Current through Register Vol. 48, No. 38, September 20, 2024
a) Grant
funds may not be expended except pursuant to a written grant agreement, and
disbursement of grant funds without a grant agreement is prohibited. At a
minimum, a grant agreement shall:
1) Describe
the purpose of the grant and be signed by authorized representatives of the
Board and the independent college;
2) Specify how payments shall be made and the
financial controls applicable to the grant, including an agreement to file
quarterly reports describing the progress of the capital projects and the
expenditure of the related grant funds;
3) Specify that the use of grant funds will
be consistent with Section
1039.85;
4) Specify the period of time for which the
grant is valid and the period of time during which grant funds may be expended
by the grantee;
5) Contain a
provision that all funds remaining at the end of the grant agreement, or at the
expiration of the period of time grant funds are available for expenditure or
obligation by the grantee, shall be returned to the State within 45
days;
6) Contain a provision that
any grantees receiving grant funds are required to permit the Board, the
Auditor General or the Attorney General to inspect and audit any books, records
or papers related to the capital projects for which grant funds were
provided;
7) Contain a provision in
which the grantee certifies under oath that all information in the grant
agreement is true and correct to the best of the grantee's knowledge,
information and belief; that the funds shall be used only for the purposes
described in the grant agreement; and that the award of grant funds is
conditioned upon that certification;
8) Provide that the institution shall
contract with an external auditor who is a certified public accountant licensed
by DFPR to conduct an audit of the expenditure of grant funds provided under
this program at the end of the grant period to verify that grant funds were
expended pursuant to the grant agreement and not for sectarian purposes or
other unauthorized purposes (the audit may be conducted earlier when all funds
are expended prior to the end of the grant period).
9) Require grantee to use the interest earned
on any grant funds for eligible capital projects. The interest earned on grant
funds shall not change the amount of the grant.
10) Contain a provision that if, within 10
years after the completion of any capital project for which a grant was made
under this program, the property ceases to meet the nonsectarian requirements
of a capital project as defined in this Part or the institution ceases to be an
independent college as defined in this Part, the grantee shall refund to the
State an amount determined as follows:
|
Grant Amount ($) 120
Months
|
x
|
Duration of Noncompliance
(months)
|
=
|
Required Refund ($)
|
11)
Contain a provision that the grant recipient agrees to comply with the terms of
the State Finance Act regarding the business enterprise program practices for
State grant recipients when required by law. (See
30 ILCS
105/45.)
b) The Board shall not execute grant
agreements until grant recipients have complied with the terms of the State
Finance Act regarding the business enterprise program practices for State grant
recipients when required by law. (See
30 ILCS
105/45.)
c) The Board shall withhold or suspend the
distribution of grant funds for failure to file required quarterly
reports.
d) Any independent college
that is eligible to receive a redistribution of funds as described in Section
1039.70(d)
is subject to the grant agreement terms described in subsections (a), (b) and
(c), the use of grant funds described in Section 1039.85, and the audit
guidelines described in Section
1039.90.
