Jennifer Boen

The committee reviewed progress on current grant cycles and unanimously approved the recommended recipients for the Fall 2025 grant awards. The meeting included a financial status report on the Charitable Trust Fund and a discussion regarding rules and terminology for the 2026 Small Food Program Pilot. Additionally, the committee established the grant focus areas for the 2026 calendar year and confirmed the schedule for future 2026 meetings.

The Board received an overview of the fiscal year 2025 independent auditor's report, which confirmed a clean opinion and noted significant growth in the program's fiduciary net position and net investment income. Staff provided program updates, including growth in funded accounts and assets, progress on enforcement efforts, and the status of the program administrator and legal services request for proposal processes. A legislative update was given regarding federal Saver's Match alignment and expanded Board authorities. Additionally, the Board discussed quarterly program reports covering employer engagement and metrics, field team outreach activities, and market performance updates. The Board also approved the annual Investment Policy Statement without modifications.

The FIRST Fund, an evergreen impact investment initiative launched in 2023 by the Illinois State Treasurer, is dedicated to strengthening the state's infrastructure and real estate. Its strategic direction is guided by five core objectives: enhancing local impact, diversifying state investments, promoting sustainable development, ensuring diversity and inclusion, and upholding worker-centric practices. The fund employs a phased investment approach, focusing on reinvesting capital into Illinois-based projects to support areas such as affordable housing, broadband access, renewable energy, and local job creation.

The Investment Policy Statement for The Illinois Funds outlines the primary objective of ensuring the safety of principal while managing liquidity and seeking the highest investment return using authorized instruments. The policy emphasizes prudent and sustainable stewardship in investment decision-making, integrating financially material sustainability factors such as corporate governance, environmental aspects, social capital, human capital, and business model innovation. The document details investment objectives, ethical considerations, authorized investments, restrictions, and diversification guidelines.

The Office of the Illinois State Treasurer's Annual Sustainable Investment Report for Fiscal Year 2025 (July 2024 - June 2025) details its commitment to sustainable investing as part of its fiduciary duty to maximize financial returns. The report highlights the integration of material sustainability factors into investment decisions through corporate engagement, proxy voting, public policy advocacy, and the evaluation of internal and external investment managers. Key focus areas include corporate governance, human capital management, environmental stewardship, and the prioritization of diverse investment firms to ensure resilient and inclusive financial outcomes.