Illinois § 25-10

§ 25-10.

Distribution. (a) This Section creates a distribution formula for funds appropriated from the Build Illinois Bond Fund to the Capital Development Board for the Board of Higher Education for grants to various private colleges and universities awarded pursuant to Section 25-7. (b) Funds appropriated for this purpose shall be distributed by the Board of Higher Education through a formula to independent colleges that have been given operational approval by the Board of Higher Education as of the Fall 2017 term. The distribution formula shall have 2 components: a base grant portion of the appropriation and an FTE grant portion of the appropriation. Each independent college shall be awarded both a base grant portion of the appropriation and an FTE grant portion of the appropriation. (c) The Board of Higher Education shall distribute moneys appropriated for this purpose to independent colleges based on the following base grant criteria: for each independent college reporting between 1 and 200 FTE a base grant amount of $200,000 shall be set; for each independent college reporting between 201 and 500 FTE a base grant amount of $1,000,000 shall be set; for each independent college reporting between 501 and 4,000 FTE a base grant amount of $2,000,000 shall be set; and for each independent college reporting 4,001 or more FTE a base grant amount of $5,000,000 shall be set. (d) If appropriations exceed the total aggregate amount of the base grants determined pursuant to subsection (c), then additional grant amounts may be set by the Board of Higher Education. The additional grants shall be distributed by the Board of Higher Education to each eligible independent college on a per capita basis as determined by the independent college's FTE as reported by the Board of Higher Education's most recent fall FTE report. Each eligible independent college, after an appropriation has been enacted, must apply for a Capital Investment Grant in order to be eligible to receive funds under this Program. An independent college may apply for an amount not to exceed the distribution amount determined by the Board of Higher Education pursuant to subsections (c) and (d). (Source: P.A. 101-10, eff. 6-5-19.)