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(30 ILCS 769/25-15) Sec. 25-15. Transfer of funds to another independent college. (a) If an institution received a grant under this Article and subsequently fails to meet the definition of "independent college", the remaining funds shall be re-distributed as provided in Section 25-10 to those institutions that have an active grant under this Article, unless the campus or facilities for which the grant was given are subsequently operated by another institution that qualifies as an independent college under this Article. (b) If the facilities of a former independent college are operated by another entity that qualifies as an independent college as provided in subsection (a) of this Section, then the entire balance of the grant provided under this Article remaining on the date the former independent college ceased operations, including any amount that had been withheld after the former independent college ceased operations, shall be transferred to the successor independent college for the purpose of the grant for the duration of the grant. (c) In the event that, on or before July 16, 2014 (the effective date of Public Act 98-715), the remaining funds have been re-allocated or re-distributed to other independent colleges, or the Illinois Board of Higher Education has planned for the remaining funds to be re-allocated or re-distributed to other independent colleges, before the 5-year period provided under this Act for the utilization of funds has ended, any funds so re-allocated or re-distributed shall be deducted from future allocations to those other independent colleges and re-allocated or re-distributed to the initial institution or the successor entity operating the facilities of the original institution if: (i) the institution that failed to meet the definition of "independent college" once again meets the definition of "independent college" before the 5-year period has expired; or (ii) the facility or facilities of the former independent college are operated by another entity that qualifies as an independent college before the 5-year period has expired.
(d) Notwithstanding subsection (a) of this Section, on or after the effective date of the changes made to this Section by this amendatory Act of the 103rd General Assembly, remaining funds returned to the State by an institution that failed to meet the definition of "independent college" and that received a grant from appropriations enacted prior to June 28, 2019, shall not be re-distributed. Any such funds shall instead be added to the funds made available in the first grant cycle under subsection (d) of Section 25-10 by the Board of Higher Education following the effective date of the changes made to this Section by this amendatory Act of the 103rd General Assembly and shall be distributed pursuant to the formula as provided in subsection (d) of Section 25-10. (Source: P.A. 103-8, eff. 6-7-23.) |
