(20 ILCS 880/15)
Organization, powers, and duties of Foundation.
As soon as
practical after the Foundation is created, the Board of Directors shall meet,
organize, and designate, by majority vote, a treasurer, secretary, and any
additional officers that may be needed to carry out the activities of the
Foundation, and shall adopt bylaws of the Foundation. The Department of
Natural Resources may adopt other rules deemed necessary
to govern Foundation procedures.
The Foundation may accept gifts or grants from the federal government, its
agencies or officers, or from any person, firm, or corporation, and may expend
receipts on activities that it considers suitable to the performance of its
duties under this Act and consistent with any requirement of the grant, gift,
or bequest. Funds collected by the Foundation shall be considered
private funds, except those received from public entities, and shall be
held in an appropriate account outside of the State
Private funds collected by the Foundation are not subject to the Public
Funds Investment Act. Foundation procurement is exempt from the Illinois
Procurement Code when only private funds are used for procurement
The treasurer of the Foundation shall be custodian of all Foundation
funds. The Foundation's accounts and books shall be set up and maintained in a
manner approved by the Auditor General; and the Foundation and its officers
shall be responsible for the approval of recording of receipts, approval of
payments, and the proper filing of required reports. The Foundation may be
assisted in carrying out its functions by personnel of the
Department of Natural Resources.
The Department shall provide reasonable assistance to the Foundation to
achieve the purposes of the Foundation.
The Foundation shall cooperate fully with the
boards, commissions, agencies, departments, and institutions of the State. The
funds held and made available by the Illinois Conservation Foundation shall be
subject to financial and compliance audits by the Auditor General in compliance
with the Illinois State Auditing Act.
The Foundation shall not have any power of eminent domain.
(Source: P.A. 92-797, eff. 8-15-02.)