Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart A - TECHNOLOGY CENTER PROGRAM › Section 540.70 - Program Administration Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Program Targeting - Services provided
				through grants under Sections
				540.60(a)
				and (d)  of this program must benefit
				Illinois business as that term is defined in Section 46.19 a(2)(e) of the Civil
				Administrative Code of Illinois (Ill. Rev. Stat. 1984 Supp., ch. 127, par.
				46.19a(2)(e)) and as determined by the review process in Section
				540.50.
b) Eligible Grant Recipients - Grants may be
				awarded by the Department to business, universities, research institutions,
				research consortia, and other not-for-profit entities, consistent with the
				legislative intent for each particular grant category as specified in Section
				540.60
				of this Part.
c) Property Records -
				The recipient agrees to maintain property records and at least annually conduct
				an inventory of all equipment or nonexpendable personal property purchased with
				grant funds. Equipment must be used on the original project as long as needed.
				While being used on the original project, equipment may be made available for
				"shared use" with other activities provided that use will not interfere with
				its use for the original project. When no longer needed for the original
				purpose, equipment may be used for other projects (projects of the Department
				are to be given first priority, if there is a choice).
d) Record Retention and Review - Recipients
				and their subcontractors must permit any agent authorized by the Department
				upon presentation of credentials, in accordance with the constitutional
				limitations on administrative searches, to have full access to and the right to
				examine any documents, papers and records of the recipient involving
				transactions related to a grant under this program. To the extent authorized by
				the Freedom of Information Act (Supp. to Ill. Rev. Stat. 1983, ch. 116, pars.
				201 et seq.), the Department will not make public any information disclosing
				program supported technical information if the recipient believes such
				disclosure would affect the commercialization potential of the project. The
				term "subcontractor" as used in this clause excludes purchase orders not
				exceeding $2,500.00.
e) Financial
				Management Standards - A recipient's financial management system shall be
				structured under the Accounting Standards of the Financial Accounting Standards
				Board of the American Institute of Certified Public Accountants (AICPA) (June,
				1984) in accordance with the reporting requirements specified in Section
				540.70(u)
				of this Part. The recipient is accountable for funds received under this grant
				and shall maintain effective control and accountability over all funds,
				equipment, property, and other assets under the grant. The recipient shall keep
				records which detail the recipient's expenditures of grant funds and accurately
				document the recipient's Expenditure Summary and Payments Request Form
				submitted pursuant to Section
				540.70(u).
f) Method of Compensation -
1) Payments pursuant to a grant are subject
				to the availability of funds appropriated by the General Assembly.
2) Payments to the recipient are subject to
				the initiation of an invoice voucher. The first payment for program initiation
				may be an advance for the first month's cash needs. Thereafter, the payments
				are dual purpose in that they will be sufficient to cover the expenditures to
				date as well as the cash needs of the recipient for the next period.