MI HB4999

Creates the Michigan Nonprofit Development Fund within the state treasury to support nonprofit organizations

Requires the state treasurer to deposit appropriations and other received money into the fund, direct investments, and credit interest and earnings back to the fund

Money in the fund does not lapse to the general fund at fiscal year end, except amounts exceeding $5,000,000 must be transferred to the general fund

Authorizes fund expenditures for grants to statewide nonprofit membership organizations, interest-free micro bridge loans to nonprofits, and administrative costs up to 10% of annual appropriation

Takes effect only if HB 4998 or SB ____ of the 103rd Legislature is also enacted into law