Public Act 095-0655
 
HB3627 Enrolled LRB095 10069 BDD 30283 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 1. Short title. This Act may be cited as the
Charitable Trust Stabilization Act.
 
    Section 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, the Charitable Trust Stabilization Committee shall
make grants to public and private entities in the State for the
purposes set forth under subsection (b). 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) short-term, low-interest loans to participating
    organizations that experience temporary cash-flow
    shortages;
        (2) business loans to participating organizations for
    the purpose of expanding their capacity or operations;
        (3) grants for the start-up purposes of participating
    organizations; and
        (4) the administration of the Fund and this Act.
    (c) Moneys 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 and Committee for the next fiscal year, but the
    operating budget of the Fund and Committee may not exceed
    $4,000,000 in any fiscal year;
        (2) 50% must be available for the purposes set forth
    under subsection (b); and
        (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.
 
    Section 10. The Charitable Trust Stabilization Committee.
    (a) The Charitable Trust Stabilization Committee is
created. The Committee consists of the following members:
        (1) the Attorney General or his or her designee, who
    shall serve as co-chair of the Committee;
        (2) the State Treasurer or his or her designee, who
    shall serve as co-chair of the Committee;
        (3) the Lieutenant Governor or his or her designee;
        (4) the Director of Commerce and Economic Opportunity
    or his or her designee;
        (5) the chief executive officer of the Division of
    Financial Institutions in the Department of Financial and
    Professional Regulations or his or her designee; and
        (6) six private citizens, who shall serve a term of 6
    years, appointed by the State Treasurer with advice and
    consent of the Senate.
    (b) The Committee shall adopt rules, including procedures
and criteria for grant awards; it must meet at least once each
calendar quarter; and it may establish committees and officers
as it deems necessary. For purposes of Committee meetings, a
quorum is a majority of the members. Meetings of the Committee
are subject to the Open Meetings Act. The Committee must afford
an opportunity for public comment at each of its meetings.
    (c) Committee members shall serve without compensation,
but may be reimbursed for their reasonable travel expenses from
funds available for that purpose. The Department of Commerce
and Economic Opportunity shall, subject to appropriation,
provide staff and administrative support services to the
Committee.
    (d) The Committee shall administer the Charitable Trust
Stabilization Fund. The Committee may employ the services of a
director. The director must have extensive experience in
building and funding not-for-profit ventures. The director
must:
        (1) develop and implement an annual work plan based on
    the goals set forth by the Committee;
        (2) attend the Committee meetings and provide reports
    of the progress on the annual work plan;
        (3) develop and maintain a database of all
    organizations that have elected to participate under this
    Act; and
        (4) publicize the Charitable Trust Stabilization Fund
    to eligible organizations.
 
    Section 15. Grant eligibility. To be eligible to receive a
grant under this Act, an organization must be a community-based
organization or other not-for-profit entity that:
        (1) is a not-for-profit corporation that is exempt from
    federal income taxation under Section 501(c)(3) of the
    federal Internal Revenue Code of 1986;
        (2) is organized under the General Not for Profit
    Corporation Act of 1986 for the purpose of providing
    charitable services to the community; and
        (3) complies with the provisions of the Charitable
    Trust Act.
 
    Section 20. Permissive application. The grant program
under this Act is permissive and is subject to appropriation by
the General Assembly.
 
    Section 90. The State Finance Act is amended by adding
Section 5.675 as follows:
 
    (30 ILCS 105/5.675 new)
    Sec. 5.675. The Charitable Trust Stabilization Fund.
 
    Section 95. The General Not For Profit Corporation Act of
1986 is amended by changing Section 115.10 as follows:
 
    (805 ILCS 105/115.10)  (from Ch. 32, par. 115.10)
    Sec. 115.10. Fees for filing documents. The Secretary of
State shall charge and collect for:
        (a) Filing articles of incorporation, $50.
        (b) Filing articles of amendment, $25, unless the
    amendment is a restatement of the articles of
    incorporation, in which case the fee shall be $100.
        (c) Filing articles of merger or consolidation, $25.
        (d) Filing articles of dissolution, $5.
        (e) Filing application to reserve a corporate name,
    $25.
        (f) Filing a notice of transfer or cancellation of a
    reserved corporate name, $25.
        (g) Filing statement of change of address of registered
    office or change of registered agent, or both, $5.
        (h) Filing an application of a foreign corporation for
    authority to conduct affairs in this State, $50.
        (i) Filing an application of a foreign corporation for
    amended authority to conduct affairs in this State, $25.
        (j) Filing a copy of amendment to the articles of
    incorporation of a foreign corporation holding authority
    to conduct affairs in this State, $25, unless the amendment
    is a restatement of the articles of incorporation, in which
    case the fee shall be $100.
        (k) Filing a copy of articles of merger of a foreign
    corporation holding authority to conduct affairs in this
    State, $25.
        (l) Filing an application for withdrawal and final
    report or a copy of articles of dissolution of a foreign
    corporation, $5.
        (m) Filing an annual report of a domestic or foreign
    corporation, $10, of which $5 must be deposited into the
    Charitable Trust Stabilization Fund $5.
        (n) Filing an application for reinstatement of a
    domestic or a foreign corporation, $25.
        (o) Filing an application for use of an assumed
    corporate name, $150 for each year or part thereof ending
    in 0 or 5, $120 for each year or part thereof ending in 1 or
    6, $90 for each year or part thereof ending in 2 or 7, $60
    for each year or part thereof ending in 3 or 8, $30 for
    each year or part thereof ending in 4 or 9, and a renewal
    fee for each assumed corporate name, $150.
        (p) Filing an application for change or cancellation of
    an assumed corporate name, $5.
        (q) Filing an application to register the corporate
    name of a foreign corporation, $50; and an annual renewal
    fee for the registered name, $50.
        (r) Filing an application for cancellation of a
    registered name of a foreign corporation, $5.
        (s) Filing a statement of correction, $25.
        (t) Filing an election to accept this Act, $25.
        (u) Filing any other statement or report, $5.
(Source: P.A. 93-59, eff. 7-1-03; 94-605, eff. 1-1-06.)