Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 1037 - CAPITAL IMPROVEMENT GRANTS TO NONPUBLIC INSTITUTIONS OF HIGHER LEARNING FOR LABORATORY, RESEARCH AND INSTRUCTIONAL AREA RENOVATION
Section 1037.50 - Grant Agreement
Universal Citation: 23 IL Admin Code § 1037.50
Current through Register Vol. 48, No. 52, December 27, 2024
a) Once the Board of Higher Education has approved a grant, the institution and the Board shall execute a grant agreement.
b) Such grant agreement shall:
1) be signed by the chief executive officer
or chairman of the institution's board;
2) specify the two-year period of time for
which the grant is valid and during which grant funds may be expended by the
institution;
3) provide that
construction on any renovation project funded under the grant shall not
commence prior to the date specified in the grant agreement;
4) provide that the institution shall
contract with external auditors to conduct an audit of the expenditure of grant
funds provided under this program; to verify the eligible gross square feet
upon which the grant is based; and to verify that funds were expended pursuant
to the grant agreement and not for sectarian purposes. The audits shall be
conducted upon termination of the grant period and certified reports of such
audits shall be filed with the Board of Higher Education;
5) provide that all funds remaining at the
end of the period of the grant agreement, or any funds that are spent for
purposes not listed in the grant agreement or any grant funds received by the
grantee for which the grantee is subsequently determined not to be eligible
shall be returned to the State of Illinois; and
6) comply with the terms of the Illinois
Grant Funds Recovery Act (Ill. Rev. Stat. 1987, ch. 127, pars. 2301 et seq., as
amended by Public Act 86-602, effective January 1, 1990).
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