Technical Accounting Review Committee (TARC)

Monitors and comments on activities and rulings of the Governmental Accounting Standards Board (GASB). The committee provides testimony on GASB standards and educates the IGFOA membership on those standards.

  1. Christina Coyle Christina Coyle, Chairperson Village of Glen Ellyn, Finance Director
  2. Elizabeth Holleb Elizabeth Holleb, Board Liaison City of Lake Forest, Finance Director
  3. Betsy Allen Betsy Allen, Member Miller Cooper & Co., Ltd
  4. Sandy Cook Sandy Cook, Member CliftonLarsonAllen LLP, Senior Manager
  5. Jason Coyle Jason Coyle, Member Baker Tilly US, LLP, Partner
  6. Thomas Dahl Thomas Dahl, Member Village of Roselle, Finance Director
  7. Susannah B Filipovic Susannah B Filipovic, Member Baker Tilly US, LLP, Senior Manager
  8. Melissa Gallagher Melissa Gallagher, Member City of Rolling Meadows, Finance Director
  9. Sean Hickey Sean Hickey, Member Plante Moran
  10. David M Jelonek David M Jelonek, Member GW & Associates, PC, Partner
  11. Melissa Juntunen Melissa Juntunen, Member Lauterbach & Amen, LLP, Principal
  12. Frederick G Lantz Frederick G Lantz, Member Sikich LLP, Director, Government Services
  13. Nick Mostardo Nick Mostardo, Member Village of Libertyville, Finance Director
  14. Mark Nannini Mark Nannini, Member Illinois Municipal Retirement Fund, Chief Financial Officer
  15. James R Savio James R Savio, Member Sikich LLP, Partner
  16. Dan Sethness Dan Sethness, Member RSM US LLP, Manager
  17. Jim Splitt Jim Splitt, Member Illinois Municipal Retirement Fund, Financial Analyst
  18. Scott C Termine Scott C Termine, Member BKD LLP, Partner
  19. Syril Thomas, CPA Syril Thomas, CPA, Member CliftonLarsonAllen LLP, Manager
  20. Christine Torres Christine Torres, Member Crowe LLP, Partner
  21. Rita A Trainor Rita A Trainor, Member Wheaton Park District, Finance Director
  22. Laurel Warren Laurel Warren, Member Village of Hoffman Estates
  23. Jamie Wilkey Jamie Wilkey, Member Lauterbach & Amen, LLP, Partner
  24. Diane Gillian Lantz Diane Gillian Lantz, Staff - ED Illinois GFOA, Executive Director
  25. Beth Beaty Beth Beaty, Staff - SAM Illinois GFOA, Senior Association Manager

 PPRT REVENUE MISALLOCATION UPDATE - TARC Recommended Accounting Treatment 

In late April 2016, local governments received a notice from the Illinois Department of Revenue (IDOR) that a misallocation of Personal Property Replacement Taxes (PPRT) had resulted in an overpayment of an estimated $168 million to local governments. In response to the information available at that time TARC recommended that the recovery sought by the Department of revenue warranted recognition as a liability as defined by GASB Concepts Statement 4.  In September 2017, the Department of Revenue issued a statement that they would no longer be seeking repayment of these overpayments.

Recommended Accounting Treatment
If a government recorded a liability for the overpayment in the past, the correct accounting treatment would now be to reverse the entry that was created previously. If no entry was done previously, then certainly no entry should be done at this time. This forgiveness of the overpayment would not meet the definition of an extraordinary item or a special item and should not be recorded as such.  Governments are always encouraged to discuss the treatment they have elected with their auditors.


Public Act 100-0023 - Recommended Accounting Treatment

As part of the State Budget process, the Illinois General Assembly passed Public Act 100-0023. Public Act 100-0023 provides that, beginning in July 2017, 2% of locally imposed sales taxes collected by the state be transferred to the Tax Compliance and Administration Fund. The 2% administrative fee was not imposed on the local portion of the 6.25% state sales tax, but all other sales taxes collected by the state on behalf of local government (including Home Rule Sales Tax) are subject to the 2% administrative fee.

Recommended Accounting Treatment
TARC has concluded that the 2% administrative fee can be treated as a deduction from revenue or recorded separately as an expenditure. TARC does suggest that municipalities may want to track the amount of fees charged under Public Act 100-0023 to be able to communicate the impact of this law. The amount of the 2% administrative fee should also reduce any Receivables and Deferred Inflows of Resources reported in fiscal year-end financial statements.


A New Financial Reporting Model for Governmental Funds



IGFOA Response to GASB Exposure Drafts:

Exposure Draft on Certain Asset Retirement Obligations
Response to Exposure Draft on Certain Asset Retirement Obligations

Exposure Draft on Fiduciary Activities
• Response to Exposure Draft on Fiduciary Activities

The Implementation Guide
Response to Exposure Draft on Implementation Guide

The Financial Reporting Entity

Codification of Accounting and Financial Reporting Guidance

Pension Accounting and Financial Reporting

Hierarchy of Generally Accepted Accounting Principles for State and Local Governments

Codification of Accounting and Financial Reporting Guidance

Fund Balance Reporting and Governmental Fund Type Definition

Service Efforts and Accomplishments Reporting

Endowment Funds—Accounting and Reporting for Land and Other Real Property Held as Investments

Pension Disclosure: GASB 25 & 27 Amendment


GASB Links:

What's New at the GASB Web site
Summary and Status of GASB Statements and Interpretations
GASB 45 OPEB Fact Sheet
GASB Exposure Document

SAS 112 Resources

Understanding SAS 112 from AICPA
Impact of SAS 112 on Governmental Financial Audits Conference Call



With the collapse of Enron and the federal indictments of numerous CEOs, the public and the media have taken an increased interest in the relationship between organizations and their auditors. Congress took action by passing the Sarbanes-Oxley Act, which attempts to ensure greater auditor independence and oversight. While the act only applies to the private sector, the public sector needs to take notice of the important auditor relationship issues. The IGFOA, through the TARC committee, has been examining issues of auditor selection, rotation, and independence in an attempt to provide members with valuable resources.

Guide to Selecting an Auditor
• Download the Guide
• Download a sample RFP

IGFOA surveyed Finance Directors and City Managers regarding Auditor Rotation issues. View the results of the Auditor Relationship Survey:


IMET Liquidating Trust Treatment

TARC Recommends Accounting Treatment for PPRT Revenue Misallocation

DuPage Water Commission Refund


TARC Accounting Review Committee Comments On:


Meeting Reports

February 25, 2010 meeting report

2009 Committee Report

July 17, 2009 meeting report

April 17, 2009 meeting report

October 17, 2008 meeting report

Technical Accounting Review Committee Report of Activity October 2007-July 2008

April 22 , 2008 meeting report

If you feel strongly about any of the issues TARC is currently examining or would like to present a new issue, please Contact the Committee Chair

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