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Page 6 of ., ' <br /> Billings: Al1 Grantee billings pursuant to this Agreement shall be sent <br /> to the Department at the following address: Department of Commerce and <br /> Community Affairs, Accounting Division, 620 East Adams, 2-B, Springfield, <br /> Illinois 62701. <br /> 3. Matching Contributions and Capitalization by Grantee. The Grantee shall <br /> ensure that all contributions which are to be counted as project match or <br /> capitalization shall meet the criteria listed in Part II , Sections 1 and <br /> 5. Matching and Capitalization Funds must be directly necessary and <br /> reasonable for proper and efficient administration of the program. <br /> The Grantee shall expend the Program Proceeds and its Matching and <br /> Capitalization Funds in a ratio as set forth in Part XI , the Scope of <br /> Work. The Grantee shall maintain appropriate records of actual costs <br /> incurred which are traceable to the Grantee' s accounting records, <br /> including accurate, current, and verifiable disclosure of costs of the <br /> program pertaining to Department Program Proceeds and Matching and <br /> Capitalization Funds. Further, the Grantee must report the use of <br /> Department and Matching and Capitalization Funds on the Expenditure <br /> Summary for the Grant Term. <br /> 4. Financial Control Requirements. The Grantee' s financial management <br /> system shall be structured to provide for complete, current, and accurate <br /> disclosure of the financial results of th.e grant program. The Grantee is <br /> accountable for tracking all Program Proceeds as well as Matching and � <br /> Capitalization Funds claimed under this grant. The Grantee shall <br /> maintain effective control and accountability over all Program Proceeds <br /> under the grant as required by the Department. The Grantee shall keep <br /> records sufficient to permit the tracing of funds to a level of <br /> expenditure adequate to assure that funds have not been spent unlawfully <br /> and have been spent in accordance with this Grant Agreement. The <br /> Grantee' s financial management system shall be structured under the <br /> Accounting Standards of the Financial Accounting Standards Board of the <br /> American Institute of Certified Public Accountants (AICPA) (June 1984) . <br /> 5. Cash Management. The Grantee shall make all cash depositories in <br /> accounts covered under the Federal Deposit Insurance Corporation or in <br /> comparable secured investments if approved in writing by the Department <br /> prior to investment. <br /> 6. Interest on G.rant Funds. In accordance with the Illinois Grant Funds <br /> P.ecovery Act, (Ill . Rev. Stat. , 1989 as amended, ch. 127, par. 2301 et <br /> seq. ) all interest earned if any on the Grant Award held by the Grantee <br /> prior to the obligation of such Grant Award to a third party beneficiary <br /> and liquidation of the obligation under this Agreement shall become part <br /> of the Grant Principal when earned. <br /> 7. Grant Close-out. In accordance with the Illinois Grant Funds Recovery <br /> Act (I11 . Rev. Stat. , 1989, ch. 127, par. 2301 et seq. ) the Grantee <br /> shall , within 45 days after the expiration of the Grant Period, refund to <br /> the Department any balance of the Grant Principal which was unobligated <br /> at the end of the Grant Period. <br /> - 6 - <br />