The Illinois General Assembly is debating HB5045 and SB2968, legislation in both the Illinois House and Illinois Senate that will allow nonprofit organizations to invest money through the Illinois Funds Program, gaining access to higher interest rate investment opportunities, while keeping money safe and liquid.
Take Action:
- Use this firm to contact your State Representative and State Senator and ask them to cosponsor this legislation.
- See witness slip steps below, and file a witness slip to support HB5045 before Wednesday, March 25th. [File a Witness Slip for HB5045 Here]
- Repeat the witness slip process below and file a witness slip for SB2968 [File a Witness Slip for SB2968 Here].
- Once you click on the link above, you will be on the official witness slip creation page. Fill out all the identification information in the first box.
- Under the Representation box, type in "self" or the name of the organization you represent for this bill
- Under the "Position" section, select "Original Bill" from the drop down menu under "Add Legislation.
- Under the "Add Position" drop down menu, select "Proponent."
- You must click on the blue "Add Position" next in order to advance to complete the form. Once selected, your position will appear in the box.
- Under Testimony, click on "Record of Appearance Only."
- Agree to the terms and agreements and submit your Witness Slip!
Background:
This is a bill by the office of the Illinois State Treasurer. If passed, potential benefits are aimed at small to medium-sized nonprofits (i.e., $1-10M) and could include increased liquidity and lower fees than a private bank. In exchange, nonprofits would have achieved slightly lower returns than they might have in an investment fund managed by a private bank. The Treasurer manages a similar program currently for units of local government in Illinois. Smaller nonprofits are more likely to be led by people of color, and this bill would be an extra tool for these organizations to access better investment opportunities they may not have been able to access on their own. The bill also specifies that any nonprofit seeking to invest in the pool must be in compliance with the Illinois Human Rights Act. The 2026 version of this bill reflects an agreement with the Governor's Office that addresses prior concerns.
Resources: