HB4422 Summary

• Requires public universities (University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Western Illinois University, and Northern Illinois University) to report investment information when requesting State grants after the effective date.

• Mandates universities and community college districts provide State awarding agencies with a list of all State funds that are invested, excluding endowment funds.

• Requires disclosure of the financial status of investment funds, their locations, fees charged by fund holders, and audit information.

• Applies the same reporting requirement to community college districts for any State grant requests made after the bill's effective date.

• Takes effect immediately upon becoming law.