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The Illinois State Board of Education created a Financial Oversight Panel for Round Lake Area School District 116 in May of 2000. The School Finance Authority (SFA) for Round Lake was the Panel's effort for legislation under Public Act 92-0547.

August 13, 2002 marked the inception of the SFA and the State Board of Education would name five individuals to serve a week later. The current SFA is made up of:

Dr. Douglas Parks
Chairperson

Mr. George Lingel
Vice Chairperson

Mrs. Rosa Reyes-Prosen
Secretary

Mr. Hal Davis

Mr. Bish Krywko