(35 ILCS 60/170-20)
Sec. 170-20. Approval to issue certificates of receipt. (a) A qualified community foundation shall submit an application for approval to issue certificates of receipt, in the form and manner prescribed by the Department, provided that each application shall include: (1) documentary evidence that the qualified community foundation meets the |
| qualifications under Section 170(b)(1)(A)(vi) of the Internal Revenue Code and substantially complies with the standards established by Community Foundations National Standards;
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(2) certification that the qualified community foundation holds a permanent endowment
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| fund meeting the criteria established in Section 170-5;
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(3) a list of the names and addresses of all members of the governing board of the
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| qualified community foundation; and
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(4) a copy of the most recent financial audit of the qualified community foundation's
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| accounts and records conducted by an independent certified public accountant in accordance with auditing standards generally accepted in the United States, government auditing standards, and rules adopted by the Department.
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(b) The Department shall review and either approve or deny each application to issue certificates of receipt pursuant to this Act. Approval or denial of an application shall be made on a periodic basis. Applicants shall be notified of the Department's determination within 30 business days after the application is received.
(Source: P.A. 103-592, eff. 6-7-24.)
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