Bill Text: IL SB2761 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: 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 (rather than $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 purposes of organizations participating under the Act (rather than 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB2761 Detail]

Download: Illinois-2019-SB2761-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB2761 Introduced 2/4/2020, by Sen. Emil Jones, III 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 16725 RJF 66114 b
A BILL FOR
SB2761 LRB101 16725 RJF 66114 b
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
$2,000,000 $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 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) (Blank). 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

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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.