(15 ILCS 321/20)
Sec. 20.
Funds collected by the Foundation.
The Foundation may accept
gifts
or grants from the federal government, its agencies or officers, or from any
person, firm,
corporation, or private foundation; 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, the 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 Secretary of State 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 State Library Foundation shall be subject to
financial
and compliance audits by the Auditor General in compliance with the Illinois
State
Auditing Act.
(Source: P.A. 93-497, eff. 1-1-04.)
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