(110 ILCS 805/2-15) (from Ch. 122, par. 102-15)
    Sec. 2-15. Recognition. The State Board shall grant recognition to community colleges which maintain equipment, courses of study, standards of scholarship and other requirements set by the State Board. Application for recognition shall be made to the State Board. The State Board shall set the criteria by which the community colleges shall be judged and through the executive officer of the State Board shall arrange for an official evaluation of the community colleges and shall grant recognition of such community colleges as may meet the required standards.
    Recognition shall include a review of compliance with Section 3-65 of this Act and other applicable State and federal laws regarding employment contracts and compensation. Annually, the State Board shall convene an advisory committee to review the findings and make recommendations for changes or additions to the laws or the review procedures.
    If a community college district fails to meet the recognition standards set by the State Board, and if the district, in accordance with: (a) generally accepted Government Auditing Standards issued by the Comptroller General of the United States, (b) auditing standards established by the American Institute of Certified Public Accountants, or (c) other applicable State and federal standards, is found by the district's auditor or the State Board working in cooperation with the district's auditor to have material deficiencies in the design or operation of financial control structures that could adversely affect the district's financial integrity and stability, or is found to have misused State or federal funds and jeopardized its participation in State or federal programs, the State Board may, notwithstanding any laws to the contrary, implement one or more of the following emergency powers:
        (1) To direct the district to develop and implement a
    
plan that addresses the budgetary, programmatic, and other relevant factors contributing to the need to implement emergency measures. The State Board shall assist in the development and shall have final approval of the plan.
        (2) To direct the district to contract for
    
educational services in accordance with Section 3-40. The State Board shall assist in the development and shall have final approval of any such contractual agreements.
        (3) To approve and require revisions of the
    
district's budget.
        (4) To appoint a Financial Administrator to exercise
    
oversight and control over the district's budget. The Financial Administrator shall serve at the pleasure of the State Board and may be an individual, partnership, corporation, including an accounting firm, or other entity determined by the State Board to be qualified to serve, and shall be entitled to compensation. Such compensation shall be provided through specific appropriations made to the State Board for that express purpose.
        (5) To develop and implement a plan providing for the
    
dissolution or reorganization of the district if in the judgment of the State Board the circumstances so require. All local funds under the control of the State Board as a result of the dissolution or reorganization of the district shall be expended by the State Board for purposes of providing educational services in the territory from which those local funds were acquired.
(Source: P.A. 103-940, eff. 8-9-24.)