Sec. 50. Finances; audits; annual report.

222 words·~1 min read·/il/chapter-20/act-3948/50

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)IGP may accept funds, grants, gifts, and services from the government of the United States or its agencies, from this State or its departments, agencies, or instrumentalities, from any other governmental unit, and from private and civic sources for the purpose of funding any projects authorized by this Act. IGP may receive appropriations.

(b)Services of personnel, use of equipment and office space, and other necessary services may be accepted from members of the board as part of IGP's financial support.

(c)State funds appropriated for the operations and functions of IGP for fiscal year 2011 and each fiscal year thereafter should not exceed 60% of IGP's funding from all sources for the fiscal year.

(d)The board shall arrange for the annual financial audit of IGP by one or more independent certified public accountants in accordance with generally accepted accounting principles. The annual audit results shall be included in the annual report required under subsection (e).

(e)IGP shall report annually on its activities and finances to the Governor and the members of the General Assembly.

(f)Payments by the IGP to the Department of Agriculture as reimbursement for employee costs as provided in Section 45 and for proportionate lease payments for office space for employees shall be deposited into the Agricultural Premium Fund.