# 47 Ill. Adm. Code 1.40: Section 1.40 Property Management

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_40

## Section

- **Citation:** 47 Ill. Adm. Code 1.40
- **Heading:** Section 1.40 Property Management
- **Jurisdiction:** Illinois
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Administrative Code / Title 47 HOUSING AND COMMUNITY DEVELOPMENT / CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY / Part 1 STANDARD GRANT ADMINISTRATIVE REQUIREMENTS / Section 1.40 Property Management

## Text

Section 1
Section 1.40  Property
Management
a)         The Grantee retains title to all equipment purchased with
grant funds for program operations.  The Grantee shall maintain appropriate
property records and periodically, at intervals not to exceed two years,
conduct an inventory of all equipment or nonexpendable personal property
purchased with grant funds.  Equipment must be used on the original project as
long as needed.  While being used on the original project, equipment may be
made available for "shared use" with other activities, provided that
use will not interfere with its use for the original project.  When no longer
needed for the original purpose, equipment may be used for other projects
(projects of the Department are to be given first priority if there is a
choice).  The Grantee shall determine whether there is a continued need for
equipment, in terms of the original project or purpose.
b)         An Equipment Purchase/Acquisition Inventory Listing form
indicating equipment or materials purchased with program funds shall accompany
the program close-out package, which is sent to the Department following the
end of the grant period, if the unit cost is $300.00 or more and the unit has a
life span of one or more years.

## Nearby sections

- [47 Ill. Adm. Code 1.10 Section 1.10  Purpose](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_10.md)
- [47 Ill. Adm. Code 1.20 Section 1.20  Definitions](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_20.md)
- [47 Ill. Adm. Code 1.30 Section 1.30  Record Retention Requirements](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_30.md)
- [47 Ill. Adm. Code 1.35 Section 1.35  Fees](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_35.md)
- [47 Ill. Adm. Code 1.40 Section 1.40  Property Management](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_40.md)
- [47 Ill. Adm. Code 1.50 Section 1.50  Cash Management](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_50.md)
- [47 Ill. Adm. Code 1.60 Section 1.60  Interest on Grant Funds](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_60.md)
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- [47 Ill. Adm. Code 1.90 Section 1.90  Financial Management Standards](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_90.md)
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- [47 Ill. Adm. Code 1.105 Section 1.105  Modification and Amendment of Grant Document](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_105.md)
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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_40. Check the current official text before relying on it. Not legal advice.