NON-PROFIT INVESTMENT POOL, the official text

SB2968 Enrolled                     LRB104 18491 SPS 31933 b

1   AN ACT concerning State government.

2   Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4   Section 5. The State Treasurer Act is amended by adding

5 Section 17.2 as follows:

6   (15 ILCS 505/17.2 new)

7   Sec. 17.2. Non-profit investment pool.

8   (a) The State Treasurer may establish and administer a

9 non-profit investment pool and an electronic payment

10 processing program to supplement and enhance investment

11 opportunities and secure electronic payment options otherwise

12 available to not-for-profit corporations in this State.

13  (b) The Treasurer may receive funds paid into the

14 non-profit investment pool by a not-for-profit corporation

15 that is exempt from taxation under Section 501(c)(3),

16 501(c)(4), 501(c)(5), or 501(c)(6) of the Internal Revenue

17 Code for the purpose of holding and investing those funds. In

18 order to be eligible to participate in the non-profit

19 investment pool, the not-for-profit corporation shall:

20  (1) provide the Treasurer with a copy of the most

21  recent audited financial statement or charitable

22  organization annual report filed with the Attorney

23  General;
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1   (2) be domiciled in Illinois;

2   (3) not be on the federal system for award management

3   (SAM) exclusion list;

4   (4) not be on the Chief Procurement Officer's

5   suspensions, debarments, voluntary exclusions, and

6   voluntary non-participation agreements list;

7   (5) not be on the Department of Labor's debarred

8   contractors list;

9   (6) not be on the Illinois Stop Payment List

10  established under the Grant Accountability and

11  Transparency Act; and

12  (7) be at least one of the following:

13  (A) a Medicaid certified provider that is not on

14  the Department of Healthcare and Family Services'

15  provider sanctions list;

16  (B) an organization that held certification under

17  the Grant Accountability and Transparency Act at any

18  time within the previous 8 years prior to the

19  transmittal of funds to the Treasurer or is a current

20  grantee or subgrantee of the State;

21  (C) a labor organization registered with the

22  United States Department of Labor; or

23  (D) an organization whose mission involves a

24  purpose or cause related to one of the following:

25                   (i) legal aid services for people with low

26  incomes;
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1                    (ii) services for military veterans;

2                    (iii) scientific and medical research;

3                    (iv) neighborhood and community development;

4                    (v) affordable housing or housing assistance;

5                    (vi) public pre-kindergarten through grade 12,

6   public career and technical education, or public

7   higher education access and scholarships;

8                    (vii) publicly funded libraries, publicly

9   funded museums, or public broadcasting;

10                   (viii) support for firefighting and EMS

11  services;

12                   (ix) emergency assistance and disaster relief;

13                   (x) food banks and food pantries;

14                   (xi)  environmental       protection    and

15  preservation;

16                   (xii) animal shelters, humane societies, or

17  anti-animal cruelty society;

18                   (xiii) cultural and performing arts;

19                   (xiv) job training, employment placement, or

20  other                  employment-related  community-based

21  services;

22                   (xv) services for victims of domestic

23  violence; or

24                   (xvi) services for seniors and people with

25  disabilities.

26  (c) The Treasurer may invest the funds constituting the
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1 non-profit investment pool in the same manner, in the same

2 types of investments, and subject to the same limitations

3 provided for the investment of funds in the State Treasury.

4 The Treasurer shall develop, publish, and implement an

5 investment policy covering the management of funds in the

6 non-profit investment pool. The policy shall be published each

7 year as part of the audit of the non-profit investment pool by

8 the Auditor General, which shall be distributed to all

9 participants. The Treasurer shall notify all non-profit

10 investment pool participants in writing, and the Treasurer

11 shall publish in at least one newspaper of general circulation

12 in both Springfield and Chicago any changes to a previously

13 published investment policy at least 30 calendar days before

14 implementing the policy. Any investment policy adopted by the

15 Treasurer shall be reviewed, and updated if necessary, within

16 90 days after the installation of a new Treasurer.

17  (d) The Treasurer shall adopt rules for the efficient

18 administration of the non-profit investment pool, including

19 the minimum amounts that may be deposited in the non-profit

20 investment pool and the minimum period of time that deposits

21 shall be retained in the non-profit investment pool. The rules

22 shall provide for the administrative expenses of the

23 non-profit investment pool to be paid from its earnings and

24 for the interest earnings in excess of such expenses to be

25 credited or paid monthly to the not-for-profit corporations

26 participating in the non-profit investment pool in a manner
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1 which equitably reflects the differing amounts of their

2 respective investments in the non-profit investment pool and

3 the differing periods of time for which the amounts were in the

4 custody of the non-profit investment pool.

5  (e) Upon creating a non-profit investment pool, the State

6 Treasurer shall give bond with 2 or more sufficient sureties,

7 payable to not-for-profit corporations that participate in the

8 non-profit investment pool for the benefit of the

9 not-for-profit corporations that have funds that are paid into

10 the non-profit investment pool for investment, in the penal

11 sum of $150,000, conditioned for the faithful discharge of the

12 State Treasurer's duties in relation to the non-profit

13 investment pool.