Ill. Admin. Code tit. 23, § 1031.110 – Transfer of Funds to Another Independent College | Midpage
§ 1031.110
Ill. Admin. Code tit. 23, § 1031.110
Transfer of Funds to Another Independent College
AUTHORITY: Implementing and authorized by the Private Colleges and Universities Capital Distribution Formula Act [30 ILCS 769/25], Build Illinois Act [30 ILCS 750], and Section 4 of the Build Illinois Bond Act [30 ILCS 425].BOARD OF HIGHER EDUCATION
a) If an institution received a grant award under this program and subsequently fails to meet the definition of an independent college in Section 1031.20 and fails to meet the eligibility criteria in Section 1031.30, the remaining funds shall be re-distributed as provided in Section 1031.70, unless the campus or facilities for which the grant was given are operated by another independent college. (Section 25-15 of the Act)
b) If the facilities of a former eligible independent college are operated by another that meets the definition of independent college in Section 1031.20 and meets the eligibility criteria in Section 1031.30, then the entire balance of the grant provided under this program remaining on the date the former independent college ceased operations, including any amount that had been withheld after the former independent college ceased operations, shall be transferred to the successor independent college for the duration of the grant. (Section 25-15 of the Act)