Frequently Asked Questions | Illinois Funds
Get clear answers about the Illinois Funds investment pool, a trusted option for Illinois public agencies to invest and manage public funds. Explore common questions about eligibility, how the pool works, liquidity and safety, and how to get started, so your agency can make informed decisions with confidence.
For help with your Illinois Funds account, call 800-947-8479 Monday through Friday, 8:00 a.m. to 5:00 p.m. An account representative can assist with deposits, withdrawals, online access, account maintenance, and other account questions.
Illinois Funds FAQs
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.”
Custodians of “Public Funds” may participate in The Illinois Funds. “Public Funds” and “Public Agencies” are described in 30 ILCS 235/1.
To open an Illinois Funds account, complete the required account application and submit any supporting information requested for your public agency. Once the application has been reviewed and processed, your account can be set up for online access, deposits, and withdrawals. Questions? Call us at 800-947-8479 if you are a Public Agency and wish to participate in The Illinois Funds program.
Rates change daily and are posted online at Illinois Funds Daily Rates and accessible via 800-947-8479 between 3:30 p.m. and 4:30 p.m. daily.
No, funds may be invested one day and withdrawn the next. The funds would earn interest for that one day.
You can add money to your Illinois Funds account online, by phone, by mail, or by wire transfer. See full details at the Account Access section.
Through the online portal, you can make purchase transactions by ACH or wire and view your account information. You can also call 800-947-8479 Monday through Friday, 8:00 a.m. to 5:00 p.m., to request ACH or wire deposits from the bank account on file.
You may also mail a check to the Illinois Funds processing address. For wire transfers, first notify Illinois Funds by phone or through the online portal, then send the wire using the provided instructions. The minimum wire amount is $100.
For timing, same-day credit is available only by wire. Wire purchases received before 11:00 a.m. Central are credited the same day and earn that day’s income accrual. ACH purchases received before 3:00 p.m. Central are processed the same day and begin earning income the next day. ACH purchases made online or by phone are not available for redemption for 5 calendar days.
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 full redemption of funds in an Illinois Funds account or submit an online request to transfer funds to a bank on file.
If the Illinois Funds account has any Comptroller distributions funding it, the authorized contact must also request that these distributions be shut down in the signed letter to our administrative office.
Following the initial liquidation, if any funds are deposited into the account, the account will be reactivated in the custodial bank’s system.
If no Comptroller distributions are set up, an authorized contact on an Illinois Funds account can bypass the administrative office altogether and liquidate the account online.
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.
You may have as many accounts as you need. There is no fee for Illinois Funds accounts. Contact Illinois Funds to ask about adding or updating bank accounts connected to your investment account. An account representative can explain the requirements and help you complete the necessary steps.
Yes, interest accrues daily and is posted to each account on the last business day of the month.
We do not charge a fee for any transaction on your Illinois Funds account. However, your local institution may charge a fee for ACH or wire transfers to or from your Illinois Funds account.
The safety of principal is the foremost objective of the investment program. Illinois Funds investments are made to preserve capital in the portfolio. Fitch’s highest rating, AAAmmf, shows that this safety objective is being met. You may read The Illinois Funds Investment Policy online.
Confirmations are requested online by registering at www.confirmations.com.
For dates prior to February 12, 2016, email creditreferenceservices@usbank.com.
In accordance with GASB Statement No. 40, disclosure of investments in The Illinois Funds in annual financial statements should include the credit rating of the Funds, the value of your investments as of the reporting date, and the Weighted Average Maturity (WAM).
Redemption Cutoff Times for Wire and ACH
Wire redemption requests received in good order prior to 11:00 a.m. Central 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. Central but prior to the Illinois Funds close at 3:00 p.m. Central will be processed that same day and will also receive that day’s income accrual.
Wire redemption transactions received after the 3:00 p.m. Central close will be processed the next business day.
ACH redemption proceeds may take 2 to 3 business days to settle in your bank account.
ACH redemptions are considered next-day settlements and may take 2 to 3 business days to settle into the receiving bank account.
If the purchase was processed through ACH, there is a 5-business-day hold before funds are available for redemption.
Same-day credit is available only by wire.
All wire purchases received in good order prior to 11:00 a.m. Central will be processed that same day and will participate in that day’s income accrual.
Wire purchases received after 11:00 a.m. Central but before the Illinois Funds close at 3:00 p.m. Central will be processed that same day but will receive the next day’s income accrual.
Wire purchase transactions received after the 3:00 p.m. Central close will be processed the next business day.
All ACH purchases received in good order prior to 3:00 p.m. Central will be processed that same day and will participate in the next day’s income accrual.
ACH purchases received after the 3:00 p.m. Central close will be processed the next business day.
Online and telephone purchases initiated via ACH will not be redeemable for 5 calendar days. Purchases initiated via wire transfer are immediately available.
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.”
As part of a pooled investment fund, participants own the fund’s assets in proportion to their participation. U.S. Bancorp Fund Services is the fund’s accounting and independent valuation agent, which calculates participant earnings each day the fund is open.
No. 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.
The portfolio management team follows a strict investment policy that includes weekly oversight by the ratings agencies. Investments are submitted to FITCH on a weekly basis for compliance and risk review. The Illinois Funds holds an AAAm rating from FITCH and has never been downgraded.
As part of SEC Rule 2a-7 requirements, The Illinois Funds undergoes monthly stress testing to help ensure its net asset value remains at $1.00 per share. To date, these stress tests have not resulted in possible losses to principal balances.
Each account in The Illinois Funds is collateralized by the other accounts in the fund, with investment risks shared on a percentage-of-contribution basis. The State of Illinois is the largest investor in The Illinois Funds and therefore bears the largest risk.
Yes. If the primary authority has submitted an Illinois Funds application and it has been processed in 2 to 3 business days, an authorized online trader may call 800-947-8479 to ask about the status of online credentials.
The Illinois Funds
c/o U.S. Bank Global Fund Services, LLC
P.O. Box 219252
Kansas City, MO 64121-9252
Administrative fees will be charged to participants. In determining the administrative fees, the Treasurer considers total asset size, projected cash flows, and anticipated administrative and management expenses.
The Treasurer will notify all participants of any increase in total administrative fees above 5 basis points. Total administrative fees may not exceed 25 basis points annualized, calculated daily.
Yes. If the primary authority has submitted an Illinois Funds application and it has been processed in 2 to 3 business days, an authorized online trader may call 800-947-8479 to ask about the status of online credentials.