(30 ILCS 105/6a) (from Ch. 127, par. 142a)
Sec. 6a.
(1) The following items of income received by the State
Colleges and Universities under the jurisdiction of the Board of
Governors of State Colleges and Universities for general operational and
educational purposes shall be paid into the state treasury without delay
and shall be covered into a special fund to be known
as the Board of Governors of State Colleges and Universities Income
Fund: (a) tuition, laboratory, library fees, and any interest which
may be earned thereon not later than 20 days after receipt of the
same without any deductions except 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withdrawn after registration and who are entitled to such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; 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 Section 6a-2
not later than 10 days after receipt of the same and without
any deduction whatever. Such items of income shall be either paid into
the State treasury or 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; provided, that
if deposited into a bank account, such items together with interest thereon
shall be paid into the State treasury as provided in the preceding
sentence. The General Assembly shall from time to time make appropriations
payable from the Board of Governors of State Colleges and Universities
Income Fund for the support and improvement of such State Colleges and
Universities.
(2) The following items of income shall be retained by each such
State College or University or by the Board of Governors of State
Colleges and Universities 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 State College or University or to the Board of Governors of State
Colleges and Universities and funds received in connection with its
operation of research and high technology parks; funds received in
connection with reserves authorized by Section 8a of "An Act to provide for
the management, operation, control and maintenance of the State Colleges
and Universities System", approved July 2, 1951, as amended; funds received
in connection 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 State
College or University under the authority of Section 6a-2, 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 purpose but shall be paid into the State
Treasury as provided in paragraph (1) of this Section.
Whenever such funds retained by each such State College or University
or by the Board of Governors of State Colleges and Universities 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 "An Act in relation to State moneys", approved June 28, 1919,
as amended, 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.
(3) (Blank).
(4) The Auditor General shall audit or cause to be audited the above
items of income and all other income and expenditures of such institutions.
(5) Beginning on January 1, 1996, the provisions of paragraphs (1) and (2)
of
this Section shall be superseded by Section 5-35 of the Chicago State
University Law and Section 6a-1c of the State Finance Act with respect to
Chicago State University; by Section 10-35 of the Eastern Illinois University
Law and Section 6a-1d of the State Finance Act with respect to Eastern Illinois
University; by Section 15-35 of the Governors State University Law and Section
6a-1e of the State Finance Act with respect to Governors State University; by
Section 25-35 of the Northeastern Illinois University Law and Section 6a-1f of
the State Finance Act with respect to Northeastern Illinois University; and by
Section 35-35 of the Western Illinois University Law and Section 6a-1g of the
State Finance Act with respect to Western Illinois University. On January 1,
1996, all items of income and other funds deposited, retained, or otherwise
held under paragraphs (1) and (2) of this Section shall be transferred,
appropriated, retained and used as provided by the provisions of law cited in
this paragraph as superseding the provisions of paragraphs (1) and (2) of this
Section.
(Source: P.A. 102-278, eff. 8-6-21.)
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