97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
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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A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Charitable Trust Stabilization Act is
amended by changing Sections 5 and 10 as follows:
(30 ILCS 790/5)
The Charitable Trust Stabilization Fund.
(a) The Charitable Trust Stabilization Fund is created as a
special fund in the State treasury. From appropriations from
upon recommendation from
the Charitable Trust
, the State Treasurer may
grants to public and private entities in the State for the
purposes set forth under subsection (b).
shall be given to public and private entities with operating
budgets of less than $1,000,000, and preferences for
recommending grants to the State Treasurer may be given to
these entities by the Committee.
Moneys received for the
purposes of this Section, including, without limitation, fees
collected under subsection (m) of Section 115.10 of the General
Not For Profit Corporation Act of 1986 and appropriations,
gifts, grants, and awards from any public or private entity,
must be deposited into the Fund. Any interest earnings that are
attributable to moneys in the Fund must be deposited into the