SPRINGFIELD, IL – 30,000 College Illinois families will now have more transparency regarding the investments that are held by the tuition guarantee program, thanks to legislation sponsored by State Sen. Matt Murphy (R-Palatine).
“As we continue to add even more ‘sunshine’ into state government, sometimes programs like College Illinois! are overlooked, and with the financial issues that have plagued the program, it was way past time to bring the investment portfolio into the Open Meetings Act,” Murphy said. “We have audit after audit that have shown the program is in significant trouble and we must ensure that the College Illinois! contractual obligations are met with the 30,000 investment families.”
Murphy’s legislation, House Bill 3923 follows numerous findings by the Auditor General that show questionable investment practices on behalf on the program. As of March 2012, the program held more than $1.25 billion in investments and a funding ratio of approximately 70 percent. In part because of past questionable investments, College Illinois! contracts are no longer being offered to the public, as lawmakers work to ensure that current obligations are upheld.
HB 3923 has passed both chambers and awaits the Governor’s signature.