Treasurer Frerichs Says New Law Will Expand Investment Options for Nonprofit Groups

SPRINGFIELD — Illinois State Treasurer Michael Frerichs is praising lawmakers for approving Senate Bill 2968, which creates a new investment option for nonprofit organizations across the state. The measure establishes a Nonprofit Investment Pool designed to give eligible groups a safer and more efficient way to invest funds while reducing administrative work. The program is modeled after the state’s Illinois Funds investment program for public entities. Officials say the change will help nonprofits strengthen financial stability and better support services such as food assistance, housing, health care, education, and legal aid. The bill now goes to Governor JB Pritzker for final approval. Once signed, the Treasurer’s Office will set up and manage the program.