Illinois Statutes Chapter 30. Finance § 708/97. Separate accounts for State grant funds

§ 97. Separate accounts for State grant funds. Notwithstanding any provision of law to the contrary, all grants for which advance payments are made and any grant agreement entered into, renewed, or extended on or after August 20, 2018 (the effective date of Public Act 100-997) that permits advanced payments, between a State grant-making agency and a nonprofit organization, shall require the nonprofit organization receiving grant funds to maintain those funds in an account which is separate and distinct from any account holding non-grant funds. Except as otherwise provided in an agreement between a State grant-making agency and a nonprofit organization, the grant funds held in a separate account by a nonprofit organization shall not be used for non-grant-related activities, and any unused grant funds shall be returned to the State grant-making agency. This Section does not apply when grant payments are made as reimbursements.