HB 4616

Abstract

Amends the Charitable Trust Stabilization Act. Provides that special attention shall be given to public and private entities with operating budgets of less than $2,000,000 (rather than $1,000,000) that are located within a depressed area. Provides that moneys in the Charitable Trust Stabilization Fund may be used for grants for operational purposes of organizations participating under the Act (rather than grants for the start-up or operational purposes of participating organizations). Removes a provision requiring the transfer of moneys to and from the Charitable Trust Stabilization Fund. Makes conforming changes. Effective immediately.