NON-PROFIT INVESTMENT POOL

Illinois General Assembly - Full Text of HB5314

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HB5314 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5314

Introduced 2/10/2026, by Rep. Rita Mayfield

SYNOPSIS AS INTRODUCED:

15 ILCS 505/17.2 new

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.
LRB104 19465 SPS 32913 b

A BILL FOR

HB5314
LRB104 19465 SPS 32913 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: (1)
20
provide the Treasurer with a copy of the most recent audited
21
financial statement or charitable organization annual report
22
filed with the Attorney General; (2) be located in Illinois;
23
and (3) be in compliance with the Illinois Human Rights Act.

HB5314
- 2 -
LRB104 19465 SPS 32913 b
1

(c) The Treasurer may invest the funds constituting the
2
non-profit investment pool in the same manner, in the same
3
types of investments, and subject to the same limitations
4
provided for the investment of funds in the State Treasury.
5
The Treasurer shall develop, publish, and implement an
6
investment policy covering the management of funds in the
7
non-profit investment pool. The policy shall be published each
8
year as part of the audit of the non-profit investment pool by
9
the Auditor General, which shall be distributed to all
10
participants. The Treasurer shall notify all non-profit
11
investment pool participants in writing, and the Treasurer
12
shall publish in at least one newspaper of general circulation
13
in both Springfield and Chicago any changes to a previously
14
published investment policy at least 30 calendar days before
15
implementing the policy. Any investment policy adopted by the
16
Treasurer shall be reviewed, and updated if necessary, within
17
90 days after the installation of a new Treasurer.
18

(d) The Treasurer shall adopt rules for the efficient
19
administration of the non-profit investment pool, including
20
the minimum amounts that may be deposited in the non-profit
21
investment pool and the minimum period of time that deposits
22
shall be retained in the non-profit investment pool. The rules
23
shall provide for the administrative expenses of the
24
non-profit investment pool to be paid from its earnings and
25
for the interest earnings in excess of such expenses to be
26
credited or paid monthly to the not-for-profit corporations

HB5314
- 3 -
LRB104 19465 SPS 32913 b
1
participating in the non-profit investment pool in a manner
2
which equitably reflects the differing amounts of their
3
respective investments in the non-profit investment pool and
4
the differing periods of time for which the amounts were in the
5
custody of the non-profit investment pool.
6

(e) Upon creating a non-profit investment pool, the State
7
Treasurer shall give bond with 2 or more sufficient sureties,
8
payable to not-for-profit corporations that participate in the
9
non-profit investment pool for the benefit of the
10
not-for-profit corporations that have funds that are paid into
11
the non-profit investment pool for investment, in the penal
12
sum of $150,000, conditioned for the faithful discharge of the
13
State Treasurer's duties in relation to the non-profit
14
investment pool.

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