(30 ILCS 105/6a-4) (from Ch. 127, par. 142a4)
Sec. 6a-4.
(1) The following items of income received by the
Universities under the jurisdiction of the Board of Regents of the
Regency Universities System for general operational and educational
purposes shall be paid into the state treasury without delay
and shall be covered into a special fund to be known as the
Board of Regents Income Fund: (a) tuition, laboratory, library fees, and
any interest which may be earned thereon not later than 20 days after receipt
of the same without any deductions except for refunds to students for whom
duplicate payment has been made and to students who have withdrawn after
registration and who are entitled to such refunds; and (b) excess income
from auxiliary enterprises and activities as provided in paragraph (2) of
this Section, and all other income arising out of any activity or purpose
not specified in paragraphs (2) and (3) not later than 10 days after
receipt of the same and without any deduction whatever. Such items of
income shall be either paid into the State treasury or deposited into a
college or university bank account within the time period established for
like amounts in Section 2 of the State Officers and Employees Money
Disposition Act; provided, that if deposited into a bank account,
such items together with interest thereon shall be paid into the State
treasury as provided in the preceding sentence. The General Assembly shall
from time to time make appropriations payable from the Board of Regents
Income Fund for the support and improvement of such State Colleges and
Universities.
(2) The following items of income shall be retained by each such
State University or by the Board of Regents of the Regency Universities
in its own treasury: endowment funds, gifts, trust
funds, and Federal aid; funds received in connection with contracts with
governmental, public or private agencies or persons, for research or
services including funds which are paid as reimbursement to the State
University or to the Board of Regents of the Regency Universities and
funds received in connection with its operation of research and high
technology parks; funds received in connection with reserves authorized by
Section 8a of "An Act providing for the management, operation, control and
maintenance of the Regency Universities System", approved May 11, 1967;
funds received in connection with the retention, receipt, assignment,
license, sale or transfer of interests in, rights to, or income from
discoveries, inventions, patents, or copyrightable works; funds retained by
the State University under the authority of paragraph (3) of this Section;
and funds received from the operation of student or staff residence
facilities, student and staff medical and health programs, Union buildings,
bookstores, farms, stores, and other auxiliary enterprises or activities
which are self-supporting in whole or in part. Any income derived from such
auxiliary enterprises or activities which is not necessary to their
support, maintenance, or development shall not, however, be applied to any
general operational or educational purpose but shall be paid into the State
Treasury as provided in paragraph (1) of this Section.
(3) Each such State University may retain in its Treasury any funds
derived from rentals, service charges and laboratory and building
service charges or other sources, assessed or obtained for or arising
out of the operation of any building or buildings and pledged to
discharge obligations created in order to complete or operate such
building, or for the payment of revenue bonds issued for such university
by the Teachers College Board, the Board of Governors of State Colleges
and Universities, and the Board of Regents; and to be disbursed from
time to time pursuant to the order and direction of the Board of
Regents, and in accordance with any contracts, pledges, trusts or
agreements heretofore made by the Teachers College Board or the Board of
Governors of State Colleges and Universities, or hereafter made by the
Board of Regents.
Whenever such funds retained by a State University or the Board of
Regents in its own treasury are deposited with a bank or savings and loan
association and the amount of the deposit exceeds the amount of federal
deposit insurance coverage, a bond or pledged securities shall be obtained.
Only the types of securities which the State Treasurer may, in his
discretion, accept for amounts not insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance Corporation under
Section 11 of "An Act in relation to State moneys", approved June 28, 1919,
as amended, may be accepted as pledged securities.
The market value of the bond or pledged securities shall at all times be
equal to or greater than the uninsured portion of the deposit.
(4) The Auditor General shall audit or cause to be audited the above
items of income and all other income and expenditures of such
institutions.
(5) Beginning on July 1, 1995, the provisions of paragraphs (1), (2), and
(3) of this Section as they relate to items of income and other funds held by
or on behalf of the university formerly known as Sangamon State University and
now a branch of the University of Illinois known as the University of Illinois
at Springfield shall be superseded with respect to that University by Section
40-10 of the University of Illinois at Springfield Law and Sections 6d and 6g
of the State Finance Act. On July 1, 1995, all items of income and other funds
deposited, retained, or otherwise held by or on behalf of the university
formerly known as Sangamon State University and now a branch of the University
of Illinois known as the University of Illinois at Springfield under paragraphs
(1) through (3) of this Section shall be transferred, appropriated, retained,
and used as provided by the provisions of law cited in this paragraph (5) as
superseding for such purposes the provisions of paragraphs (1) through (3) of
this Section, and in accordance with any agreements heretofore made by the
Board of Regents or hereafter made by the Board of Trustees of the University
of Illinois.
(6) Beginning on January 1, 1996, the provisions of paragraphs (1), (2),
and (3) of this Section as they relate to items of income and other funds held
by or on behalf of Illinois State University and by or on behalf of Northern
Illinois University shall be superseded by Section 20-35 of the Illinois State
University Law and Section 6a-1b of the State Finance Act with respect to
Illinois State University and by Section 30-35 of the Northern Illinois
University Law and Section 6a-1a of the State Finance Act with respect to
Northern Illinois University. On January 1, 1996, all items of income and
other funds deposited, retained or otherwise held by or on behalf of Illinois
State University and by or on behalf of Northern Illinois University under
paragraphs (1) through (3) of this Section shall be transferred, appropriated,
retained and used as provided by the provisions of law cited in this paragraph
(6) as superseding for such purposes the provisions of
paragraphs (1) through (3) of this Section, and in accordance with any
contracts, pledges, trusts or agreements heretofore made by the Teachers
College Board, the Board of Governors of State Colleges and Universities, or
the Board of Regents, or hereafter made by the Board of Trustees of Illinois
State University or the Board of Trustees of Northern Illinois
University.
(Source: P.A. 89-4, eff. 7-1-95; 89-24, eff. 7-1-95.)
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