# 89 Ill. Adm. Code 404.10: Section 404.10 Finances

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_10

## Section

- **Citation:** 89 Ill. Adm. Code 404.10
- **Heading:** Section 404.10 Finances
- **Jurisdiction:** Illinois
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Administrative Code / Title 89 SOCIAL SERVICES / CHAPTER III: DEPARTMENT OF CHILDREN AND FAMILY SERVICES / Part 404 LICENSING STANDARDS FOR CHILD CARE INSTITUTIONS AND MATERNITY CENTERS / Section 404.10 Finances

## Text

Section 404
Section 404.10  Finances
a)         The agency shall maintain a degree of financial solvency that
insures adequate care of the children for whom it has assumed responsibility,
An agency is considered insolvent if its financial condition is such that the
sum of its debts is greater than all of its property, at a fair valuation,
exclusive of property transferred, concealed or removed with intent to hinder,
delay or defraud its creditors.  (This definition of "insolvency" is
based on the definition contained in the United States Bankruptcy Code of 1978,
11 U.S.C. 101(26).)
b)         The institution shall maintain fiscal records which shall
include:
1)         current and projected operating budget for the facility for
which license is sought;
2)         financial records annually audited and certified by public accountants
not affiliated with the institution.
c)         The above records shall be maintained and kept in the State of
Illinois where they shall be readily available for review by designated
Department licensing and audit staff.
d)         A certified copy of the institution's annual audit as
performed by an independent auditor shall be submitted to authorized Department
staff upon request.

## Nearby sections

- [89 Ill. Adm. Code 404.1 Section 404.1  Purpose](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_1.md)
- [89 Ill. Adm. Code 404.2 Section 404.2  Definitions](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_2.md)
- [89 Ill. Adm. Code 404.3 Section 404.3  Effective Date of Standards (Repealed)](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_3.md)
- [89 Ill. Adm. Code 404.4 Section 404.4  Application for License](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_4.md)
- [89 Ill. Adm. Code 404.5 Section 404.5  Renewal of License](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_5.md)
- [89 Ill. Adm. Code 404.6 Section 404.6  Provisions Pertaining to License](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_6.md)
- [89 Ill. Adm. Code 404.7 Section 404.7  Provisions Pertaining to Permits](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_7.md)
- [89 Ill. Adm. Code 404.8 Section 404.8  Incorporation](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_8.md)
- [89 Ill. Adm. Code 404.9 Section 404.9  Composition and Responsibilities of the Governing Body](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_9.md)
- [89 Ill. Adm. Code 404.10 Section 404.10  Finances](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_10.md)
- [89 Ill. Adm. Code 404.11 Section 404.11  The Administrator](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_11.md)
- [89 Ill. Adm. Code 404.12 Section 404.12  Administrative Coverage](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_12.md)
- [89 Ill. Adm. Code 404.13 Section 404.13  Child Care Workers](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_13.md)
- [89 Ill. Adm. Code 404.14 Section 404.14  Support Personnel](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_14.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T89_P404_S404_10. Check the current official text before relying on it. Not legal advice.