Charitable Trust Stabilization Act.

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  4. Charitable Trust Stabilization Act.

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(30 ILCS 790/1)

Sec. 1. Short title. This Act may be cited as the Charitable Trust Stabilization Act.

(Source: P.A. 95-655, eff. 6-1-08.)

 

(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 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);
  • (3) grants for the start-up or operational 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 for the next fiscal year, but the operating budget of the Fund 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.

(Source: P.A. 97-274, eff. 8-8-11.)

 

(30 ILCS 790/10)

Sec. 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) a member that represents the Office of the State Treasurer that is appointed by the Treasurer, 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 Regulation 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 State Treasurer shall adopt rules, including procedures and criteria for grant awards. The Committee 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 Office of the State Treasurer shall, subject to appropriation, provide staff and administrative support services to the Committee.

(d) The State Treasurer shall administer the Charitable Trust Stabilization Fund.

The State Treasurer may transfer all or a portion of the balance of the fund to a third-party administrator to fulfill the mission of the Committee and the purposes of the fund in accordance with this Act and in compliance with Section 5(c) of this Act.

(Source: P.A. 99-78, eff. 7-20-15.)

 

(30 ILCS 790/15)

Sec. 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.

(Source: P.A. 95-655, eff. 6-1-08.)

 

(30 ILCS 790/20)

Sec. 20. Permissive application. The grant program under this Act is permissive and is subject to appropriation by the General Assembly.

(Source: P.A. 95-655, eff. 6-1-08.)

 

(30 ILCS 790/90)

Sec. 90. (Amendatory provisions; text omitted).

(Source: P.A. 95-655, eff. 6-1-08; text omitted.)

 

(30 ILCS 790/95)

Sec. 95. (Amendatory provisions; text omitted).

(Source: P.A. 95-655, eff. 6-1-08; text omitted.)


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