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Comptroller Of Illinois
The Comptroller of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois. Ten individuals have held the office of Comptroller since the enactment of the Illinois Constitution of 1970, replacing the prior office of Auditor of Public Accounts that was first created in 1799. The incumbent is Susana Mendoza, a Democrat. Eligibility and term of office The Comptroller is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Comptroller must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least 3 years preceding the election. Powers and duties Article V, Section 17 of the Constitution of Illinois states the Comptroller "...shall maintain the State's central fiscal accounts, and order payments into and out of the funds held by the Treasurer." In accordance with this mandate, the Comptroller is desig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Susana Mendoza
Susana A. Mendoza (born May 13, 1972) is an American politician. She is the 10th and current Comptroller of Illinois, taking office on December 5, 2016. She previously served as the City Clerk of Chicago from 2011 to 2016. Mendoza is a member of the Democratic Party, was the first Latina to be elected to the position of Illinois Comptroller, and is the highest ranking Hispanic elected official in Illinois. In 2022, Mendoza was the state of Illinois' top vote getter. Mendoza was first elected as Illinois State Representative in 2000 and served six terms. In February 2011, she was elected City Clerk of Chicago, becoming the first woman to hold this position. She was twice elected City Clerk and served for five years before successfully running for the role of Illinois Comptroller in 2016. Mendoza ran unsuccessfully in the 2019 Chicago mayoral election. Early life and education Mendoza was born in Chicago to Joaquin and Susana Mendoza, immigrants from Mexico who arrived in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Control
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illinois General Assembly
The Illinois General Assembly is the legislature of the U.S. state of Illinois. It has two chambers, the Illinois House of Representatives and the Illinois Senate. The General Assembly was created by the first state constitution adopted in 1818. , the General Assembly is the 104th. The term of an assembly lasts two years. Under the Illinois Constitution, since 1983 the Senate has had 59 members and the House has had 118 members. In both chambers, all members are elected from single-member districts and districts are drawn to represent generally equal populations and redrawn every ten years based on census returns. Each Senate district is divided into two adjacent House districts. The General Assembly meets in the Illinois State Capitol in Springfield. Its session laws are generally adopted by majority vote in both houses, and upon gaining the assent of the Governor of Illinois. They are published in the official '' Laws of Illinois''. Two presidents of the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fund Accounting
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law.Leon E. Hay (1980). ''Accounting for Governmental and Nonprofit Entities, Sixth edition'', page 5. Richard D. Irwin, Inc., Homewood, IL. It emphasizes accountability rather than profitability, and is used by nonprofit organizations and by governments. In this method, a ''fund'' consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions. The label ''fund accounting'' has also been applied to investment accounting, portfolio accounting or securities accounting – all synonyms describing the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. Investment acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Flow
Cash flow, in general, refers to payments made into or out of a business, project, or financial product. It can also refer more specifically to a real or virtual movement of money. *Cash flow, in its narrow sense, is a payment (in a currency), especially from one central bank account to another. The term 'cash flow' is mostly used to describe payments that are expected to happen in the future, are thus uncertain, and therefore need to be forecast with cash flows. *A cash flow is determined by its time , nominal amount , currency , and account ; symbolically, . Cash flows are narrowly interconnected with the concepts of value, interest rate, and liquidity. A cash flow that shall happen on a future day can be transformed into a cash flow of the same value in . This transformation process is known as discounting, and it takes into account the time value of money by adjusting the nominal amount of the cash flow based on the prevailing interest rates at the time. Cash flow analy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to stimulus measures during the Great Recession, and the COVID-19 recession. Governments may take on debt when the government's spending desires do not match government revenue flows. Taking deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payroll
A payroll is a list of employment, employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including Salary, salaries and wages, Bonus payment, bonuses, and Withholding tax, withheld taxes, or the company's department that deals with Remuneration, compensation. A company may handle all aspects of the payroll process in-house or can outsource aspects to a payroll processing company. Payroll in the U.S. is subject to federal, state and local regulations including Fair Labor Standards Act of 1938, employee exemptions, Records management, record keeping, and Taxation in the United States, tax requirements. In recent years, there has been a significant shift towards cloud-based payroll solutions. These platfor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer. Process According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paycheck
A paycheck is traditionally a paper document (cheque) issued by an Employment#Employer, employer to income, pay Employment#Employee, employee for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic direct deposits to the employee's designated bank account or loaded onto a payroll card. Employees may still receive a pay slip to detail the calculations of the final payment amount. A salary statement, commonly called a payslip, pay stub, paystub, pay advice, or sometimes paycheck stub or wage slip, is a document received by an employee that either includes a notice that the direct deposit transaction has gone through or that is attached to the paycheck. Each country has laws as to what must be included on a payslip, but this typically includes details of the gross wages for the pay period and the Withholding tax, taxes and any other Itemized deduction, deductions the employer is required to make by law as well as other personal d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illinois Treasurer
The Treasurer of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois. Seventy-four individuals have occupied the office of Treasurer since statehood. The incumbent is Mike Frerichs, a Democrat. A former Champaign County auditor and state senator, Frerichs was first elected to lead the state treasury in 2014 following a close race with Republican candidate Tom Cross. Eligibility and term of office The Treasurer is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Treasurer must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least three years preceding the election. Powers and duties The Treasurer is charged by Article V, Section 18 of the Illinois Constitution with the safekeeping and investment of the monies and securities deposited into the state treasury. As such, the Tre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warrant Of Payment
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. A warrant may or may not be negotiable instrument, negotiable and may be a bearer instrument that authorises payment to the warrant holder on demand or after a specific date. Governments and businesses may pay wages and other accounts by issuing warrants instead of cheques. History Warrants were used in the 18th century by the military to authorize payments to soldiers and suppliers. George Washington, for example, signed warrants that ordered quartermasters to deliver money or acquire supplies. These warrants were used by quartermasters to issue vouchers to acquire food, supplies, munitions, clothing, transportation, etc., for the use of the American military and to maintain Washington's headquarters. Warrants could be redeemed by the army paymasters, but most often they were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
