The AG990-IL is an annual report form required for charitable organizations operating in Illinois‚ ensuring compliance with state regulations. It outlines financial activities‚ governance‚ and disclosures‚ essential for maintaining transparency and accountability with the Illinois Attorney General’s office.
Who Needs to File AG990-IL
The AG990-IL must be filed by charitable organizations operating or soliciting contributions in Illinois. Specifically‚ organizations with gross revenue and assets exceeding $25‚000 are required to submit this form annually. This includes charities registered under the Illinois Charitable Trust Act that meet the financial threshold. The form ensures compliance with state regulations and provides transparency about the organization’s financial activities‚ governance‚ and disclosures to the Illinois Attorney General’s office. It is a critical requirement for maintaining accountability and trust among donors and the public.
Structure of AG990-IL Form
The AG990-IL form is a comprehensive document requiring detailed financial disclosures‚ governance information‚ and specific attachments. It includes sections on revenue‚ expenses‚ assets‚ liabilities‚ and fundraising activities‚ ensuring thorough transparency and compliance with Illinois charitable reporting requirements.
Sections and Line Items
The AG990-IL form is divided into several key sections‚ each requiring specific details about the organization’s financial activities and governance. The form begins with general information‚ including the organization’s name‚ address‚ and federal EIN. It then proceeds to detailed financial disclosures‚ such as total revenue‚ expenditures‚ assets‚ and liabilities. Specific line items are designated for reporting contributions‚ grants‚ program expenses‚ and administrative costs. Additionally‚ the form includes sections for governance and compliance‚ requiring information about board members‚ key personnel‚ and any professional fundraisers used. For organizations that exceed certain financial thresholds‚ audited financial statements and additional disclosures may be required. Small organizations may qualify for a simplified filing option‚ reducing the complexity of the report. Each section and line item must be completed accurately‚ as incomplete or incorrect filings can result in penalties. Proper documentation and signatures from authorized officers are also mandatory for submission.
Simplified Filing Option for Small Organizations
The AG990-IL form offers a simplified filing option for small charitable organizations‚ reducing the complexity of the reporting process. This option is available to organizations with gross revenue and assets of $25‚000 or less during the fiscal year. Under this provision‚ small organizations are only required to disclose total revenue‚ total expenditures‚ and assets at the end of the fiscal year‚ specifically reporting these figures on Lines A‚ G‚ and O of the form. This streamlined approach aims to alleviate the administrative burden on smaller entities while still ensuring compliance with Illinois charity regulations. Despite the simplified filing‚ organizations must ensure accuracy and completeness‚ as incomplete or incorrect submissions can result in penalties. The simplified option does not exempt organizations from submitting required attachments‚ such as copies of IRS returns or audited financial statements if applicable. This provision makes the filing process more accessible for smaller charitable organizations operating in Illinois.
Required Attachments for AG990-IL
The AG990-IL requires specific attachments‚ including the IFC Report for organizations using professional fundraisers‚ copies of IRS returns (990‚ 990EZ‚ or 990PF)‚ and audited financial statements if gross contributions exceed $500‚000 or professional fundraising exceeds $25‚000.
IFC Report of Individual Fund-Raising Campaign
The IFC Report is a mandatory attachment to Form AG990-IL for charitable organizations that engage professional fundraisers. It provides detailed disclosures about individual fundraising campaigns‚ ensuring transparency in activities conducted by external fundraisers. The report must include information such as the campaign’s purpose‚ gross contributions raised‚ fees paid to fundraisers‚ and the distribution of funds; This ensures the Illinois Attorney General’s office can monitor compliance with state regulations and safeguard public trust. The IFC Report is crucial for accountability‚ particularly when significant sums are involved‚ and helps verify that funds are used appropriately. Organizations must ensure accuracy in reporting to avoid penalties or incomplete filing status. This attachment is a key component of the AG990-IL submission process‚ reflecting the state’s commitment to oversight and transparency in charitable solicitations. Its inclusion helps maintain public confidence in charitable operations within Illinois.
Copies of IRS Returns and Audited Financial Statements
Charitable organizations filing Form AG990-IL must submit copies of their IRS returns‚ such as Form 990‚ 990-EZ‚ or 990-PF‚ as part of their annual reporting requirements. These documents provide detailed financial information about the organization’s activities‚ ensuring transparency and compliance with federal and state regulations. Additionally‚ organizations with annual gross contributions exceeding $500‚000 or those that utilized professional fundraisers to collect contributions over $25‚000 must include audited financial statements. These statements‚ prepared by independent certified public accountants‚ verify the accuracy of financial data and demonstrate accountability to donors and regulators. Failure to include these documents may result in the filing being deemed incomplete‚ leading to penalties or delays in processing. The submission of IRS returns and audited financial statements is a critical step in maintaining compliance with the Illinois Attorney General’s office and upholding public trust in the organization’s operations. This requirement ensures that charitable entities remain transparent and accountable for their financial activities.
Filing Fees and Payment Methods
Filing the AG990-IL form requires the payment of a $15 annual filing fee‚ which supports the Illinois Charity Bureau Fund. This fee is non-refundable and must accompany the submitted form. Organizations are also subject to a $100 late filing fee if the report is not submitted by the designated deadline. Payments must be made by check or money order‚ payable to the Illinois Charity Bureau Fund. When submitting the form‚ ensure the payment is enclosed and clearly marked with the organization’s federal EIN and the fiscal year being reported. Failure to include the correct payment or submitting the form late may result in penalties or delays in processing. The Illinois Attorney General’s office does not accept electronic payments for this filing. Organizations must also ensure the payment amount matches the information reported on the form to avoid processing issues. Proper payment is essential for timely and successful submission of the AG990-IL.
Deadlines and Extensions for Filing AG990-IL
The AG990-IL must be filed within 6 months after the end of the organization’s fiscal year. For organizations operating on a calendar year‚ the deadline is June 30. An extension of up to 2 months may be requested by submitting Form 8868 along with a $15 filing fee. Requests for extensions must be made before the original deadline to avoid late penalties. Note that the filing is not considered timely until it is accepted by the Illinois Attorney General’s office‚ so postmark dates do not suffice. Organizations that fail to meet the deadline may incur a $100 late filing penalty. The form requires signatures from two authorized individuals‚ such as an officer‚ director‚ or treasurer‚ to ensure accountability. Extensions may be granted under specific circumstances‚ such as unforeseen delays‚ but must be requested in writing with proper documentation. Timely filing is crucial to maintain compliance and avoid additional fees or penalties.
Consequences of Late or Incomplete Filings
Failing to file the AG990-IL on time or submitting an incomplete form can result in significant penalties and consequences. A $100 late filing penalty is imposed for missing the deadline‚ and an additional $100 penalty applies for incomplete submissions. Organizations that repeatedly fail to file may face legal action‚ including injunctions or revocation of charitable solicitation privileges in Illinois. Incomplete or inaccurate information can lead to further scrutiny from the Attorney General’s office‚ potentially delaying approval or requiring additional documentation. Moreover‚ late or incomplete filings can damage an organization’s reputation and public trust‚ as the reports are publicly accessible. The Illinois Attorney General’s office may also pursue enforcement actions‚ including fines and legal proceedings‚ for noncompliance. It is crucial to ensure timely and accurate submissions to avoid these consequences and maintain good standing with the state. Proper documentation and adherence to deadlines are essential to uphold organizational integrity and compliance with Illinois regulations.
Submission Process and Requirements
The AG990-IL form must be submitted to the Illinois Attorney General’s Charitable Trust Bureau. Organizations should mail the completed form‚ along with all required attachments and the $15 filing fee‚ to the following address: Office of the Attorney General‚ Charitable Trusts Bureau‚ 100 West Randolph Street‚ 11th Floor‚ Chicago‚ IL 60601-3175. Checks or money orders should be made payable to the Illinois Charity Bureau Fund. The form must be signed by two authorized individuals‚ such as the president or treasurer‚ and the paid preparer‚ if applicable. Submissions are not considered timely filed until accepted by the Attorney General’s office‚ so postmark dates do not guarantee compliance. Late or incomplete filings may result in penalties. Extensions can be requested using Form 8868‚ along with the applicable fee‚ but this does not automatically grant additional time. Proper documentation and adherence to submission guidelines are essential to ensure compliance and avoid delays or penalties.
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