IL HB4244

Amends the Private Colleges and Universities Capital Distribution Formula Act by adding Section 25-15 regarding transfer of funds when an independent college ceases operations or changes status.

If an institution that received a grant fails to meet the definition of "independent college," remaining funds are redistributed unless another qualifying independent college operates the same campus or facilities.

When a former independent college's facilities are operated by a successor independent college, the entire remaining grant balance is transferred to the successor for operating those facilities during the grant period.

If funds were already reallocated to other colleges before this act's effective date, those funds must be deducted from future allocations to those colleges and redirected back if the original institution or a successor regains independent college status within the 5-year grant utilization period.

The act takes effect upon becoming law.