Ill. Admin. Code tit. 44, § 2000.5035 - Disclosure of Financial Interests and Potential Conflicts of Interest
a) For purposes of
Section 50-35(a) of the Code, an "offer from responsive bidders or offerors"
means only those offers that are received using an Invitation for Bids or
Request for Proposals under Section 20-10, 20-15, or 20-35, or Article 35, of
the Code. Disclosures are not required in small, sole source or emergency
procurements.
b) For purposes of:
1) Section 50-35(b) of the Code, "parent
entity" means a person who owns 100% of the bidding entity.
2) 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, which is by and
between the State and the named individual.
c) Distributable or distributive income means
the income of a company after expenses, including employee salaries and
bonuses, and retained earnings, which is distributed to those entitled to
receive a share of such income.
d)
Personal services shall be any contract for services subject to this 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).
e) "Competitively bid" means a contract let
pursuant to Sections 20-10, 20-15 and 20-35 of the Code.
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.
g) Once a disclosure is made in relation to a
particular contract, the disclosure need not be repeated if the contract is
amended.
h) 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 provided the vendor also
identifies the specific sections or parts in the 10K disclosure where the State
may find information, if any, pertaining to those who have an ownership
interest or an interest in the distributable 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, but is in a document referenced 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 as well.
2) 10K disclosures are available for public
review. Any potential conflict of interest identified by the public and brought
to the attention of the CPO or SPO shall be investigated.
3) In circumstances where a vendor may submit
a 10K disclosure in lieu of the specific disclosure requirements of the Code
and for purposes of the Procurement Officer's duty to consider any conflict or
potential conflict of interest that may exist, but that is not subject to
specific disclosure requirements of the Code and this Part, and that is not
personally known by the Procurement Officer, "publicly known or reasonably
available to the public" shall consist of information identified by the vendor
in the 10K disclosure and any information disclosed pursuant to public review
of the 10K disclosure.
Notes
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