Ill. Admin. Code tit. 71, § 45.110 - 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)
Notes
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