SPRINGFIELD – Non-profits in Illinois will have new investment opportunities, thanks to a new law from State Senator Adriane Johnson.
“Illinois-based non-profits should have the same high-quality investment opportunities as government entities,” said State Senator Adriane Johnson (D-Buffalo Grove). “Greater investment opportunities means food pantries will have the resources to provide more food, homeless shelters can provide more beds, health care providers can offer more services to those in need and legal aid centers can assist more Illinoisans who have limited resources to address their legal needs.”
Senate Bill 2968 authorizes the State Treasurer to create a non-profit investment pool and an electronic payment-processing program to supplement and enhance investment opportunities for 501(c) non-profit organizations located in Illinois. The Non-Profit Investment Pool will provide hundreds of non-profits across the State the opportunity for safe, liquid, and competitive investments.
Non-profits across the state will be able to pool their invest-able assets together in a fund to earn greater returns, at a much lower cost than they would on their own. Participants will earn interest proportionally based on their account balance. For Illinois Funds participants, earnings are calculated daily and paid monthly.
“Non-profits are critical organizations that serve communities all across the state,” said Johnson. “This initiative will give them the chance to maximize their resources and strengthen their financial stability.”
Senate Bill 2968 was signed into law on Friday.
