Ill. Admin. Code tit. 20 § 1810.430

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1810.430 - Project Income

a) Project Income shall consist of all gross income (including the acquisition of forfeited property and assets) earned by the implementing entity during the award agreement period as a direct result of the award of Trust Funds, regardless of when the income is realized. "Direct result" shall be determined by the Executive Director and means a specific act or set of activities that are directly attributable to Trust Funds and which are directly related to the goals and objectives of the funded project. All project income earned during the award agreement period shall, regardless of when the income is realized, be retained by the implementing entity, and, in accordance with the agreement and with the prior approval of the Council, shall be added to the Trust Funds committed to the project by the Council and implementing entity and be used only to further eligible program goals or objectives.

b) Implementing entities shall account for all project income. Project income shall be reported in the fiscal reports required under Subpart G of this Part.

Ill. Admin. Code tit. 20, § 1810.430