IL HB5045

Authorizes the Illinois State Treasurer to establish and administer a non-profit investment pool and electronic payment processing program for not-for-profit corporations in the state

Eligible participants include 501(c)(3), 501(c)(4), 501(c)(5), and 501(c)(6) organizations that are Illinois-based, comply with the Illinois Human Rights Act, and submit audited financial statements or charitable organization reports

Pool funds must be invested using the same standards and limitations that apply to State Treasury investments, with an investment policy published annually as part of the Auditor General's audit

Administrative expenses are paid from pool earnings, with excess interest credited monthly to participating nonprofits based proportionally on their investment amounts and time in the pool

Requires the State Treasurer to provide a $150,000 surety bond for the benefit of participating not-for-profit corporations