How do school corporations qualify for ISCAP?
Temporary cash flow deficits for Iowa school corporations happen for a variety of reasons, including uneven distribution of property tax collections. Generally, the amount of a school corporation’s projected cash flow deficit determines whether it qualifies for ISCAP participation. School officials start the qualification process by logging into the ISCAP web site, https://www.iscap.org/, and reviewing and entering data from the CAR, audit and budget to complete the ISCAP Schedule A cash flow projection form. The cash flow projection form shows the school’s projected income and expenditures for the year on a monthly basis. Based upon the ISCAP cash flow projection, a school corporation may issue anticipatory warrants when it determines there will not be sufficient funds on hand at times during the fiscal year to pay the legal obligations of the General Fund.
