§ 10-17 — Approval to participate in the Program

(a) A qualified community foundation shall apply to the Commission, in the form and manner prescribed by the Commission, for eligibility to participate in the Program under this Act. 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) a list of the names and addresses of all members of the governing board of the qualified community foundation; and (3) 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 Commission. (b) The Commission shall review and either approve or deny each application for participation. Applicants shall be notified of the status of their application within a reasonable amount of time after the completed application is received. (c) The Commission may provide, by rule, that qualified community foundations that are eligible to participate in tax incentive programs administered by other State agencies are automatically eligible to participate in the Program under this Section.

Legislative History

(Source: P.A. 103-592, eff. 6-7-24.)