Illinois Administrative Code › Title 86 - REVENUE › Part 1000 - INVEST IN KIDS ACT › Section 1000.300 - Scholarship Granting Organization: Approval to Issue Certificates of Receipt

Current through Register Vol. 48, No. 28, July 12, 2024
a)
No scholarship granting organization shall issue any certificates of
			 receipt without first being approved by the Department to issue certificates of
			 receipt.
b)
A
			 scholarship granting organization shall submit an application for approval to
			 issue certificates of receipt in the form and manner prescribed by the
			 Department.
Applications for approval to issue CORs must be received
			 by the Department no later than January 15 preceding the school year for which
			 the scholarships will be granted. Each application shall be submitted
			 electronically, shall be signed and verified by a board member, officer,
			 executive director, or employee with managerial authority of the scholarship
			 granting organization, or a board member, officer, executive director, or
			 employee with managerial authority of any entity retained by the scholarship
			 granting organization to operate the scholarship granting organization, and
			 shall include
:
1) a copy of
			 the letter issued by the Internal Revenue Service to the scholarship granting
			 organization demonstrating
that the scholarship granting organization
			 has been granted an exemption from taxation under section 501(c)(3) of the
			 Internal Revenue Code;
2)
certification that all qualified contributions and any income derived
			 from qualified contributions are or will be deposited and held in an account
			 that is separate from the scholarship granting organization's operating or
			 other funds until such qualified contributions or income are withdrawn for
			 use;
3)
certification that the scholarship granting organization will use at
			 least 95% of its annual revenue from qualified contributions for
			 scholarships;
4)
certification that the scholarship granting organization will provide
			 scholarships to eligible students;
5) the region or regions in which it will
			 grant scholarships;
6)
a
			 list of the names and home addresses of all members of the governing board of
			 the SGO;
7)
a list
			 of the names, home addresses,
and social security numbers of the
			 officers, executive director, and employees with managerial authority of the
			 scholarship granting organization, and the officers, executive director, and
			 employees with managerial authority of any entity retained by the scholarship
			 granting organization to operate the scholarship granting
			 organization
;
8)
			 certification that, in the last 7 years, no officers, executive director, board
			 members involved in day-to-day operations of the scholarship granting
			 organization, or employees with managerial authority of the scholarship
			 granting organization, or officers, executive director, employees with
			 managerial authority, and board members involved in day-to-day operations of
			 any entity retained by the scholarship granting organization to operate the
			 scholarship granting organization
have filed for personal bankruptcy or
			 corporate bankruptcy in a corporation of which they owned more than 20%. An SGO
			 that cannot make the certification required by this subsection (b)(8) shall not
			 be eligible to provide scholarships;
9) certification that the officers, executive
			 director, board members involved in day-to-day operations of the scholarship
			 granting organization, and employees with managerial authority of the
			 scholarship granting organization, or the officers, executive director,
			 employees with managerial authority, and board members involved in day-to-day
			 operations of any entity retained by the scholarship granting organization to
			 operate the scholarship granting organization are not board members or paid
			 staff members of a participating school,
do not own or operate a
			 qualified school, and do not have a family member who is a board member or a
			 paid staff member of a participating qualified school;
10) certification that
the
			 scholarship granting organization is and will remain in compliance with the
			 anti-discrimination provisions of
			 42
			 USC 2000d;
11) the primary email address to which
			 notices and other documents provided for under the Act shall be sent;
12)
a copy of the most recent
			 financial audit of the scholarship granting organization's accounts and records
			 conducted by an independent certified public accountant in accordance with
			 government auditing standards and auditing standards generally accepted in the
			 United States.
For the initial application to be approved to issue
			 CORs, an SGO registered under Section 2 of the Solicitation for Charity Act who
			 is subject to the provisions of Section 4(b) of that Act and who files with the
			 Attorney General a summary financial statement or written report in accordance
			 with that subsection may satisfy the requirements of this subsection (b)(12) by
			 submitting to the Department a copy of the most recent summary financial
			 statement or written report. No application will be approved unless the
			 requirements of this subsection (b)(12) have been met; and
13) the beginning and ending dates of the
			 SGO's fiscal and taxable years.