Chapter 25 — TRUST FUNDS AND THEIR MANAGEMENT

25.01 Definition. In this chapter, unless the context requires otherwise, “board” means the investment board. History: 1999 a. 83.

25.14 State investment fund. (1) (a) There is created a state investment fund under the jurisdiction and management of the board to be operated as an investment trust for the purpose of managing the securities of all funds that are required by law to be invested in the state inve…

25.15 Board; purpose and standard of responsibility. (1) PURPOSE. The purpose of the board is to provide professional investment management of trusts, operating funds and capital funds established by law. It is the intent of the legislature that the board be an independent agency…

25.156 Powers and duties of members of the board. (1) The members of the board shall be the governing body of the board and shall promulgate rules and formulate policies considered necessary and appropriate to carry out its functions. (2) The board shall employ an executive direc…

25.16 Executive director. (1) The executive and administrative functions of the board, except for the functions performed by the internal auditor under s. 25.165 (2), shall be vested in an executive director, who shall perform the functions of executive director in conformity wit…

25.165 Internal auditor. (1) There is created in the board an internal audit subunit, under the supervision of the internal auditor. The internal auditor shall report directly to the board and shall appoint all employees necessary to carry out the duties of the internal auditor. …

25.167 Chief investment officer. (1m) Except as provided in sub. (2m), under the supervision of the executive director, the chief investment officer shall do all of the following: (a) Monitor activities of the investment directors for compliance with the board’s investment polici…

25.17 (2) and (3) (c), the standard of responsibility applied to the board when it manages money and property shall be all of the following: (a) To manage the money and property with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent pe…

25.18 Additional powers of board. (1) In addition to the powers and duties enumerated in s. 25.17, but subject to s. 25.183, and notwithstanding any other statute except s. 25.183, the board may: (a) Employ legal or investment counsel in any matters arising out of the scope of it…

25.182 Management authority for certain funds. In addition to the management authority provided under any other provision of law, and notwithstanding any limitation on the board’s management authority provided under any other provision of law, the board shall have authority to ma…

25.183 Certain investments prohibited. (1) DEFINITIONS. In this section: (a) “Derivative” means any financial contract or other instrument that derives its value from the value or performance of any security, currency exchange rate or interest rate or of any index or group of any…

25.184 Confidentiality of venture capital investment information. Information relating to investments made or considered by the board in securities of entities that are in the venture capital stage are not subject to public inspection, copying, or disclosure under s. 19.35 unless…

25.185 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. (1) In this section: (a) “Disabled veteran-owned financial adviser” means a financial adviser certified by the department of administration under s. 16.283 (3)…

25.186 Broker-dealers located in this state. (1) In this section: (a) “Broker-dealer” has the meaning given in s. 551.102 (4). (b) “Securities trading brokerage commission” means any commission or fee paid on or for a brokered security transaction, a purchase of a security or any…

25.187 Operating expenditures. (1) (a) In this section, “operating expenditures” include all costs and expenses incurred by the investment board for the purpose of operating the board and managing the assets of each fund for which the board has management responsibility, but does…

25.19 Treasurer; bond; deposit of securities; cash management. (1) The state treasurer shall be the treasurer of the board and shall give an additional bond in the amount and with the corporate sureties required and approved by the board, the cost of which shall be borne by the b…

25.20 General fund. All moneys in the state treasury not specifically designated in any statute as belonging to any other funds constitute the general fund.

25.29 Conservation fund. (1) There is established a separate nonlapsible trust fund designated as the conservation fund to consist of: (a) Except as provided in ss. 25.293 and 25.295, all moneys accruing to the state for or in behalf of the department under chs. 26, 27, 28, 29, 1…

25.293 Natural resources land endowment fund. There is established a separate nonlapsible trust fund designated as the natural resources land endowment fund, to consist of: (1) All gifts, grants or bequests made to the natural resources land endowment fund. The department of natu…

25.295 Heritage state parks and forests trust fund. (1) There is established a separate nonlapsible trust fund designated as the heritage state parks and forests trust fund, to consist of: (a) All gifts, grants or bequests or other contributions made to the heritage state parks a…

25.297 Wisconsin outdoor wildlife heritage trust fund. There is established a separate nonlapsible trust fund designated as the Wisconsin outdoor wildlife heritage trust fund, to consist of all gifts, grants, or bequests or other contributions made to the Wisconsin outdoor wildli…

25.30 State building trust fund. The state building trust fund consists of all appropriations or transfers made thereto by the legislature, together with all donations, gifts, bequests or contributions of money or other property, all restored advances and all investment income. H…

25.31 Benevolent fund. The benevolent fund, amounting to the principal sum of $13,500, transferred to the state by chapter 636, laws of 1917, constitutes a separate trust fund and shall be conserved and applied as follows: (1) First: The principal of said trust fund shall be held…

25.315 Wholesale drug distributor bonding fund. There is established a separate nonlapsible trust fund designated as the wholesale drug distributor bonding fund to consist of moneys paid to the state under s. 450.071 (5) to secure payment of fees or costs that relate to the issua…

25.35 State capitol restoration fund. There is established a separate nonlapsible trust fund designated as the state capitol restoration fund, to consist of all monetary public and private gifts, grants and bequests received by the state capitol and executive residence board unde…

25.36 Veterans trust fund. (1) Except as provided in sub. (2), all moneys appropriated or transferred by law shall constitute the veterans trust fund which shall be used for the veterans programs under ss. 20.485 (2) (m), (tm), (u), and (z), and (5) (mn), (v), (vo), and (zm), 45.…

25.37 Wisconsin veterans homes members fund. There is established a separate nonlapsible trust fund designated May 22, 2026, are designated by NOTES. (Published 5-22-26) 25.37 TRUST FUNDS AND THEIR MANAGEMENT as the Wisconsin veterans homes members fund. The fund shall consist of…

25.38 Military family relief fund. There is established a separate nonlapsible trust fund designated as the military family relief fund. The fund shall consist of money deposited in the fund under s. 71.10 (5i) (i), together with all donations, gifts, or bequests made to the fund…

25.40 (1) (bt), 23.35 to 23.42, 23.50 to 23.99, 30.50 to 30.55, 71.10 (5), 71.30 (10), and 90.21, including grants received from May 22, 2026, are designated by NOTES. (Published 5-22-26) 25.29 TRUST FUNDS AND THEIR MANAGEMENT the federal government or any of its agencies except …

25.405 Transportation infrastructure loan fund. (1) DEFINITION. In this section, “fund” means the transportation infrastructure loan fund. (2) CREATION. There is established a separate nonlapsible trust fund designated as the transportation infrastructure loan fund, to consist of…

25.41 State housing authority reserve fund. (1) All moneys appropriated or transferred by law; all moneys received from the federal government, from the state housing and economic development authority, or from any other source for the purpose of the state housing authority reser…

25.425 Election administration fund. There is established a separate nonlapsible trust fund, designated the election administration fund, consisting of all moneys received from the federal government under P.L. 107-252 and all moneys transferred to the fund from other funds. Hist…

25.43 Environmental improvement fund. (1) There is established a separate nonlapsible trust fund designated as the environmental improvement fund, to consist of all of the following: (a) All capitalization grants provided by the federal government under 33 USC 1381 to 1387. (am) …

25.45 Waste management fund. There is established a separate nonlapsible trust fund designated as the waste management fund, to consist of the tonnage fees imposed under s. 144.441 (3), 1989 stats., except for tonnage fees paid by a nonapproved facility, as defined in s. 289.01 (…

25.46 Environmental fund. (1) There is established a separate nonlapsible trust fund designated as the environmental fund, to consist of: (ae) The moneys transferred under s. 20.855 (4) (wc) for environmental management. (am) The moneys transferred under s. 20.855 (4) (f) for non…

25.463 Agricultural producer security fund. There is established a separate nonlapsible trust fund designated as the agricultural producer security fund, to consist of all fees, surcharges, assessments, reimbursements, and proceeds of contingent financial backing received by the …

25.465 Agrichemical management fund. There is established a separate nonlapsible trust fund designated as the agrichemical management fund, to consist of: (1) The fees collected under s. 94.64 (3m) (b), (3r) (a) and (4) (a) 1. (2) The fees collected under s. 94.65 (2) (a), (3) (b…

25.466 Working lands fund. There is created a separate trust fund designated as the working lands fund, consisting of all moneys received under s. 91.66 (1) (c) and all moneys received due to the sale, modification, or termination of an easement purchased under s. 93.73. History:…

25.468 Agricultural chemical cleanup fund. There is established a separate nonlapsible trust fund designated as the agricultural chemical cleanup fund, to consist of all revenues collected under ss. 94.64 (3r) (b) and (4) (a) 5., 94.681 (3) and (6) (c), 94.685 (3) (a) 2., 94.703 …

25.469 Nuclear waste escrow fund. There is established a separate nonlapsible trust fund designated as the nuclear waste escrow fund, to consist of all moneys received by the public service commission under s. 196.497 (11s) (a). History: 1999 a. 196.

25.47 Petroleum inspection fund. There is established a separate nonlapsible trust fund designated as the petroleum inspection fund, to consist of: (1) The fees deposited under s. 168.128. Updated 23-24 Wis. Stats. 18 (1m) Any fees imposed under s. 292.63 (2) (em) 1. (2) The paym…

25.48 Dry cleaner environmental response fund. There is established a separate nonlapsible trust fund designated as the dry cleaner environmental response fund, to consist of the moneys required under s. 77.9964 (3) to be deposited in the fund and moneys collected under ss. 292.6…

25.49 Economic development fund. There is established a separate nonlapsible trust fund designated as the economic development fund, to consist of the surcharge imposed under subch. VII of ch. 77. History: 1989 a. 335; 1991 a. 39; 1995 a. 227; 1999 a. 9; 2007 a. 20; 2009 a. 50; 2…

25.491 Local government fund. (1) There is established a separate nonlapsible trust fund designated as the local government fund, to consist of the following moneys transferred from the general fund: (a) On July 1, 2024, $303,000,000. (b) In fiscal year 2024-25, 20 percent of the…

25.50 Local government pooled-investment fund. (1) DEFINITIONS. In this section: (b) “Fund” means the local government pooled-investment fund. (c) “Local funds” means funds under the control or in the custody of any local government or local official that are not required to meet…

25.55 Land information fund. There is created a separate nonlapsible trust fund designated as the land information fund, consisting of moneys received under s. 59.72 (5) (a). History: 2013 a. 20.

25.60 Budget stabilization fund. There is created a separate nonlapsible trust fund designated as the budget stabilization fund, consisting of moneys transferred to the fund from the general fund under ss. 16.518 (3) and 16.72 (4) (b). Moneys in the budget stabilization fund are …

25.61 VendorNet fund. There is created a separate nonlapsible trust fund designated as the VendorNet fund consisting of all revenues accruing to the state from fees assessed under s. 16.701 (1) and (2) and from gifts, grants, and bequests made for the purposes of s. 16.701 (1) an…

25.62 Property tax relief fund. All moneys transferred from the general fund to the property tax relief fund constitute Updated 23-24 Wis. Stats. 20 the property tax relief fund. Moneys in the fund are reserved to provide state property tax relief. History: 1995 a. 213; 1997 a. 2…

25.65 County mining investment fund. (1) DEFINITIONS. In this section: (b) “County funds” mean payments received by counties under s. 70.395 (2) (d) 1. (c) “County government” means any county in this state. (d) “County official” means each officer or employee of a county governm…