Innovest Systems Broadens its Accounting Capabilities in Support of Non-Profit Institutions
New York, July 10, 2006 – Innovest Systems, LLC, a financial technology firm specializing in trust accounting and wealth management solutions, today announced that University of Illinois Foundation, the University's official giftprocurement arm, has selected Innovest's real-time trust accounting platform, InnoTrust, to support its charitable remainder trust, charitable gift annuity and endowment processing.
"We are excited to be one of the first non-profits to utilize Innovest's robust solution. Innovest puts our needs first and has taken the time to customize its system to satisfy our specific requirements. Many of our suggested system changes were in development before we had officially selected InnoTrust. Innovest's superior customer service, complemented by the strength of its technological capabilities, demonstrated that they were an excellent choice for our trust accounting provider," said Mary R. Millage, Associate Vice President for Trust Relations, University of Illinois Foundation.
Leveraging the latest in trust accounting and reporting technology, InnoTrust provides a secure, integrated platform. Availability of real-time information permits users to enhance the responsiveness and accuracy of their customer service. In addition, InnoTrust's custom reporting capabilities allow the development of reports and statements tailored to the specific needs of the user's customers.
William Thomas, chief executive officer of Innovest Systems, said, "We are delighted to enter the non-profit market with such a prestigious participant as the University of Illinois Foundation. Based on UIF's helpful feedback, we expanded our platform's capabilities to accommodate charitable processing. Working closely with the University of Illinois Foundation to satisfy its charitable requirements has greatly improved our offering to the broader non-profit community.
About the University of Illinois Foundation
The University of Illinois Foundation is the official private gift-procurement arm of the University. Its professional staff develops fundraising programs and publicizes opportunities where private support can assist in fulfilling the University's goals. Since its formation in 1935 as a non-profit corporation, the Foundation has been a significant contributing factor in the success of the University's private gifts program. In addition to a dedicated leadership and professional staff, success has also been made possible by a multitude of individuals committed to U of I educational and research excellence — alumni, non-alumni, corporations, foundations, faculty, and campus development staff members, all working together to achieve the common goal of private support for the University.
About Innovest Systems
Innovest Systems, LLC provides trust accounting and securities processing systems, via a technology solution that surmounts the imitations of yesterday's legacy systems. Innovest's flagship product, InnoTrust, is a secure, integrated real-time trust accounting and reporting system offered in an Application Service Provider (ASP) environment. Innovest's highly flexible platform offers a dramatically better way to support the trust accounting and securities processing needs of trust companies, trust and custody departments of banks, wealth management firms, and private banks. Innovest is headquartered in New York City. For more information about Innovest Systems, visit www.innovestsystems.com.
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Media: Fraylie Nord