Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 210/3

(110 ILCS 210/3) (from Ch. 144, par. 1333)

Sec. 3.

For the academic year beginning in 2002,
institutional
grants may be made for that and for each succeeding academic year
to each
nonpublic institution of higher learning in an amount determined by allocating
amounts for funding this Act among the eligible institutions in accordance
with a formula or formulae based
upon one or more of the following factors: the number of
undergraduate degrees granted to students who are residents of the
State of Illinois enrolled as students at each such institution; the number
of
full-time equivalent undergraduate
students who are residents of the State of Illinois enrolled as students
at each such institution; and the number of full-time
equivalent of such students who are junior or senior students at such
institutions.  The Board of Higher Education shall establish formula allocations and adopt
rules necessary for the administration of this Act.

Conditions of institutional eligibility for these grants shall
include but need not be limited to the following:

(1) That the governing board of the institution possess its own
sovereignty.

(2) That the governing board, or its delegated institutional
officials, possess final authority in all matters of local control,
including educational policy, choice of personnel, determination of
program, and financial management.

(3) That the institution possess and maintain an open policy with
respect to race, creed and color as to admission of students,
appointment of faculty and employment of staff.

(4) That the institution be able to show its current financial
stability and reasonable prospects for its future stability.

(5) That the institution not be operated for profit.

(6) That the institution provide a full financial report including a
certified audit, and participate in the unit cost study and other
studies conducted annually by the Board of Higher Education.

(7) If required by rule of the Board, that the institution submit to
an additional annual external audit of its enrollment records and
nonsectarian use of funds.

(Source: P.A. 92-45, eff. 7-1-02.)