SB1996 95TH GENERAL ASSEMBLY

LRB095 15343 BDD 41331 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

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

Section 5. The State Treasurer Act is amended by adding Section 17.5 as follows:

(15 ILCS 505/17.5 new)

Sec. 17.5. The State Treasurer Financial Education and Savings Foundation.

(a) The Treasurer is authorized in accordance with Section 10 of the State Agency Entity Creation Act to create the State Treasurer Financial Education and Savings Foundation as a not-for-profit foundation. To create the Foundation, the Treasurer shall file articles of incorporation and bylaws as required under the General Not For Profit Corporation Act of 1986. There may be not less than 6 nor more than 11 Directors to the Foundation to be appointed by the Treasurer. The Treasurer or his or her designee shall serve as an ex-officio Director of the Foundation. No Director may receive compensation for his or her services to the Foundation.

(b) The purposes of the Foundation are to promote financial literacy and savings among the residents of the State of Illinois and to engage generally in other lawful endeavors consistent with the foregoing purposes. The Foundation may not exceed the provisions of the General Not For Profit Corporation Act of 1986.

(c) As soon as practical after the Foundation is created, the Directors shall meet, organize, and designate, by majority vote, a Chairman, Secretary, and any additional officers as may be needed to carry out the activities of the Foundation. The Treasurer may adopt rules and regulations as deemed necessary to govern Foundation procedures.

(d) The Foundation may accept gifts, grants, donations, or other contributions from any public or private person or entity and may expend receipts on activities that it considers suitable to the performance of its duties under this Section. Moneys collected by the Foundation are considered private funds and must be held in an appropriate account outside of the State Treasury. The treasurer of the Foundation is custodian of all Foundation funds. The Foundation's accounts and books must be set up and maintained in a manner that is approved by the Auditor General, and the Foundation and its officers are responsible for the approval of recording of receipts, approval of payments, and the proper filing of required reports. The Foundation may be assisted in carrying out its functions by personnel of the Office of the State Treasurer with respect to matters falling within their scope and function. The Foundation shall cooperate fully with the boards, commissions, agencies, departments, and institutions of the State. The moneys held and made available by the Foundation are subject to financial and compliance audits by the Auditor General in compliance with the Illinois State Auditing Act.

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