Bill Text: IL HB4544 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Charitable Trust Stabilization Act. Provides that moneys in the Charitable Trust Stabilization Fund may be used only for grants for the operational purposes of participating organizations (currently, may be used for start-up or operational purposes). Modifies the allocation of moneys deposited into the Fund for specified purposes. Removes provision requiring the State Treasurer to transfer specified amounts from the General Revenue Fund to the Charitable Trust Stabilization Fund. Makes conforming and other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed - Dead) 2022-03-28 - Referred to Assignments [HB4544 Detail]

Download: Illinois-2021-HB4544-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB4544 Introduced , by Rep. Debbie Meyers-Martin SYNOPSIS AS INTRODUCED:
30 ILCS 790/5
Amends the Charitable Trust Stabilization Act. Provides that moneys in the Charitable Trust Stabilization Fund may be used only for grants for the operational purposes of participating organizations (currently, may be used for start-up or operational purposes). Modifies the allocation of moneys deposited into the Fund for specified purposes. Removes provision requiring the State Treasurer to transfer specified amounts from the General Revenue Fund to the Charitable Trust Stabilization Fund. Makes conforming and other changes. Effective immediately.
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A BILL FOR
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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Charitable Trust Stabilization Act is
amended by changing Section 5 as follows:
(30 ILCS 790/5)
Sec. 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, upon recommendation from the Charitable Trust
Stabilization Committee, the State Treasurer may make grants
to public and private entities in the State for the purposes
set forth under subsection (b). Special attention shall be
given to public and private entities with operating budgets of
less than $1,000,000 that are located within a depressed area,
as defined under Section 3 of the Illinois Enterprise Zone
Act, and preferences for recommending grants to the State
Treasurer may be given to these entities by the Committee.
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

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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) (blank);
(2) (blank);
(1) (3) grants for the start-up or operational
purposes of participating organizations; and
(2) (4) the administration of the Fund and this Act.
(c) Moneys deposited into 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 for the next fiscal year, but the operating
budget of the Fund may not exceed $4,000,000 in any fiscal
year;
(1) 80% (2) 50% must be available for the purposes set
forth under subsection (b); and
(2) 20% (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

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$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.
(Source: P.A. 97-274, eff. 8-8-11.)
Section 99. Effective date. This Act takes effect upon
becoming law.