Illinois Administrative Code › Title 44 - GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT › Part 8 - CHIEF PROCUREMENT OFFICER FOR THE CAPITAL DEVELOPMENT BOARD › Subpart P - ETHICS › Section 8.5035 - Disclosure of Financial Interests and Potential Conflicts of Interest

Current through Register Vol. 48, No. 28, July 12, 2024
a) For purposes of
				Section 50-35(a) of the Code, an "offer from responsive bidders or offerors"
				means any bid or offer. Disclosures shall be obtained when the award value
				exceeds $25,000 and for any subcontracts valued at more than $50,000.
b) For purposes of Section 50-35(b) of the
				Code, "parent entity" means an entity that owns 100% of the bidding or offering
				entity.
c) Section 50-35(b)(1) of
				the Code, "contractual employment of services" means any contract to provide
				services to the State, whether as independent contractor or employee, that is
				by and between the State and the named individual.
d) "Distributive income" means the income of
				a company after payment of all expenses, including employee salaries and
				bonuses, and retained earnings that is distributed to those entitled to receive
				a share of that income. In the case of a for-profit corporation, distributable
				income means dividends. When calculating entitlement to distributable income,
				the entitlement shall be calculated at the end of the company's most recent
				fiscal year or when distributed.
e)
				"Personal services" shall be any contract for services subject to the Code,
				including, by way of example, professional and artistic services, repair
				services, cleaning and guard services, but excludes contracts with employees
				who are exempt from the Code under Section 1-10(b)(4).
f) "Subject to federal 10K reporting" means
				subject to the reporting requirements of Section 13 or 15(d) of the Securities
				Exchange Act of 1934. "10K disclosure" means a report required under section 13
				or 15(d) of the Securities Exchange Act of 1934 ( 15 USC 78 a et
				seq.).
g) 10K Disclosures
1) Any vendor subject to federal 10K
				reporting requirements may submit its 10K to the State in satisfaction of the
				disclosure requirement of Section 50-35(b) of the Code. The vendor may be
				required to identify the specific sections or parts in the 10K disclosure
				containing information, if any, pertaining to those who have an ownership
				interest or an interest in the distributive income of the vendor or its parent,
				or other information that the vendor knows or reasonably should know identifies
				a potential conflict of interest with the State. If the financial interest or
				conflict of interest information requested by the State is not in the 10K, or
				in a document that may be submitted to the SEC in conjunction with, or in lieu
				of, the 10K, then that additional documentation shall be provided.
2) 10K disclosures are available for public
				review. Any potential conflict of interest identified by the public and brought
				to the attention of CDB, the CPO or the SPO shall be investigated.
3) In circumstances in which a vendor may
				submit a 10K disclosure in lieu of the specific disclosure requirements of the
				Code, the SPO or designee may consider information identified by the vendor in
				the 10K disclosure and any information disclosed pursuant to public review of
				the 10K disclosure in determining whether a potential conflict of interest
				exists.