IL SB0246

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

Limits eligibility to organizations exempt from taxation under Section 501(c)(3) or 501(c)(5) of the Internal Revenue Code, which must provide their most recent audited financial statement or charitable organization annual report to participate

Requires the Treasurer to develop and publish an investment policy annually as part of an Auditor General audit, with any policy changes published in newspapers in Springfield and Chicago at least 30 days before implementation

Administrative expenses will be paid from pool earnings, with excess interest earnings credited or paid monthly to participating nonprofits based on their investment amounts and time periods

Requires the State Treasurer to post a $150,000 bond with two or more sureties for the benefit of participating not-for-profit corporations