(105 ILCS 40/15)
Sec. 15.
Organization, powers, and duties of Foundation.
As soon as
practicable after the Foundation is created, the Board of Directors shall meet,
organize, and designate, by majority vote, a treasurer, secretary, and any
additional officers as may be needed to carry out the activities of the
Foundation, and shall adopt bylaws of the Foundation. The Lieutenant Governor
may
adopt other rules and regulations 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. Funds collected by the Foundation shall be considered
private funds and shall be held in an appropriate account outside of the State
Treasury. 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 Office of the
Lieutenant Governor with respect to matters falling within their scope and
function. 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 Distance Learning Foundation shall be subject to
financial and compliance audits by the Auditor General in compliance with the
Illinois State Auditing Act.
(Source: P.A. 88-146.)
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