Needy Families (TANF). Accounts Payable processes the payment of invoices to vendors for all CPS schools, units and departments.

Goals

  • Enhance the scope of analytical functions of the Revenue Division in order to provide a review of all income sources.
  • Implement other Oracle modules: accounts receivable, fixed assets, grants, cash management and i-Supplier.
  • Accelerate year-end closing activities to produce Comprehensive Annual Financial Report earlier.
  • Provide grant administrators with comprehensive financial operating results and reports to monitor expenditures.
  • Provide continued support to schools and students in all bureau initiatives.  

Current Initiatives

  • Development and conversion of over 600 schools to an Oracle-based software application to track internal accounts
  • Streamlining of the payment process for student workers to a Student Stipend Debt Card program within an enhanced Oracle program.
  • Completion of current reviews of monthly FY08 Fixed Assets and timely record-keeping in the Oracle Fixed Assets system.
  • Coordination to assure development by all schools of emergency plans and training programs which will be compliant with the National Incident Management System including support in training staff in emergency protocols.
  • Continuation of Children and Family Benefits Unit's work to increase enrollment applications and research on expanding Poverty Count to include students in the Illinois Department of Children Family Services' (DCFS) care.

Accomplishments

We've been awarded the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting since fiscal year 1995. The award is presented to government units whose Comprehensive Annual Financial Report (CAFR) achieves the highest standards in government and accounting and reporting.

  • GFOA Certificate of Achievement for Excellence in Financial Reporting since 2000 for the Popular Annual Financial Report (PAFR)
  • Association of School Business Officials International's Certificate of Excellence in Financial Reporting since fiscal year 1998
  • Significantly reduced audit findings in annual audit.
  • Revised the Insider's Guide to School Business and Internal Accounts providing schools with further guidance and direction about how to spend and record funds raised by the schools.
  • Successfully implemented the Fixed Assets Module in Oracle. Previously, assets were accounted for in a separate database.  

Payments

You can now make payments via E-PAY to the Board of Education City of Chicago for select services.

Resources

The following resources provide more information about the services we provide:

  • CAFR reports

Contact Information

773-553-2720 | Main
42 W. Madison St.,
Chicago, IL 60602

 

Page Last Modified on Thursday, December 10, 2015