Illinois Administrative Code
Title 14 - COMMERCE
Part 555 - INTERNATIONAL TOURISM GRANT PROGRAM
Section 555.70 - Matching Funds
Universal Citation: 14 IL Admin Code ยง 555.70
Current through Register Vol. 48, No. 12, March 22, 2024
a) The Grantee shall provide Matching Funds to be expended towards the Total Project Cost that are:
1) Under the control of the Grantee. For
purposes of the Grant, control shall mean that the Grantee can successfully
demonstrate the following control and accountability requirements:
A) The Grantee's chief executive officer
maintains responsibility for establishing review and approval policies and
procedures with respect to the Grantee's daily operations; and
B) The Grantee's chief executive officer has
approval authority for expenses charged to the Grantee's operating budget and
approval over the Grantee expenses attributable to the Grant. Within this
requirement, the Grantee's chief executive officer must be the person that
reviews and approves the payment of invoices related to the grant and match
expenditures.
2)
Identified in the Applicant's grant application for the applicable Fiscal
Year.
3) Expended during the
applicable grant award period.
4)
Supported by records of deposit and documentation of Eligible
Expenditures.
5) Necessary and
irrevocably obligated and used towards completion of the Project.
b) Each Grantee shall provide matching funds equal to no less than 50% of the Grant Amount. If Grantee fails to match any portion of the grant award in a given Fiscal Year, that portion of the grant shall be refunded to the Department in accordance with the terms of the Grant Agreement. In-kind contributions shall not exceed 25% of Matching Funds.
c) Allowable Matching Funds include:
1) Local hotel/motel taxes;
2) Membership dues;
3) Interest earned on local monies and Grant
Funds;
4) Cash
contributions;
5) Federal dollars
deposited directly to the Grantee for tourism promotion purposes that do not
require a match; and
6) In-kind
Contributions necessary to complete the Project. In-kind Contributions shall
not exceed 25% of the match requirement.
d) Ineligible Match: The following monies shall not be considered Matching Funds and may not be used as a match for Grant Funds:
1) Costs incurred or funds expended
outside the grant term identified in the Grant Agreement unless those costs are
approved by the Director as otherwise being compliant with this Part and
consistent with the purposes of the Statute;
2) Funds from any other Department funded
grant program, regardless of whether the other grant funds were awarded and
expended to further the Project;
3)
Funds used to match any other State and/or federal grants;
4) Penalties, fines, late payment fees or
interest charges; and
5) Purchase
of alcohol beverages.
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