Ill. Admin. Code tit. 23 § 1031.110

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1031.110 - Transfer of Funds to Another Independent College

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)

Ill. Admin. Code tit. 23, § 1031.110

Adopted at 46 Ill. Reg. 20807, effective 12/19/2022.