DCEO Director Ribley has designated the Office of Urban Assistance to sit on the Committee to oversee and execute the purpose of this Fund along with:
1. the Attorney General or his or her designee, who shall serve as co chair of the Committee;
2. the State Treasurer or his or her designee, who shall serve as co chair of the Committee;
3. the Lieutenant Governor or his or her designee;
4. the chief executive officer of the Division of Financial Institutions in the Department of Financial and Professional Regulations or his or her designee; and
5. six private citizens, who shall serve a term of 6 years, appointed by the State Treasurer with advice and consent of the Senate.
Management of the Charitable Trust Stabilization Fund by the Committee is as follows:
• 20% of the amount deposited into the Fund in the fiscal year must be set aside for the operating budget of the Fund and Committee for the next fiscal year. The operating budget of the Fund and Committee may not exceed $4,000,000 in any fiscal year;
• 50% must be available for the purposes outlined in the paragraph above; and
• 30% must be invested for the purpose of earning interest or other investment income.
The Committee must meet at least once each calendar quarter with a majority of the members present at each meeting. These meetings are subject to the Open Meetings Act and are open to the public for attendance.
Visit the Illinois Treasurer's web site to review the minutes. ()