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91_HB1766enr HB1766 Enrolled LRB9104017NTsbA 1 AN ACT concerning community college foundations, amending 2 named Acts. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The State Finance Act is amended by adding 6 Section 5.490 as follows: 7 (30 ILCS 105/5.490 new) 8 Sec. 5.490. The Academic Improvement Trust Fund for 9 Community College Foundations. 10 Section 10. The Public Community College Act is amended 11 by adding Section 2-16.04 as follows: 12 (110 ILCS 805/2-16.04 new) 13 Sec. 2-16.04. The Academic Improvement Trust Fund for 14 Community College Foundations. 15 (a) The Academic Improvement Trust Fund for Community 16 College Foundations is created in the State treasury. All 17 moneys transferred, credited, deposited, or otherwise paid to 18 the Fund as provided in this Section shall be promptly 19 invested by the State Treasurer in accordance with law, and 20 all interest and other earnings accruing or received thereon 21 shall be credited and paid to the Fund. No moneys, interest, 22 or earnings transferred, credited, deposited, or otherwise 23 paid to the Academic Improvement Trust Fund for Community 24 College Foundations shall be transferred or allocated by the 25 Comptroller or Treasurer to any other fund, nor shall the 26 Governor authorize any such transfer or allocation, nor shall 27 any moneys, interest, or earnings transferred, credited, 28 deposited, or otherwise paid to the Fund be used, temporarily 29 or otherwise, for interfund borrowing, or be otherwise used HB1766 Enrolled -2- LRB9104017NTsbA 1 or appropriated, except to encourage private support in 2 enhancing community college foundations by providing 3 community college foundations with the opportunity to receive 4 and match challenge grants as provided in this Section. 5 (b) On the first day of fiscal year 2000 and each fiscal 6 year thereafter, or as soon thereafter as may be practicable, 7 the Comptroller shall order the transfer and the Treasurer 8 shall transfer from the General Revenue Fund to the Academic 9 Improvement Trust Fund for Community College Foundations the 10 amount of the fiscal year appropriation made to the State 11 Board for making challenge grants to community college 12 foundations as provided in this Section. 13 (c) For each fiscal year in which an appropriation and 14 transfer are made as provided in subsection (b), moneys 15 sufficient to provide each community college foundation with 16 the opportunity to match at least one $25,000 challenge grant 17 shall be reserved from moneys in the Academic Improvement 18 Trust Fund for Community College Foundations, and the balance 19 of the moneys in the Fund shall be available for matching by 20 any community college foundation. Moneys in the Academic 21 Improvement Trust Fund for Community College Foundations that 22 remain unmatched by contribution or pledge on April 1 of the 23 fiscal year in which an appropriation and transfer are made 24 as provided in subsection (b) shall also be available for 25 matching by any community college foundation, along with any 26 interest or earnings accruing to the unmatched portion of the 27 Fund. If for any fiscal year in which an appropriation and 28 transfer are made as provided in subsection (b) there are not 29 sufficient moneys which may be reserved in the Academic 30 Improvement Trust Fund for Community College Foundations to 31 provide each community college foundation with the 32 opportunity to match at least one $25,000 challenge grant, 33 the amount of the challenge grant that each community college 34 foundation shall have the opportunity to match for the fiscal HB1766 Enrolled -3- LRB9104017NTsbA 1 year shall be reduced from $25,000 to an amount equal to the 2 result obtained when the total of all moneys, interest, and 3 earnings in the Fund immediately following the appropriation 4 and transfer made for the fiscal year is divided by the 5 number of community college foundations then existing in this 6 State. The State Board shall promulgate rules prescribing 7 the form and content of applications made by community 8 college foundations for challenge grants under this Section. 9 These rules shall provide all community college foundations 10 with an opportunity to apply for challenge grants to be 11 awarded from any moneys in the Academic Improvement Trust 12 Fund for Community College Foundations in excess of the 13 moneys required to be reserved in the Fund for the purpose of 14 providing each community college foundation with the 15 opportunity to match at least one $25,000 challenge grant; 16 and the opportunity to apply for challenge grants to be 17 awarded from the excess moneys shall be afforded to all 18 community college foundations prior to awarding any challenge 19 grants from the excess moneys. No community college 20 foundation shall receive more than $100,000 in challenge 21 grants awarded from the excess moneys. 22 (d) Challenge grants shall be proportionately allocated 23 from the Academic Improvement Trust Fund for Community 24 College Foundations on the basis of matching each $2 of State 25 funds with $3 of local funds. The matching funds shall come 26 from contributions made after July 1, 1999, which are pledged 27 for the purpose of matching challenge grants. To be 28 eligible, a minimum of $10,000 must be raised from private 29 sources, and the contributions must be in excess of the total 30 average annual cash contributions made to the foundation at 31 each community college district in the 3 fiscal years before 32 July 1, 1999. 33 (e) Funds sufficient to provide the match shall be 34 transferred from the Academic Improvement Trust Fund for HB1766 Enrolled -4- LRB9104017NTsbA 1 Community College Foundations to the community college 2 foundation in increments of $5,000, after the initial $10,000 3 is matched and released, and upon certification to the 4 Comptroller by the State Board that a proportionate amount 5 has been received and deposited by the community college 6 foundation in its own trust fund. However, no community 7 college foundation may receive more than $100,000, above the 8 original allocation, from the Academic Improvement Trust Fund 9 for Community College Foundations in any fiscal year. 10 (f) The State Board shall certify, prepare, and submit 11 to the Comptroller vouchers setting forth the amount of each 12 challenge grant from time to time to be proportionately 13 allocated in accordance with this Section from the Academic 14 Improvement Trust Fund for Community College Foundations to 15 the community college foundation entitled to receive the 16 challenge grant, and the Comptroller shall cause his or her 17 warrants to be drawn for the respective amounts due, payable 18 from the Fund to the foundation. 19 (g) The board of each community college foundation shall 20 establish an academic improvement trust fund as a depository 21 for the private contributions and challenge grants allocated 22 to any such community college foundation from the Academic 23 Improvement Trust Fund for Community College Foundations. 24 Each community college foundation is responsible for the 25 maintenance, investment, and administration of its academic 26 improvement trust fund. 27 (h) The board of the community college foundation is 28 responsible for determining the uses for the proceeds of the 29 academic improvement trust fund established. Such uses may 30 include: 31 (1) scientific and technical equipment; 32 (2) professional development and training for 33 faculty; and 34 (3) student scholarships and other activities HB1766 Enrolled -5- LRB9104017NTsbA 1 appropriate to improving the quality of education at the 2 community college. 3 (i) The State Board may promulgate such additional rules 4 as are required to provide for the efficient operation and 5 administration of the challenge grant program established by 6 this Section. 7 Section 99. Effective date. This Act takes effect upon 8 becoming a law.