Section 1.50 Cash Management

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Illinois Administrative Code › Title 47 HOUSING AND COMMUNITY DEVELOPMENT › CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY › Part 1 STANDARD GRANT ADMINISTRATIVE REQUIREMENTS › Section 1.50 Cash Management

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

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Section 1

Section 1.50 Cash Management

a) Grantees shall make all cash depositories in accounts covered

under Federal Depositors Insurance Corporation or Federal Savings and Loan

Insurance Corporation agreements.

b) In the event the Department employs a letter of credit

procedure, separate accounts must be used by Grantees for each letter of

credit.

c) Grantees shall provide for bonding of fiscal employees (i.e.,

the amount of coverage shall be higher of $100,000 or the highest cash drawdown

planned during the grant period). (Refer to Appendices A and B regarding

bonding requirements.)

d) The Grantee shall maintain no more than the minimum amount of

cash on hand necessary to operate the program (i.e., three days of average cash

disbursements).

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