97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3377

 

Introduced 2/24/2011, by Rep. Constance A. Howard

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 790/5
30 ILCS 790/10

    Amends the Charitable Trust Stabilization Act. Provides that the State Treasurer may (now, shall) make grants to public and private entities. Provides that special attention shall be given and preferences for recommending grants may be given to entities with operating budgets of less than $1,000,000. Removes language permitting moneys in the Charitable Trust Stabilization Fund to be used for loans. Provides that 20% of the amount deposited into the Fund must be set aside for the operating budget of the Fund (now, the Fund and Charitable Trust Stabilization Committee). Provides that the State Treasurer (now, the Committee) shall adopt rules and administer the Fund. Provides that the Office of the State Treasurer (now, the Department of Commerce and Economic Opportunity) shall provide staff and administrative support services to the Committee. Removes language providing for the employment and the duties of a director of the Committee. Provides that the Treasurer may transfer all or a portion of the balance of the Fund to a third-party administrator. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3377LRB097 10467 PJG 50711 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Charitable Trust Stabilization Act is
5amended by changing Sections 5 and 10 as follows:
 
6    (30 ILCS 790/5)
7    Sec. 5. The Charitable Trust Stabilization Fund.
8    (a) The Charitable Trust Stabilization Fund is created as a
9special fund in the State treasury. From appropriations from
10the Fund, upon recommendation from the Charitable Trust
11Stabilization Committee, the State Treasurer may shall make
12grants to public and private entities in the State for the
13purposes set forth under subsection (b). Special attention
14shall be given to public and private entities with operating
15budgets of less than $1,000,000, and preferences for
16recommending grants to the State Treasurer may be given to
17these entities by the Committee. Moneys received for the
18purposes of this Section, including, without limitation, fees
19collected under subsection (m) of Section 115.10 of the General
20Not For Profit Corporation Act of 1986 and appropriations,
21gifts, grants, and awards from any public or private entity,
22must be deposited into the Fund. Any interest earnings that are
23attributable to moneys in the Fund must be deposited into the

 

 

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1Fund.
2    (b) Moneys in the Fund may be used only for the following
3purposes:
4        (1) (blank) short-term, low-interest loans to
5    participating organizations that experience temporary
6    cash-flow shortages;
7        (2) (blank) business loans to participating
8    organizations for the purpose of expanding their capacity
9    or operations;
10        (3) grants for the start-up or operational purposes of
11    participating organizations; and
12        (4) the administration of the Fund and this Act.
13    (c) Moneys in the Fund must be allocated as follows:
14        (1) 20% of the amount deposited into the Fund in the
15    fiscal year must be set aside for the operating budget of
16    the Fund and Committee for the next fiscal year, but the
17    operating budget of the Fund and Committee may not exceed
18    $4,000,000 in any fiscal year;
19        (2) 50% must be available for the purposes set forth
20    under subsection (b); and
21        (3) 30% must be invested for the purpose of earning
22    interest or other investment income.
23    (d) As soon as practical after the effective date of this
24Act, the State Treasurer must transfer the amount of $1,000,000
25from the General Revenue Fund to the Charitable Trust
26Stabilization Fund. On the June 30 that occurs in the third

 

 

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1year after the transfer to the Charitable Trust Stabilization
2Fund, the Treasurer must transfer the amount of $1,000,000 from
3the Charitable Trust Stabilization Fund to the General Revenue
4Fund. If, on that date, less than $1,000,000 is available for
5transfer, then the Treasurer must transfer the remaining
6balance of the Charitable Trust Stabilization Fund to the
7General Revenue Fund, and on each June 30 thereafter must
8transfer any balance in the Charitable Trust Stabilization Fund
9to the General Revenue Fund until the aggregate amount of
10$1,000,000 has been transferred.
11(Source: P.A. 95-655, eff. 6-1-08.)
 
12    (30 ILCS 790/10)
13    Sec. 10. The Charitable Trust Stabilization Committee.
14    (a) The Charitable Trust Stabilization Committee is
15created. The Committee consists of the following members:
16        (1) the Attorney General or his or her designee, who
17    shall serve as co-chair of the Committee;
18        (2) a member that represents the Office of the State
19    Treasurer that is appointed by the Treasurer or his or her
20    designee, who shall serve as co-chair of the Committee;
21        (3) the Lieutenant Governor or his or her designee;
22        (4) the Director of Commerce and Economic Opportunity
23    or his or her designee;
24        (5) the chief executive officer of the Division of
25    Financial Institutions in the Department of Financial and

 

 

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1    Professional Regulations or his or her designee; and
2        (6) six private citizens, who shall serve a term of 6
3    years, appointed by the State Treasurer with advice and
4    consent of the Senate.
5    (b) The State Treasurer Committee shall adopt rules,
6including procedures and criteria for grant awards; it must
7meet at least once each calendar quarter; and it may establish
8committees and officers as it deems necessary. For purposes of
9Committee meetings, a quorum is a majority of the members.
10Meetings of the Committee are subject to the Open Meetings Act.
11The Committee must afford an opportunity for public comment at
12each of its meetings.
13    (c) Committee members shall serve without compensation,
14but may be reimbursed for their reasonable travel expenses from
15funds available for that purpose. The Office of the State
16Treasurer Department of Commerce and Economic Opportunity
17shall, subject to appropriation, provide staff and
18administrative support services to the Committee.
19    (d) The State Treasurer Committee shall administer the
20Charitable Trust Stabilization Fund. The Committee may employ
21the services of a director. The director must have extensive
22experience in building and funding not-for-profit ventures.
23The director must:
24        (1) develop and implement an annual work plan based on
25    the goals set forth by the Committee;
26        (2) attend the Committee meetings and provide reports

 

 

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1    of the progress on the annual work plan;
2        (3) develop and maintain a database of all
3    organizations that have elected to participate under this
4    Act; and
5        (4) publicize the Charitable Trust Stabilization Fund
6    to eligible organizations.
7    The State Treasurer may transfer all or a portion of the
8balance of the fund to a third-party administrator to fulfill
9the mission of the Committee and the purposes of the fund in
10accordance with this Act and in compliance with Section 5(c) of
11this Act.
12(Source: P.A. 95-655, eff. 6-1-08.)
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.