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Public Act 91-0664
HB1766 Re-Enrolled LRB9104017NTsbA
AN ACT concerning community college foundations, amending
named Acts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Section 5.490 as follows:
(30 ILCS 105/5.490 new)
Sec. 5.490. The Academic Improvement Trust Fund for
Community College Foundations.
Section 10. The Public Community College Act is amended
by adding Section 2-16.04 as follows:
(110 ILCS 805/2-16.04 new)
Sec. 2-16.04. The Academic Improvement Trust Fund for
Community College Foundations.
(a) The Academic Improvement Trust Fund for Community
College Foundations is created in the State treasury. All
moneys transferred, credited, deposited, or otherwise paid to
the Fund as provided in this Section shall be promptly
invested by the State Treasurer in accordance with law, and
all interest and other earnings accruing or received thereon
shall be credited and paid to the Fund. No moneys, interest,
or earnings transferred, credited, deposited, or otherwise
paid to the Academic Improvement Trust Fund for Community
College Foundations shall be transferred or allocated by the
Comptroller or Treasurer to any other fund, nor shall the
Governor authorize any such transfer or allocation, nor shall
any moneys, interest, or earnings transferred, credited,
deposited, or otherwise paid to the Fund be used, temporarily
or otherwise, for interfund borrowing, or be otherwise used
or appropriated, except to encourage private support in
enhancing community college foundations by providing
community college foundations with the opportunity to receive
and match challenge grants as provided in this Section.
(b) On the first day of fiscal year 2000 and each fiscal
year thereafter, or as soon thereafter as may be practicable,
the Comptroller shall order the transfer and the Treasurer
shall transfer from the General Revenue Fund to the Academic
Improvement Trust Fund for Community College Foundations the
amount of the fiscal year appropriation made to the State
Board for making challenge grants to community college
foundations as provided in this Section.
(c) For each fiscal year in which an appropriation and
transfer are made as provided in subsection (b), moneys
sufficient to provide each community college foundation with
the opportunity to match at least one $25,000 challenge grant
shall be reserved from moneys in the Academic Improvement
Trust Fund for Community College Foundations, and the balance
of the moneys in the Fund shall be available for matching by
any community college foundation. Moneys in the Academic
Improvement Trust Fund for Community College Foundations that
remain unmatched by contribution or pledge on April 1 of the
fiscal year in which an appropriation and transfer are made
as provided in subsection (b) shall also be available for
matching by any community college foundation, along with any
interest or earnings accruing to the unmatched portion of the
Fund. If for any fiscal year in which an appropriation and
transfer are made as provided in subsection (b) there are not
sufficient moneys which may be reserved in the Academic
Improvement Trust Fund for Community College Foundations to
provide each community college foundation with the
opportunity to match at least one $25,000 challenge grant,
the amount of the challenge grant that each community college
foundation shall have the opportunity to match for the fiscal
year shall be reduced from $25,000 to an amount equal to the
result obtained when the total of all moneys, interest, and
earnings in the Fund immediately following the appropriation
and transfer made for the fiscal year is divided by the
number of community college foundations then existing in this
State. The State Board shall promulgate rules prescribing
the form and content of applications made by community
college foundations for challenge grants under this Section.
These rules shall provide all community college foundations
with an opportunity to apply for challenge grants to be
awarded from any moneys in the Academic Improvement Trust
Fund for Community College Foundations in excess of the
moneys required to be reserved in the Fund for the purpose of
providing each community college foundation with the
opportunity to match at least one $25,000 challenge grant;
and the opportunity to apply for challenge grants to be
awarded from the excess moneys shall be afforded to all
community college foundations prior to awarding any challenge
grants from the excess moneys. No community college
foundation shall receive more than $100,000 in challenge
grants awarded from the excess moneys.
(d) Challenge grants shall be proportionately allocated
from the Academic Improvement Trust Fund for Community
College Foundations on the basis of matching each $2 of State
funds with $3 of local funds. The matching funds shall come
from contributions made after July 1, 1999, which are pledged
for the purpose of matching challenge grants. To be
eligible, a minimum of $10,000 must be raised from private
sources, and the contributions must be in excess of the total
average annual cash contributions made to the foundation at
each community college district in the 3 fiscal years before
July 1, 1999.
(e) Funds sufficient to provide the match shall be paid,
subject to appropriation, from the Academic Improvement Trust
Fund for Community College Foundations to the community
college foundation in increments of $5,000, after the initial
$10,000 is matched and released, and upon certification to
the Comptroller by the State Board that a proportionate
amount has been received and deposited by the community
college foundation in its own trust fund. However, no
community college foundation may receive more than $100,000,
above the original allocation, from the Academic Improvement
Trust Fund for Community College Foundations in any fiscal
year.
(f) The State Board shall certify, prepare, and submit
to the Comptroller vouchers setting forth the amount of each
challenge grant from time to time to be proportionately
allocated in accordance with this Section from the Academic
Improvement Trust Fund for Community College Foundations to
the community college foundation entitled to receive the
challenge grant, and the Comptroller shall cause his or her
warrants to be drawn for the respective amounts due, payable
from the Fund to the foundation.
(g) The board of each community college foundation shall
establish an academic improvement trust fund as a depository
for the private contributions and challenge grants allocated
to any such community college foundation from the Academic
Improvement Trust Fund for Community College Foundations.
Each community college foundation is responsible for the
maintenance, investment, and administration of its academic
improvement trust fund.
(h) The board of the community college foundation is
responsible for determining the uses for the proceeds of the
academic improvement trust fund established. Such uses may
include:
(1) scientific and technical equipment;
(2) professional development and training for
faculty; and
(3) student scholarships and other activities
appropriate to improving the quality of education at the
community college.
(i) The State Board may promulgate such additional rules
as are required to provide for the efficient operation and
administration of the challenge grant program established by
this Section.
Section 99. Effective date. This Act takes effect upon
becoming a law.
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