Illinois Administrative Code › Title 14 - COMMERCE › Part 540 - TECHNOLOGY COMMERCIALIZATION GRANT-IN-AID PROGRAMS › Subpart B - ENTREPRENEURIAL INVESTMENT INITIATIVE PROGRAM › Section 540.170 - Administrative Standards

Current through Register Vol. 48, No. 28, July 12, 2024
a) Grant
				Agreement - During formal negotiations and discussions held with the
				Department, the Department and the applicant shall agree to the scope of work
				of the grant agreement and the period of the grant agreement which shall be no
				longer than two years.
b) Complaint
				Process - In the event of a complaint, the Department shall follow the
				procedures outlined in 47 Ill. Adm. Code 10 (Review and Appeal
				Procedures).
c) Administrative
				Costs - The Project Operator may use up to 10 percent of the grant funds for
				administrative costs as specified in the grant agreement.
d) Conflict of Interest - Each Project
				Operator shall assure there is no conflict between borrowers and members of the
				applicant's staff, board or loan review committee to the extent that no staff,
				board or loan review committee member shall have any financial interest in nor
				shall the member profit from, any loan to a borrower.
e) Reports - The Department shall require
				that on a bi-monthly, quarterly, or, at a minimum, a semi-annual basis, reports
				shall be prepared by the Project Operator pertaining to and describing items
				such as its progress in lending funds, specific business assisted and jobs
				created, the amount of funds loaned, repayments received and jobs created or
				retained. A copy shall be delivered to the Department within 15 calendar days
				of the end of each designated period. Incomplete reports shall be returned to
				the Project Operator with deficiencies noted.
f) Record Review and Monitoring - Recipients
				and their subcontractors, if any, must permit any agent authorized by the
				Department, upon presentation of credentials, 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, for three (3) years from
				the date of submission of the final progress report or until audit findings
				have been resolved, whichever is later.
g) Record Retention Requirements - All
				recipients must maintain records in accordance with the provisions contained in
				the Secretary of State's regulations (44 Ill. Adm. Code 4000) and the Records
				Act (Ill. Rev. Stat. 1989, ch. 116, par. 43.4 et seq.).
h) Historic Preservation - Grantees shall
				require from third parties receiving financial assistance, certification that
				the project does not involve the destruction, alteration, renovation, transfer
				or sale, or utilization of an historic property, structure or structures, or
				the introduction of visual, audible or atmospheric elements to an historic
				property, structure or structures, and will, therefore, not result in any
				changes in the character or use of any historic property.
i) Relocation - Grantees shall require from
				third parties receiving financial assistance, certification that the project
				does not involve relocating a facility or workers from any location in Illinois
				outside of the community in which the business project will be
				conducted.