The DE has revised its Declaratory Order regarding interfund loans. The Order (original was issued June 16, 2008), originally stated that the loan must be repaid "before October 1 or the date of the organizational meeting of the board of the school corporation, whichever is last." The 2008 Iowa Legislature changed school election dates to every other year for election of board members. Thus, the organizational meeting for the first regular meeting after the canvass for the regular school election is not an annual occurrence. The intent of the Declaratory Order is not to extend time of repayment another year. For that reason, the Order now states, "The loan must be repaid before October 1 of the fiscal year following the fiscal year within which the loan occurred."
Intradistrict Fund Loans
Auditor of State