IL SB2282

Amends the Private Colleges and Universities Capital Distribution Formula Act to add subsection (a-5) regarding acquisitions of independent colleges by public universities.

If an independent college receiving a grant is acquired by a public university on or after August 15, 2019, no refund of expended grant funds is required and remaining funds are not redistributed to other colleges.

All remaining grant balance on the date the acquired college ceased operations, including any withheld amounts, transfers to the acquiring public university to operate those facilities for the duration of the grant.

Defines "public university" as the University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, Western Illinois University, or any other public university or college established by the General Assembly.

Allows recovery of funds previously redistributed to other colleges if the original institution later regains independent college status or another independent college operates the facilities before the 5-year grant utilization period expires.