Illinois Administrative Code
Title 89 - SOCIAL SERVICES
Part 410 - LICENSING STANDARDS FOR YOUTH EMERGENCY SHELTERS
Section 410.90 - Finances
Current through Register Vol. 48, No. 12, March 22, 2024
a) The supervising individual or organization shall maintain a degree of financial solvency that insures care of homeless youth as required by this Part. An individual or agency is considered insolvent if its financial condition is such that the sum of its debts is greater than all of its property, at a fair valuation, exclusive of property transferred, concealed or removed with intent to hinder, delay or defraud its creditors. (This definition of "insolvency" is based on the definition contained in the United States Bankruptcy Code of 1978, 11 U.S.C. 101(26).)
b) The emergency shelter shall maintain fiscal records which shall include:
c) The above records shall be maintained and kept in the State of Illinois where they shall be readily available for review by designated Department licensing staff.