(60 ILCS 1/220-35)
Sec. 220-35.
Use of funds; financial statement.
(a) Any funds paid over to a for profit (or not for profit) and
non-sectarian organization or to the board of managers of a township community
building under this Article shall be used solely for the operation and
maintenance of a non-sectarian service, activity, facility, or guidance center
or for other services provided on a for profit (or not for profit) and
non-sectarian basis for the older inhabitants of the township.
(b) Within 60 days after the close of the fiscal year of any service,
activity, facility, guidance center, or other services for which funds were
provided under this Article, the organization or board of managers, as the case
may be, that received the funds shall file with the township clerk
a complete statement of the financial affairs of the service, activity,
facility, or guidance center for that fiscal year. The statement shall be
verified under oath and shall show, among other things, for the fiscal
year, (i) the amount expended in the operation and management of the service,
activity, facility, or guidance center and on what account; (ii) the amount of
township funds received; (iii) the amount and source of any other funds
received for those purposes; and (iv) the amount remaining on hand
for operation or maintenance of the service, activity, facility, or center.
The township clerk shall record the statement in the record book of the
township and shall cause the statement to be published in a newspaper
having general circulation in the township within 30 days after it is filed
with the clerk.
(Source: P.A. 86-580; 88-62.)
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