Bill > SB2968

This bill allows the State Treasurer to create and manage a "non-profit investment pool," which is a fund where eligible not-for-profit corporations can deposit their money to be invested, and also an electronic payment processing program. This aims to provide these organizations with better investment options and secure ways to handle payments. To participate, not-for-profits must be located in Illinois, comply with the Illinois Human Rights Act, and provide financial statements or reports. The Treasurer will invest these pooled funds similarly to state funds, with a published investment policy that is reviewed annually and updated if a new Treasurer takes office. The Treasurer will also establish rules for the pool, including minimum deposit amounts and retention periods, with administrative costs covered by the pool's earnings and any remaining profits distributed to participating organizations based on their investment amounts and duration. The Treasurer will also be required to post a $150,000 surety bond to protect the participating not-for-profit corporations.

Government Affairs

https://www.ilga.gov/Legislation/BillStatus?DocNum=2968&GAID=18&DocTypeID=SB&SessionID=114&GA=104