2023 Illinois Compiled Statutes › Chapter 30 - FINANCE › 30 ILCS 790/ - Charitable Trust Stabilization Act.

(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) 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.
(Source: P.A. 102-699, eff. 4-19-22.)
(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.)