The bill amends the Michigan Strategic Fund Act by adding a new section, 90nn, which establishes the Michigan Nonprofit Development Fund (ND fund) within the state treasury. The state treasurer is responsible for depositing funds into the ND fund from various sources, directing investments, and ensuring that interest and earnings are credited back to the fund. Notably, any money in the ND fund at the end of the fiscal year will not lapse to the general fund unless it exceeds $5,000,000, in which case the excess must be deposited into the general fund.

The ND fund is designated to support various initiatives, including awarding grants to statewide nonprofit membership organizations for assistance and services, providing interest-free micro bridge loans, and covering administrative costs up to 10% of the annual appropriation. The fund will be administered for audits and will only expend money based on appropriations for the specified purposes. The enactment of this bill is contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 125.2001, 125.2094