HB4908 Summary

• State Treasurer may establish and administer a non-profit investment pool to provide enhanced investment opportunities for not-for-profit corporations exempt under Section 501(c) of the Internal Revenue Code.

• Treasurer may invest pool funds using the same methods, investment types, and limitations applied to State Treasury funds, and must develop and publish an annual investment policy reviewed by the Auditor General.

• Administrative expenses of the pool are paid from its earnings, with excess interest earnings credited monthly to participating not-for-profit corporations proportional to their investment amounts and duration in the pool.

• State Treasurer must provide a surety bond of $150,000 payable to participating not-for-profit corporations for faithful discharge of duties related to the pool.

• State agencies must update their online public funds investment information no later than the end of each month (changed from the 15th of the month) and include fund amounts, investment income, asset allocation, and approved financial institutions.