Illinois Administrative Code › Title 14 - COMMERCE › Part 545 - TECHNOLOGY ADVANCEMENT AND DEVELOPMENT ACT PROGRAMS › Subpart A - ADMINISTRATIVE REQUIREMENTS › Section 545.30 - Administrative Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Record Retention and Review - An entity receiving financial assistance shall,
				as deemed necessary by the Department, permit the Department, its
				representatives, or its designee, to have full access to and the right to
				examine any pertinent documents, papers, and records of the recipient involving
				transactions related to financial assistance received under the Act for such a
				period of time as specified in the agreement between the Department and the
				recipient.
b) Financial Management
				Standards - An entity receiving financial assistance shall maintain a financial
				management system structured to provide for accurate, current, and complete
				disclosure of the expenditures of such financial assistance. The entity is
				accountable for financial assistance received under the Act and shall maintain
				effective control and accountability over all funds, equipment, property, and
				other assets obtained through such financial assistance. Records shall be
				sufficient to permit the tracking of funds to a level of expenditure adequate
				to ensure that funds have not been spent unlawfully.
c) Audits - Audit requirements shall be
				specified in the agreement (e.g., grant, investment, or loan agreement) between
				the entity receiving financial assistance and the Department or between the
				entity receiving financial assistance and an intermediary
				organization.
d) Complaint Process
				- In the case of a complaint by an entity receiving financial assistance, the
				Department shall follow the procedures outlined in the Department's
				Administrative Hearing Rules (56 Ill. Adm. Code 2605).
e) Patent and Technical Information -
				Copyright and patent policies of an entity receiving financial assistance must
				provide for protection of technical information, and identify ownership and
				control of patents. Except when specified to the contrary in the agreement
				between the Department and the recipient, the State of Illinois shall be
				granted a no charge license to use the technology or materials covered by any
				patent or copyright for which the technology or material was either conceived
				or reduced to practice with such financial assistance.
f) Interest on Grant Funds - In accordance
				with Section 10 of the Illinois Grant Funds Recovery Act [30
				ILCS 705/10 ], all interest earned on funds held by
				the recipient of a grant awarded pursuant to the requirements of the Act shall
				become part of the grant principal when earned unless the grant agreement
				provides otherwise. However, any interest earned on funds subject to a
				Department grant after the grant's expiration date shall become part of the
				grant principal and shall be so treated for all purposes.
g) Reporting - Unless otherwise specified in
				the agreement between the Department and the recipient, an entity receiving
				financial assistance shall report financial and programmatic data to the
				Department on a regular basis using formats provided by the Department. Report
				formats and content shall be customized to the specific program and form of
				financial assistance. Generally, the Department requires quarterly reporting of
				expenditures and program achievements at a level of detail sufficient to
				provide for program accountability.
1)
				Expenditures - Unless otherwise specified in the agreement with the Department
				or an intermediary organization, an entity receiving financial assistance shall
				report actual expenditure of financial assistance using expenditure formats
				supplied by the Department. Expenditure summaries are to be submitted to the
				Department by the 15th day following the end of each
				fiscal quarter in which any expenditure of financial assistance is
				made.
2) Program Report - Unless
				otherwise specified in the agreement with the Department or an intermediary
				organization, an entity receiving financial assistance shall submit a program
				report in a format provided by the Department. Generally, the program report
				shall include a narrative describing the entity's progress towards achieving
				objectives and activities as specified in the agreement with the Department or
				an intermediary organization. Program reports shall be submitted to the
				Department by the 15th day following the end of each
				fiscal quarter.