UNIVERSITY RELATED ORG-AUDIT

Amends various Acts relating to the governance of public universities in Illinois. Prohibits the governing board of each public university from participating in the creation of any university-related organization (defined as a foundation, athletic association, alumni association, or corporate outgrowth), unless there is a written contract between the board and the university-related organization setting forth the terms and conditions of the agreement. Provides that the contract must require the university-related organization to consent to enter into a written agreement with the Auditor General providing for an audit of the university-related organization at least once every 2 years by the Auditor General. Provides that any contracts between the board and university-related organizations existing on the effective date of the amendatory Act must be amended as soon as possible to require the university-related organization's consent to an audit by the Auditor General as a condition of the university's continued affiliation with the university-related organization.