Section 110 ILCS 1010/5 - Degrees by other than residence institutions(a) Any educational organization or entity which does not conduct instruction in residence may award degrees and qualify as a degree granting institution upon approval by the Board. Such approval shall be given only if the Board finds that the applicant, organization or entity: (1) Maintains physical facilities suitable and sufficient to the giving of a program or programs of instruction of degree caliber in the field or fields wherein it proposes to grant degrees;(2) Maintains a suitable and sufficient faculty for instruction in its degree granting program or programs;(3) Maintains its student records in a safe and suitable place so that there is reasonable assurance that they are and will remain available for all normal purposes for a reasonable period of time;(4) Maintains a stability sufficient to carry out its obligations under the enrollment contracts; and(5) Complies with all provisions of this Act other than the requirement for instruction in residence.