Sec. 22A-114. Accounting.

264 words·~1 min read·/il/chapter-40/act-5/22a-114

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Sec. 22A-114. Accounting. In the management of pension and education funds the board:

(1)may, for investment purposes, commingle all or a part of the invested assets of one or more pension or education funds under its jurisdiction and authority;

(2)shall carry assets of all funds at cost or a value determined in accordance with generally accepted accounting principles and accounting procedures approved by the board. Each investment initially transferred to the board by a pension fund or monies transferred to the board by an education fund shall be similarly valued except that the board may elect to place such value on any investment conditionally in which case the amount of any later realization of such asset in cash that is in excess of or is less than the amount so credited shall be credited or charged to the fund that made the transfer;

(3)shall keep proper books of account which shall reflect at all times the value of all investments held by the board for a pension fund or education fund whether for the separate account of the fund or in a commingled fund;

(4)shall charge each pension fund or education fund with its share of all expenses of the board (including those repayable under Section 22A-116) at quarter-yearly periods pro rata according to the value of the investments held for the respective funds at the beginning of the quarter or any other equitable formula;

(5)shall charge all distributions made by the board to or for a pension fund or education fund to the account maintained for that fund.