# 47 Ill. Adm. Code 1.50: Section 1.50 Cash Management

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_50

## Section

- **Citation:** 47 Ill. Adm. Code 1.50
- **Heading:** Section 1.50 Cash 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 1.50 Cash Management

## Text

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).

## Nearby sections

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T47_P1_S1_50. Check the current official text before relying on it. Not legal advice.