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, including appropriations, and will also manage the investment of these funds, with any interest or earnings credited back to the ND fund. Notably, any funds exceeding $5,000,000 at the end of the fiscal year will be transferred to the general fund, while the remaining balance will not lapse.

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