HB4544eng 102ND GENERAL ASSEMBLY

HB4544 Engrossed LRB102 23443 RJF 32615 b

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Charitable Trust Stabilization Act is amended by changing Section 5 as follows:

(30 ILCS 790/5)

Sec. 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 the Fund, upon recommendation from the Charitable Trust Stabilization Committee, the State Treasurer may make grants to public and private entities in the State for the purposes set forth under subsection (b). Special attention shall be given to public and private entities with operating budgets of less than $1,000,000 that are located within a depressed area, as defined under Section 3 of the Illinois Enterprise Zone Act, 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 Fund.

(b) Moneys in the Fund may be used only for the following purposes:

(1) (blank);

(2) (blank);

(1) (3) grants for the start-up or operational purposes of participating organizations; and

(2) (4) the administration of the Fund and this Act.

(c) Moneys deposited into in the Fund must be allocated as follows:

(1) 20% of the amount deposited into the Fund in the fiscal year must be set aside for the operating budget of the Fund for the next fiscal year, but the operating budget of the Fund may not exceed $4,000,000 in any fiscal year;

(1) 80% (2) 50% must be available for the purposes set forth under subsection (b); and

(2) 20% (3) 30% must be invested for the purpose of earning interest or other investment income.

(d) As soon as practical after the effective date of this Act, the State Treasurer must transfer the amount of $1,000,000 from the General Revenue Fund to the Charitable Trust Stabilization Fund. On the June 30 that occurs in the third year after the transfer to the Charitable Trust Stabilization Fund, the Treasurer must transfer the amount of $1,000,000 from the Charitable Trust Stabilization Fund to the General Revenue Fund. If, on that date, less than $1,000,000 is available for transfer, then the Treasurer must transfer the remaining balance of the Charitable Trust Stabilization Fund to the General Revenue Fund, and on each June 30 thereafter must transfer any balance in the Charitable Trust Stabilization Fund to the General Revenue Fund until the aggregate amount of $1,000,000 has been transferred.

(Source: P.A. 97-274, eff. 8-8-11.)

Section 99. Effective date. This Act takes effect upon becoming law.