IL HB5052

Creates the Illinois Veterans' Home in Quincy Foundation, a not-for-profit foundation authorized by the Secretary of State under the General Not For Profit Corporation Act of 1986.

Establishes a Board of Directors with 6-11 members appointed by the Secretary of State with Senate consent, with the Secretary of State or designee serving as ex officio director and all directors serving without compensation.

Directs Foundation funds to support private partnership projects for renovations to the Illinois Veterans' Home in Quincy campus, Dudley House, and domiciliary buildings.

Allows the Foundation to accept gifts and grants from federal government, private entities, corporations, and foundations, with funds held as private accounts outside the State treasury.

Requires Foundation accounts and books be maintained per Auditor General approval and subjects all funds to financial and compliance audits under the Illinois State Auditing Act.