Illinois Administrative Code
Title 14 - COMMERCE
Part 480 - CHARITABLE TRUST ACT
Section 480.50 - Annual Reports
Current through Register Vol. 48, No. 52, December 27, 2024
a) All
trustees subject to the Act must file annual financial reports with the
Attorney General on the form prescribed by the Attorney General entitled
"AG990-IL" (Illinois Charitable Organization Annual Report) available on the
Attorney General's website at:
b) The annual financial report is due within six months after the close of an organization's fiscal year.
c) The annual financial report shall be signed as required by the Act and must include the following:
d) The use of substitute forms or computer printouts may be approved in writing by the Attorney General for good cause upon a timely request.
e) Alternative Annual Accountings in lieu of compliance with subsection (c) above:
f) Extension of Time
Office of the Illinois Attorney General
Charitable Trust Bureau
115 South LaSalle Street
Chicago, Illinois 60603
Email: Attorney_General@ilag.gov
Fax: (312) 814-2596
The Attorney General may also accept written requests submitted to other Attorney General office locations, email addresses, or fax numbers.
g) All financial reports or substitutes must be signed by two trustees or, if a corporation, the president and chief fiscal officer. One signature shall be accepted if there is only one officer or trustee.
h) Organizations registered under both the Charitable Trust Act and the Solicitation for Charity Act [225 ILCS 460], may file one report, but it must meet the requirements of both the Solicitation for Charity Act and the Charitable Trust Act.
i) An organization may alter its fiscal year only upon written notice to the office of the Attorney General and after providing whatever financial reports are necessary to furnish a complete picture of its operation during any gap period. The Attorney General will accept written notices submitted by mail, email, fax, or in-person drop-off at the following office address, email address, or fax number:
Office of the Illinois Attorney General
Charitable Trust Bureau
115 South LaSalle Street
Chicago, Illinois 60603
Email: Attorney_General@ilag.gov
Fax: (312) 814-2596
The Attorney General may also accept written notices submitted to other Attorney General office locations, email addresses, or fax numbers.
j) The Attorney General may, for good cause, alter or suspend the reporting period of a charitable trust for a reasonable and specifically designated time.
k) All trustees must notify the Attorney General of the termination of a charitable trust and file a final financial report within six months after termination, upon the same forms and using the same attachments as required for an annual financial report.
l) Failure to file a timely and complete financial report will result in penalty fees and/or a fine and subjects the organization's registration to cancellation (see 760 ILCS 55/5 and 7).
m) Upon cancellation the organization must cease operations.