Ill. Admin. Code tit. 74, § 320.30 - Standards for Aging of Accounts Receivable
a) In order for an agency to effectively
estimate the collectibility of its receivables and properly focus collection
efforts, each outstanding receivable due the State must be "aged" relative to
its formal due date. A receivable is considered "current" (not past due) prior
to the passage of its formal due date. When the debtor's due date passes
without full payment, the debt becomes "past due" and must be aged according to
the number of days beyond the due date that the debt has been
outstanding.
b) For purposes of
aging and reporting outstanding receivables, the following aging periods will
normally be used:
Past due: 1-30 days
31-90 days
91-180 days
181 days-one year
Over one year
c) When the above aging periods do not serve
an agency's management needs, other reasonable aging periods may be utilized
and shall be reported to the Comptroller. Such other aging periods may be
utilized where the different aging period is suited to the monitoring of that
receivable, e.g., where specific statutory or administrative provisions
preclude action until the completion of a "waiting period". Also, in some
instances a separate aging category will be determined by the agency to be
necessary. For example, if an agency cannot begin collection efforts for a
six-month period after the debt becomes past due, a separate category of aging
should be set up for these receivables.
Notes
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