Section 1005.40  Grant Agreement

a)         At such time that the Board takes action on grant proposals, the institutions will be notified in writing.

b)         At such time that a grant is approved, the Board of Higher Education and the applicant institution shall execute a grant agreement.

c)         Such grant agreement shall:

1)         be signed by the chief executive officer or the chairman of the institution's governing board;

2)         specify the period of time for which the grant is valid and during which the grant funds may be expended;

3)         include a copy of the proposal with any agreed upon changes so indicated;

4)         comply with the terms of the Illinois Grant Funds Recovery Act (Ill. Rev. Stat. 1983, ch. 127, pars. 2301 et seq.);

5)         provide that the institution shall submit to the Board a full accounting for expenditure of all funds provided under the grant agreement, indicating the amounts and the objects of expenditure;

6)         provide that all funds remaining at the end of the period of the grant agreement or which are spent for purposes not listed in the grant agreement shall be refunded to the State of Illinois.