95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1996


 
Introduced 2/7/2008, by Sen. A. J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		













15 ILCS 505/17.5 new











    Amends the State Treasurer Act. Authorizes the State Treasurer to create the State Treasurer Financial Education and Savings Foundation as a not-for-profit
foundation for the purposes of  promoting financial literacy and savings among the
residents of the State of Illinois. Sets forth requirements for the creation and operation of the Foundation. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB1996

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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:



 
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    Section 5. The State Treasurer Act is amended  by adding 
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Section 17.5 as follows:
 
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    (15 ILCS 505/17.5  new)
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    Sec. 17.5. The State Treasurer Financial Education and 
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Savings Foundation.
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    (a) The Treasurer is authorized in accordance with Section 
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of the State Agency Entity Creation Act to create the   State 
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Treasurer Financial Education and Savings Foundation as a 
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not-for-profit
foundation.  To create the Foundation, the

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Treasurer shall file articles of incorporation and bylaws as 
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required under the
General Not For Profit Corporation Act of 
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1986.  There
may be not less than 6 nor more than 11 Directors 
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to the Foundation to be
appointed by the Treasurer.  The 
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Treasurer or his or her
designee shall serve as an ex-officio 
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Director of the Foundation.  No Director
may receive 
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compensation for his or her services to the Foundation.
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    (b) The purposes of the Foundation are to promote financial 
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literacy and savings among the
residents of the State of 
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Illinois and to engage generally in other lawful endeavors

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consistent with the foregoing purposes.  The Foundation may not 
 


 






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exceed the
provisions of the General Not For Profit Corporation 
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Act of 1986.
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    (c) As soon as practical after the Foundation is created, 
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the Directors
shall meet, organize, and designate, by majority 
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vote, a Chairman, Secretary,
and any additional officers as may 
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be needed to carry out the activities of the
Foundation.  The 
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Treasurer may adopt rules and regulations as deemed
necessary 
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to govern Foundation procedures.
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    (d) The Foundation may accept gifts, grants, donations, or 
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other contributions from any public or private person or entity 
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and may expend receipts on activities that it considers

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suitable to the performance of its duties under this Section.  
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Moneys
collected by the Foundation are considered private funds 
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and must
be held in an appropriate account outside of the State 
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Treasury.  The
treasurer of the Foundation is custodian of all 
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Foundation funds.
The Foundation's accounts and books must be 
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set up and maintained in a manner
that is approved by the 
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Auditor General, and the Foundation and its officers are

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responsible for the approval of recording of receipts, approval 
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of payments,
and the proper filing of required reports.  The 
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Foundation may be assisted in
carrying out its functions by 
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personnel of the Office of the State Treasurer
with respect to 
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matters falling within their scope and function.  The
Foundation 
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shall cooperate fully with the boards, commissions, agencies,

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departments, and institutions of the State. The moneys held and 
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made available by
the Foundation are subject to financial and 
 


 






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compliance
audits by the Auditor General in compliance with the 
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Illinois State Auditing
Act.

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.