Illinois General Assembly - Full Text of HB4616
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Full Text of HB4616  101st General Assembly

HB4616 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4616

 

Introduced 2/5/2020, by Rep. Debbie Meyers-Martin

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 790/5

    Amends the Charitable Trust Stabilization Act. Provides that special attention shall be given to public and private entities with operating budgets of less than $2,000,000 (currently, $1,000,000) that are located within a depressed area. Provides that moneys in the Charitable Trust Stabilization Fund may be used for grants for operational purpose of organizations participating under the Act (currently, grants for the start-up or operational purposes of participating organizations). Removes a provision requiring the transfer of moneys to and from the Charitable Trust Stabilization Fund. Makes conforming changes. Effective immediately.


LRB101 16726 RJF 66115 b

 

 

A BILL FOR

 

HB4616LRB101 16726 RJF 66115 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 a
9special fund in the State treasury. From appropriations from
10the Fund, upon recommendation from the Charitable Trust
11Stabilization Committee, the State Treasurer may make grants to
12public and private entities in the State for the purposes set
13forth under subsection (b). Special attention shall be given to
14public and private entities with operating budgets of less than
15$2,000,000 $1,000,000 that are located within a depressed area,
16as defined under Section 3 of the Illinois Enterprise Zone Act,
17and preferences for recommending grants to the State Treasurer
18may be given to these entities by the Committee. Moneys
19received for the purposes of this Section, including, without
20limitation, fees collected under subsection (m) of Section
21115.10 of the General Not For Profit Corporation Act of 1986
22and appropriations, gifts, grants, and awards from any public
23or private entity, must be deposited into the Fund. Any

 

 

HB4616- 2 -LRB101 16726 RJF 66115 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 purposes
8    of participating organizations; and
9        (2) (4) the administration of the Fund and this Act.
10    (c) Moneys in the Fund must be allocated as follows:
11        (1) 20% of the amount deposited into the Fund in the
12    fiscal year must be set aside for the operating budget of
13    the Fund for the next fiscal year, but the operating budget
14    of the Fund may not exceed $4,000,000 in any fiscal year;
15        (2) 50% must be available for the purposes set forth
16    under subsection (b); and
17        (3) 30% must be invested for the purpose of earning
18    interest or other investment income.
19    (d) (Blank). As soon as practical after the effective date
20of this Act, the State Treasurer must transfer the amount of
21$1,000,000 from the General Revenue Fund to the Charitable
22Trust Stabilization Fund. On the June 30 that occurs in the
23third year after the transfer to the Charitable Trust
24Stabilization Fund, the Treasurer must transfer the amount of
25$1,000,000 from the Charitable Trust Stabilization Fund to the
26General Revenue Fund. If, on that date, less than $1,000,000 is

 

 

HB4616- 3 -LRB101 16726 RJF 66115 b

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