Illinois Administrative Code
Title 14 - COMMERCE
Part 480 - CHARITABLE TRUST ACT
Section 480.50 - Annual Reports
Current through Register Vol. 47, No. 25, June 23, 2023
a) All trustees subject to the Act must file annual financial reports with the Attorney General on the form as set forth in Exhibit C of this Part with the attachments prescribed by the form and this Section and with all required statutory fees paid prior to the due date.
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:
The use of substitute forms or computer printouts may be approved in writing by the Attorney General for good cause upon a timely request.
d) Alternative Annual Accountings in lieu of compliance with subsection (c) above:
e) The Attorney General shall, upon written request, extend for 60 days the time for filing of the annual financial report.
f) If an organization is entitled to an additional extension for good cause by the Internal Revenue Service, which would extend its federal tax return or report due date later than the Attorney General's due date, the organization may obtain an additional extension from the Attorney General coinciding with the same Internal Revenue Service due date. Extension requirements are:
g) All financial reports or substitutes must be signed by a trustee or, if a corporation, the president and chief fiscal officer.
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.
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.
m) Upon cancellation the organization must cease operations.
Amended at 24 Ill. Reg. 14665, effective September 21, 2000