State Treasurer Michael Frerichs manages the Charitable Trust Stabilization Program. The fund is open to nonprofits with an annual budget of $1 million and at least one full-time employee. Since the program's creation in 2007, the fund has awarded 221 grants totaling nearly $4.3 million to 187 nonprofits.
The two categories for last year's cycle were housing and workforce and economic development programs. For this year any nonprofit dealing with food assistance and workforce and economic development can apply for funding.
Treasurer Frerichs says he is proud to support nonprofit efforts through the program.
"Small nonprofit organizations play vital roles in our state by providing a helping hand to people in need. Their good work benefits individuals as well as communities," Frerichs said in a press release.
An independent 11-member committee oversees the management selecting the grant recipients. The maximum award given to one nonprofit is $20,000 and previous recipients can apply again if their grant term has been complete for at least one calendar year. Money in the fund comes from filing fees that nonprofits pay when incorporating in the state and not from personal or property tax dollars.
Applicants located in areas where pervasive poverty, unemployment and economic distress exist will be given special attention. Last year, 10 nonprofits were chosen out of 82 applications.
The Charitable Trust Stabilization Fund will accept applications through September 30th. Visit ilcharitabletrust.com to complete an application or contact the Treasurer's Office at 217-836-4590.