FINANCE-COLLEGE-CAPITAL GRANT

Amends the Private Colleges and Universities Capital Distribution Formula Act. Provides that if an institution received a certain grant and fails to meet the definition of "independent college" before the term of the grant is ended, the remaining funds shall be re-distributed, unless facilities for which the grant was given are operated by another institution that qualifies as an independent college. Further provides that in the event that the facilities are operated by another institution that qualifies as an independent college, the entire balance of the grant shall be transferred to that successor institution for the duration of the grant. Further provides that in the event that, on or before the effective date of the amendatory Act, the remaining funds have been re-allocated or re-distributed to other independent colleges, or the Illinois Board of Higher Education has planned for the remaining funds to be re-allocated or re-distributed to other independent colleges, before the 5-year period for the utilization of funds has ended, any funds so re-allocated or re-distributed shall be deducted from future allocations to those other independent colleges and be re-allocated or re-distributed to the initial institution or the successor entity operating the facilities of the original institution if: (i) the institution that failed to meet the definition of "independent college" once again meets the definition of "independent college" before the 5-year period has expired; or (ii) the facility or facilities of the former independent college are operated by another entity that qualifies as an "independent college" before the 5-year period has expired. Effective immediately.