HB5791 99TH GENERAL ASSEMBLY

LRB099 18206 JLS 42574 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5791

Introduced , by Rep. Margo McDermed

SYNOPSIS AS INTRODUCED:

30 ILCS 708/47 new

Amends the Grant Accountability and Transparency Act. Requires a recipient of a State grant award of $100,000 or more to deposit the funds into an interest bearing account. Provides that the interest earned is to be considered State funds. Authorizes the grant recipient to retain up to $250 per year from the interest proceeds to offset fees imposed upon the deposit.

A BILL FOR

AN ACT concerning government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Grant Accountability and Transparency Act is amended by adding Section 47 as follows:

(30 ILCS 708/47 new)

Sec. 47. Grantee fund management standards.

(a) A not for profit entity that receives a State award in an amount of $100,000 or more must deposit and maintain that award in an interest-bearing account with a financial institution, the deposits of which are insured by the Federal Deposit Insurance Corporation.

(b) Interest earned on the deposit of the State award shall be deemed State funds and shall be used for the purposes for which the State award was awarded.

(c) A recipient of a State award may retain up to $250 per year from the interest earned on the deposit to offset any fees imposed upon the deposit of the State award.