Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 1039 - PRIVATE COLLEGES AND UNIVERSITIES CAPITAL DISTRIBUTION FORMULA › Section 1039.60 - Grant Agreement

Current through Register Vol. 48, No. 28, July 12, 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.)