Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 105/6a-1

(30 ILCS 105/6a-1) (from Ch. 127, par. 142a1)

Sec. 6a-1.

(1)  Beginning on the effective date of this amendatory Act of
1996, the following items of income received by the Southern
Illinois University for general operational and educational purposes
shall be retained by the University in its own treasury and credited to
an account known as the University Income Fund that it shall establish in its
treasury for purposes of this
paragraph: (a) tuition and laboratory fees not
pledged to discharge obligations arising out of the issuance of revenue
bonds, library fees, and all interest which may be earned thereon;
and (b) excess income from auxiliary enterprises and
activities as provided in paragraph (2) of this Section, and all other
income arising out of any activity or purpose not specified in paragraph
(2) of this Section or in Sections 6a-2 or 6a-3 upon
receipt of the same without any deduction whatever. Such items of
income shall be deposited into a
college or university bank account within the time period established for
like amounts in Section 2 of the State Officers and Employees Money
Disposition Act.
Within 10 days after the
effective date of this amendatory Act of 1996, all moneys then remaining in the
Southern Illinois University Income Fund heretofore established as a special
fund in the State
Treasury
that were covered and paid into that fund by the University
shall be repaid to the
University upon the warrant
of the State Comptroller, directed to the State Treasurer as an order to pay
the sum required to be repaid under this paragraph and shown as due on the
warrant.  The University shall deposit the amount so repaid to
it in a
college or university bank account within the time period established for like
amounts in Section 2 of the State Officers and Employees Money Disposition Act,
to be credited to the University Income Fund established by the
University in its own treasury for purposes of this paragraph.  All moneys
from time to time held in the University Income Fund in the treasury of the
University shall be used by the University, pursuant to the order and direction
of the Board of Trustees of the University, for the support
and improvement of the University, except for amounts
disbursed from that University Income Fund for refunds to students for whom
duplicate
payment has been made and to students who have withdrawn after registration and
who are entitled to such refunds.

(2) The following items of income shall be retained by the
University in its own treasury: endowment funds, gifts, trust funds, and
Federal aid; funds received in connection with contracts with
governmental, public, or private agencies or persons, for research or
services including funds which are paid as reimbursement to the
University; funds received in connection with reserves authorized by
Section 8a of the Southern Illinois University Management Act; funds received in connection with its operation of medical
research and high technology  parks and with the retention, receipt,
assignment, license, sale or transfer of interests in, rights to, or income
from discoveries, inventions, patents, or copyrightable works; funds retained
by the University under the authority of
Sections 6a-2 and 6a-3; and funds received from the operation of student
or staff residence facilities, student and staff medical and health
programs, Union buildings, bookstores, farms, stores, and other
auxiliary enterprises or activities which are self-supporting in whole
or in part. Any income derived from such auxiliary enterprises or
activities which is not necessary to their support, maintenance, or
development shall not, however, be applied to any general operational or
educational purposes but shall be retained by the University in its own
treasury and credited to the University Income Fund that it shall establish in
its treasury as
provided in paragraph (1) of this Section.

Whenever such funds retained by the University in its own treasury are
deposited with a bank or savings and loan association and the amount of the
deposit exceeds the amount of federal deposit insurance coverage, a bond or
pledged securities shall be obtained.
Only the types of securities which the State Treasurer may, in his
discretion, accept for amounts not insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance Corporation under
Section 11 of the Deposit of State Moneys Act, may be accepted as pledged
securities. The market value of the
bond or pledged securities shall at all times be equal to or greater than
the uninsured portion of the deposit.

The Auditor General shall audit or cause to be audited the above
items of income and all other income and expenditures of such institution.

(Source: P.A. 89-602, eff. 8-2-96.)