Ill. Admin. Code tit. 23, § 1035.50 - Grant Agreement
a) Once the
Board of Higher Education has approved a grant, the institution and the Board
shall execute a grant agreement.
b)
Such grant agreement shall:
1) be signed by
the chief executive officer or chairman of the institution's board;
2) specify the two-year period of time for
which the grant is valid and during which grant funds may be expended by the
institution;
3) provide that
construction on any renovation project funded under the grant shall not
commence prior to the date specified in the grant agreement;
4) provide that institutions shall contract
annually with external auditors to conduct an audit of the expenditure of grant
funds provide under this program; to verify the eligible gross square feet upon
which the grant is based; and to verify that funds were expended pursuant to
the grant agreement and not for sectarian purposes. The audits shall be
conducted annually until such time that all grants funds have been expended or
refunded to the State, and certified reports of such audits shall be filed
annually with the Board of Higher Education;
5) provide that all funds remaining at the
end of the period of the grant agreement, or any funds that are spent for
purposes not listed in the grant agreement shall be returned to the State of
Illinois; and
6) comply with the
terms of the Illinois Grant Funds Recovery Act (Ill. Rev. Stat. 1985, ch. 127,
pars. 2301 et seq.).
Notes
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