Illinois General Assembly - Full Text of HB4544
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Full Text of HB4544  102nd General Assembly

HB4544eng 102ND GENERAL ASSEMBLY

  
  
  

 


 
HB4544 EngrossedLRB102 23443 RJF 32615 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 Section 5 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
9a special fund in the State treasury. From appropriations from
10the Fund, upon recommendation from the Charitable Trust
11Stabilization Committee, the State Treasurer may make grants
12to public and private entities in the State for the purposes
13set forth under subsection (b). Special attention shall be
14given to public and private entities with operating budgets of
15less than $1,000,000 that are located within a depressed area,
16as defined under Section 3 of the Illinois Enterprise Zone
17Act, and preferences for recommending grants to the State
18Treasurer may be given to these entities by the Committee.
19Moneys received for the purposes of this Section, including,
20without limitation, fees collected under subsection (m) of
21Section 115.10 of the General Not For Profit Corporation Act
22of 1986 and appropriations, gifts, grants, and awards from any
23public or private entity, must be deposited into the Fund. Any

 

 

HB4544 Engrossed- 2 -LRB102 23443 RJF 32615 b

1interest earnings that are attributable to moneys in the Fund
2must be deposited into the Fund.
3    (b) Moneys in the Fund may be used only for the following
4purposes:
5        (1) (blank);
6        (2) (blank);
7        (1) (3) grants for the start-up or operational
8    purposes of participating organizations; and
9        (2) (4) the administration of the Fund and this Act.
10    (c) Moneys deposited into in the Fund must be allocated as
11follows:
12        (1) 20% of the amount deposited into the Fund in the
13    fiscal year must be set aside for the operating budget of
14    the Fund for the next fiscal year, but the operating
15    budget of the Fund may not exceed $4,000,000 in any fiscal
16    year;
17        (1) 80% (2) 50% must be available for the purposes set
18    forth under subsection (b); and
19        (2) 20% (3) 30% must be invested for the purpose of
20    earning interest or other investment income.
21    (d) As soon as practical after the effective date of this
22Act, the State Treasurer must transfer the amount of
23$1,000,000 from the General Revenue Fund to the Charitable
24Trust Stabilization Fund. On the June 30 that occurs in the
25third year after the transfer to the Charitable Trust
26Stabilization Fund, the Treasurer must transfer the amount of

 

 

HB4544 Engrossed- 3 -LRB102 23443 RJF 32615 b

1$1,000,000 from the Charitable Trust Stabilization Fund to the
2General Revenue Fund. If, on that date, less than $1,000,000
3is available for transfer, then the Treasurer must transfer
4the remaining balance of the Charitable Trust Stabilization
5Fund to the General Revenue Fund, and on each June 30
6thereafter must transfer any balance in the Charitable Trust
7Stabilization Fund to the General Revenue Fund until the
8aggregate amount of $1,000,000 has been transferred.
9(Source: P.A. 97-274, eff. 8-8-11.)
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.