summary
Introduced
01/22/2025
01/22/2025
In Committee
04/30/2025
04/30/2025
Crossed Over
04/04/2025
04/04/2025
Passed
05/28/2025
05/28/2025
Dead
10/29/2025
10/29/2025
Vetoed
08/15/2025
08/15/2025
Introduced Session
104th General Assembly
Bill Summary
Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payment processing program to supplement and enhance investment opportunities and secure electronic payment options otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Provides that the Treasurer shall adopt rules for the efficient administration of the pool.
AI Summary
This bill enables the State Treasurer to establish and administer a non-profit investment pool and electronic payment processing program specifically designed to provide additional investment opportunities and secure payment options for tax-exempt not-for-profit corporations in Illinois. Eligible organizations must be exempt under sections 501(c)(3) or 501(c)(5) of the Internal Revenue Code and must submit their most recent audited financial statement or charitable organization annual report. The Treasurer can invest these pooled funds using the same guidelines and limitations applied to State Treasury investments, and must develop and publish an annual investment policy that is reviewed by the Auditor General. The bill requires the Treasurer to provide written notification to participants about any investment policy changes and to publish these changes in newspapers. Additionally, the Treasurer must create administrative rules governing minimum deposit amounts, retention periods, and how investment earnings will be distributed equitably among participating organizations. As a protective measure, the Treasurer must also obtain a $150,000 surety bond to ensure faithful management of the investment pool, providing financial security for the participating non-profit corporations.
Committee Categories
Government Affairs
Sponsors (60)
Adriane Johnson (D)*,
Rita Mayfield (D)*,
Li Arellano (R),
Dee Avelar (D),
Christopher Belt (D),
Diane Blair-Sherlock (D),
Javier Cervantes (D),
Sharon Chung (D),
Lakesia Collins (D),
Michael Crawford (D),
Lisa Davis (D),
William Davis (D),
Martha Deuter (D),
Mary Edly-Allen (D),
Marcus Evans (D),
Paul Faraci (D),
Laura Faver Dias (D),
Sara Feigenholtz (D),
La Shawn Ford (D),
Edgar González (D),
Nicolle Grasse (D),
Graciela Guzmán (D),
Mike Halpin (D),
Napoleon Harris (D),
Barbara Hernandez (D),
Lisa Hernandez (D),
Maura Hirschauer (D),
Linda Holmes (D),
Mattie Hunter (D),
Gregg Johnson (D),
Thaddeus Jones (D),
Tracy Katz Muhl (D),
Stephanie Kifowit (D),
Kimberly Lightford (D),
Camille Lilly (D),
Rob Martwick (D),
Joyce Mason (D),
Debbie Meyers-Martin (D),
Anna Moeller (D),
Bob Morgan (D),
Yolonda Morris (D),
Julie Morrison (D),
Laura Murphy (D),
Michelle Mussman (D),
Suzanne Ness (D),
Kevin Olickal (D),
Aarón Ortíz (D),
Robert Peters (D),
Mike Porfirio (D),
Willie Preston (D),
Mike Simmons (D),
Elgie Sims (D),
Justin Slaughter (D),
Anne Stava-Murray (D),
Katie Stuart (D),
Dave Vella (D),
Rachel Ventura (D),
Celina Villanueva (D),
Ram Villivalam (D),
Ann Williams (D),
Last Action
Total Veto Stands (on 10/29/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...