Sec. 5. The Charitable Trust Stabilization Fund.

247 words·~1 min read·/il/chapter-30/act-790/5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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)grants for the operational purposes of participating organizations; and

(2)the administration of the Fund and this Act.

(c)Moneys deposited into the Fund must be allocated as follows:

(1)80% must be available for the purposes set forth under subsection (b); and

(2)20% must be invested for the purpose of earning interest or other investment income.