Section 1015.70  Audit Requirements

a)         Institutions shall contract with an external auditor who is registered as a public accountant by the Illinois Department of Professional Regulation.

b)         The auditor shall obtain copies of the following grant documents:  the executed grant agreement and a copy of this Part.

c)         The auditor shall verify the expenditure of grant funds as provided for in the grant agreement and this Part.

d)         The auditors shall provide an audit including a description of the tests performed and the audit findings to the Board within 90 days after the termination of the grant period or within 90 days after the end of the institution's fiscal year for institutions electing to fulfill the audit requirements as part of their annual audit as provided by the Illinois Grant Funds Recovery Act (Ill. Rev. Stat. 1989, ch. 127, par. 2302).

e)         Refunds shall be made to the State by institutions for the following reasons:

1)         Grant funds not expended;

2)         Grant funds expended for purposes not allowed under this Part or under the grant agreement;

3)         Grant funds received by the grantee for which the grantee is subsequently determined not to be eligible.

f)          The cost of an audit is an allowable use of grant funds.