Illinois § 170-20

§ 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; (2) certification that the qualified community foundation holds a permanent endowment fund meeting the criteria established in Section 170-5; (3) a list of the names and addresses of all members of the governing board of the qualified community foundation; and (4) a copy of the most recent financial audit of the qualified community foundation's 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. (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.)