HB 5479

Abstract

Amends the General Not For Profit Corporation Act of 1986. Provides that the Secretary of State shall establish a system for grading corporations organized under the Act on the basis of the corporation's cost of fundraising, administrative expenses, and expenses for services for the corporation's designated clientele. Requires corporations to report to the Secretary information necessary for grading the corporations. Establishes minimum criteria for grading, including the corporation's cost of fundraising disregarding corporation revenue derived from investment income, sales proceeds, program service revenue, and other revenue derived as a result of activity other than fundraising. Provides that corporations failing to meet a minimum score shall be deemed ineligible for grants made available through the expenditure of State funds. Requires the Secretary to post the grading results on the Secretary's website.