Note: To review the FAQs related to the recent custodian conversion efforts please click here.
What is The Illinois Funds?
The Illinois Funds, created in 1975 by State statute (15 ILCS 505/17), is the State’s Public Treasurers’ Investment Pool, administered by the Illinois State Treasurer, offering another investment opportunity for custodians of “Public Funds” for “Public Agencies”.
Who can participate in The Illinois Funds?
Custodians of “Public Funds” may participate in The Illinois Funds. “Public Funds” and “Public Agencies” are described in (30 ILCS 235/1).
How often do rates change?
Rates change daily and are posted online and accessible via 1-800-947-8479 between 3:30 p.m. and 4:30 p.m. daily.
Is there a required time for funds to be invested in the Fund?
No, funds may be invested one day and withdrawn the next. The funds would earn interest for that one day.
How do I make deposits into my Illinois Funds account?
Please see all of the options to you at Account Access.
Account Liquidation and Shutting down Comptroller Distribution
Accounts that are fully liquidated will be purged from the custodial bank’s system annually (typically in July) after 12 months of inactivity. Only authorized contacts can send a signed letter to our administrative office requesting to fully redeem funds in an Illinois Funds account, or submit a request online to transfer funds to a bank on file.
Further, if The Illinois Funds account has any Comptroller distributions funding to it, the authorized contact needs to also request that these distributions be shut down within the signed letter to our administrative office.
Following the initial liquidation, if any funds are deposited into the account the account will reactivate on the custodial bank’s system.
If no Comptroller distributions are setup, an authorized contact on an Illinois Funds account can bypass the administrative office all together and liquidate their Illinois Funds account online
Is there a minimum balance requirement?
No, there is no minimum balance requirement with Illinois Funds accounts. You may draw your account down to a zero balance without the account being closed.
How many accounts may I have?
You may have as many accounts as you need. There is no fee for Illinois Funds accounts.
Does interest compound?
Yes, interest accrues daily and is posted to each account on the last business day of the month.
Are there any fees for transactions?
We do not apply a fee for any transaction on your Illinois Funds account, however, your local institution may assess a fee for any ACH or wire transfers to or from your Illinois Funds account.
How safe are funds invested in The Illinois Funds?
Safety of principal is the foremost objective of the investment program. Illinois Funds investments are made in a manner that seeks to ensure the preservation of capital in the portfolio. Standard & Poor's highest rating (AAAm) is proof positive that the safety objective is being met on your behalf. You may read The Illinois Funds Investment Policy by clicking here.
Where do we send our audit confirmation request?
The Illinois Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
Confirmations can also be requested online by registering at www.confirmation.com.
For dates prior to February 12, 2016
Are Illinois Funds investment account statements available through the online portal?
Yes, in addition to the monthly mailed statements, they may be found on the home page of the online portal under a link titled "View Statements".
Purchase Cutoff Times for Wire and ACH:
Same day credit is available through wire only.
All wire purchases (deposits) received in good order prior to 11:00 a.m. Central (“CT”) will be processed that same day and will participate in that day’s income accrual. Wire purchases received in good order after 11:00 a.m. CT, but prior to the Illinois Funds’ close (3:00 p.m.CT), will be processed that same day, but will receive the next day’s income accrual. All wire purchase transactions received in good order after the Illinois Funds' 3:00 p.m. close will be processed the next business day.
All ACH purchases (deposits) received in good order prior to 3:00 p.m. Central (“CT”) will be processed that same day and will participate in the next day’s income accrual. All ACH purchase transactions received in good order after the Illinois Funds' 3:00 p.m. close will be processed the next business day.
Online and telephone purchases initiated via ACH will not be available for redemption for 5 calendar days. Purchases initiated via wire transfer are immediately available.
Redemption Cutoff Times for Wire and ACH:
Wire redemption requests received in good order prior to 11:00 a.m. Central (“CT”) will be processed that same day and will not participate in that day’s income accrual. Wire redemptions received in good order after 11:00 a.m. CT but prior to the Illinois Funds’ close (3:00 p.m. CT) will be processed that same day, but will also receive that day’s income accrual. All wire redemption transactions received in good order after the Illinois Funds' 3:00 p.m. close will be processed the next business day.
Please note that ACH redemption proceeds may take 2 to 3 business days to settle to your bank account.
ACH redemptions (debits) are considered next day settlements and may take 2 to 3 business days to settle into the receiving bank account. The following exceptions apply:
If the purchase was processed through ACH there is a 5 business day hold before funds are available for redemption.
How are earnings distributed/calculated?
As part of a pooled investment fund, participants own the assets of the fund in proportion to their participation. U.S. Bancorp Fund Services, is the fund’s accounting and independent valuation agent that calculates participant earnings on each day the fund is open.
Is an Illinois Funds account FDIC insured?
The Illinois Funds account is not FDIC insured. The Illinois Funds is not a bank, it is an investment pool and does not qualify for FDIC insurance.
How is my money protected from financial losses?
The portfolio management team adheres to a strict investment policy that includes weekly ratings agency oversight. Investments are submitted to Standard & Poors (S&P)on a weekly basis for compliance and risk review. The Illinois Funds holds a AAAm rating by S&P Global Ratings and has never been downgraded in its entire history.
As part of SEC Rule 2a-7 requirements, The Illinois Funds undergoes monthly stress testing to ensure its net asset value (NAV) remains at a constant $1.00 per share. The portfolio is run through a series of tests mimicking extreme economic conditions to assess the stability of its NAV during periods of market unrest. To date, these stress tests have never resulted in possible losses to principal balances.
Each account in The Illinois Funds is collateralized by the other accounts in the fund as the investment risks are shared on a percentage-of-contribution basis. As such, the State of Illinois is the largest investor in The Illinois Funds, therefore, the State bears the largest risk. The fiduciary responsibility of The Illinois Funds team is to preserve principal for the State and its taxpayers, in addition to providing safe, liquid investments for all participants within the Fund.
May I request my US Bancorp Fund Services (USBFS) online credentials over the phone?
Yes. If the primary authority has submitted an Illinois Funds application and it has been processed (5-7 business days) the an authorized online trader may call 800-947-8479 to inquire about the status of their online credentials. The primary account authority on any Illinois Funds investment account, may call USBFS and request the credentials for all authorized users on the account. A non-primary authority, who is authorized for online, may only request their own credentials.
Where do I mail my deposits?
The Illinois Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
Are funds in The Illinois Funds accounts FDIC insured?
The Illinois Funds account is not FDIC insured. The Illinois Funds is not a bank, it is an investment pool and does not qualify for FDIC insurance. However, The Illinois Funds portfolio management team adheres to a strict investment policy that includes weekly ratings agency oversight. Investments are submitted to Standard & Poors (S&P) on a weekly basis for compliance and risk review. The Illinois Funds holds a AAAm rating by S&P Global Ratings and has never been downgraded in its entire history.
What are the administrative fees of the Illinois Funds?
Administrative fees will be charged to the participants. In determining the administrative fees, the Treasurer shall weigh the following factors: the total asset size of IPTIP; projected cash flows; and the Treasurer’s anticipated administrative and management expenses (e.g. custodial bank, participant accounting, and transfer agency services). The Treasurer shall notify all participants of any increase in the total administrative fees above 5 basis points. In no event shall the total administrative fees exceed 25 basis points (annualized), calculated on a daily basis.
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