The Illinois Ag990 form is an annual report required for charitable organizations operating in Illinois. This form provides a comprehensive overview of an organization's financial activities, including revenue, expenditures, and contributions. By filing this report, organizations ensure compliance with state regulations and maintain transparency with the public and stakeholders.
The Illinois AG990 form is a crucial document for charitable organizations operating within the state. It serves as an annual report that provides transparency about an organization's financial activities, ensuring accountability to both the public and regulatory bodies. This form includes essential sections that summarize revenue, expenditures, and assets. Organizations must report their total revenue from contributions, government grants, and other income sources, as well as detail their expenditures on charitable programs, management, and fundraising efforts. Additionally, the form requires information about the highest-paid individuals within the organization and any professional fundraising activities undertaken. It also prompts organizations to disclose any legal issues or conflicts of interest that may have arisen during the reporting period. Timely submission is critical; reports are due within six months of the fiscal year-end, and late filings incur a penalty. Completing the AG990 form accurately not only fulfills legal obligations but also fosters trust with donors and the community.
What is the purpose of the Illinois AG990 form?
The Illinois AG990 form serves as the annual report for charitable organizations operating within the state. It provides a comprehensive overview of an organization's financial activities over the fiscal year. This includes details about revenue, expenditures, and the overall financial health of the organization. By filing this report, organizations ensure compliance with state regulations and maintain transparency with the public and potential donors.
What information is required to complete the AG990 form?
To complete the AG990 form, organizations must provide various financial details, including total assets, liabilities, and net assets. They must summarize all revenue sources, such as public support, government grants, and other income. Additionally, organizations need to outline their expenditures, including charitable program expenses, management costs, and fundraising expenses. The form also requires information about the highest-paid individuals within the organization and any significant financial transactions involving officers or trustees.
What are the filing fees associated with the AG990 form?
When submitting the AG990 form, organizations must include a $15.00 annual report filing fee. If the report is submitted late, an additional $100.00 late report filing fee applies. It is crucial for organizations to adhere to the filing deadlines to avoid penalties and ensure their compliance with Illinois regulations.
What happens if an organization fails to file the AG990 form on time?
Failure to file the AG990 form by the deadline can result in penalties, including a $100.00 fine. Additionally, late or incomplete submissions may lead to further scrutiny from the Illinois Attorney General's office. Organizations risk losing their good standing and could face challenges in fundraising or maintaining tax-exempt status if they do not comply with filing requirements.
Missing Signature: One common mistake is failing to sign the form. The report must be signed by the President or a Trustee, as well as the Treasurer or another Trustee. Without these signatures, the form is considered incomplete.
Incorrect Dates: Providing incorrect fiscal period dates can lead to confusion. Ensure that the beginning and ending dates of the fiscal period are accurate and clearly marked.
Omitting Required Attachments: The form requires specific attachments, such as a copy of the IRS return and audited financial statements. Forgetting to include these documents can delay processing.
Inaccurate Financial Information: Entering incorrect figures for assets, liabilities, or revenue can lead to serious issues. Double-check all financial data for accuracy before submission.
Failure to Answer Yes/No Questions: Leaving the yes/no questions unanswered can raise red flags. It’s crucial to respond to each question, as these inquiries are vital for assessing compliance.
Ignoring the Filing Fee: Not including the $15.00 annual report filing fee or the $100.00 late report fee can result in the rejection of the form. Always check that the correct fee is included with the submission.
Incorrectly Reporting Fundraising Expenses: Misclassifying expenses related to fundraising can lead to inaccurate reporting. Ensure that all fundraising costs are properly categorized and documented.
Not Keeping Copies: Failing to keep a copy of the submitted form for your records can be a mistake. It’s important to have a copy for future reference and to track any correspondence with the Attorney General’s office.
For Office Use Only
PMT #
AMT
INIT
ILLINOIS CHARITABLE ORGANIZATION ANNUAL REPORT
Form AG990-IL
Revised 1/19
Attorney General KWAME RAOUL State of Illinois
Charitable Trust Bureau, 100 West Randolph
11TH Floor, Chicago, Illinois 60601
CO #
Report for the Fiscal Period:
Check all items attached:
Copy of IRS Return
Audited Financial Statements
Beginning
/
Make Checks
Payable to
Copy of Form IFC
the Illinois
$15.00 Annual Report Filing Fee
& Ending
Charity
Bureau Fund
$100.00 Late Report Filing Fee
Federal ID #
MO
DAY
YR
Date Organization was created:
Are contributions to the organization tax deductible?
Yes
No
LEGAL
Year-end
amounts
NAME
A) ASSETS
A) $
MAIL
ADDRESS
B) LIABILITIES
B) $
CITY, STATE
C) NET ASSETS
C) $
ZIP CODE
I. SUMMARY OF ALL REVENUE ITEMS DURING THE YEAR:
PERCENTAGE
AMOUNT
D) PUBLIC SUPPORT, CONTRIBUTIONS & PROGRAM SERVICE REV. (GROSS AMTS.)
%
D) $
E) GOVERNMENT GRANTS & MEMBERSHIP DUES
E) $
F) OTHER REVENUES
F) $
G) TOTAL REVENUE, INCOME AND CONTRIBUTIONS RECEIVED (ADD D,E, & F)
100%
G) $
0
II. SUMMARY OF ALL EXPENDITURES DURING THE YEAR:
H) OPERATING CHARITABLE PROGRAM EXPENSE
H) $
I) EDUCATION PROGRAM SERVICE EXPENSE
I) $
J) TOTAL CHARITABLE PROGRAM SERVICE EXPENSE (ADD H & I)
J) $
J1) JOINT COSTS ALLOCATED TO PROGRAM SERVICES (INCLUDED IN J):
$
K) GRANTS TO OTHER CHARITABLE ORGANIZATIONS
K) $
L) TOTAL CHARITABLE PROGRAM SERVICE EXPENDITURE (ADD J & K)
L) $
M) MANAGEMENT AND GENERAL EXPENSE
M) $
N) FUNDRAISING EXPENSE
N) $
O) TOTAL EXPENDITURES THIS PERIOD (ADD L, M, & N)
100 %
O) $
III. SUMMARY OF ALL PAID FUNDRAISER AND CONSULTANT ACTIVITIES:
(Attach Attorney General Report of Individual Fundraising Campaign- Form IFC. One for each PFR.)
PROFESSIONAL FUNDRAISERS:
P) TOTAL AMOUNT RAISED BY PAID PROFESSIONAL FUNDRAISERS
P) $
Q) TOTAL FUNDRAISERS FEES AND EXPENSES
Q) $
R) NET RECEIVED BY THE CHARITY (P MINUS Q=R)
R) $
PROFESSIONAL FUNDRAISING CONSULTANTS:
S) $
S) TOTAL AMOUNT PAID TO PROFESSIONAL FUNDRAISING CONSULTANTS
IV. COMPENSATION TO THE (3) HIGHEST PAID PERSONS DURING THE YEAR:
T) $
T) NAME, TITLE:
U) NAME, TITLE:
U) $
V) NAME, TITLE:
V) $
V. CHARITABLE PROGRAM DESCRIPTION:CHARITABLE PROGRAM (3 HIGHEST BY $ EXPENDED) CODE CATEGORIES
List on back side of instructions
CODE
W) DESCRIPTION:
W) #
X) DESCRIPTION:
X) #
Y) DESCRIPTION:
Y) #
IF THE ANSWER TO ANY OF THE FOLLOWING IS YES, ATTACH A DETAILED EXPLANATION:
YES NO
1. WAS THE ORGANIZATION THE SUBJECT OF ANY COURT ACTION, FINE, PENALTY OR JUDGMENT?
1.
2.HAS THE ORGANIZATION OR A CURRENT DIRECTOR, TRUSTEE, OFFICER OR EMPLOYEE THEREOF, EVER BEEN CONVICTED BY ANY COURT OF ANY MISDEMEANOR INVOLVING THE MISUSE OR
MISAPPROPRIATION OF FUNDS OR ANY FELONY?
2
3.DID THE ORGANIZATION MAKE A GRANT AWARD OR CONTRIBTION TO ANY ORGANIZATION IN WHICH ANY OF ITS OFFICERS, DIRECTORS OR TRUSTEES OWNS AN INTEREST; OR WAS IT A PARTY TO ANY TRANSACTION IN WHICH ANY OF ITS OFFICERS, DIRECTORS OR TRUSTEES HAS A MATERIAL FINANCIAL INTEREST; OR DID
ANY OFFICER, DIRECTOR OR TRUSTEE RECEIVE ANYTHING OF VALUE NOT REPORTED AS COMPENSATION?
3.
4. HAS THE ORGANIZATION INVESTED IN ANY CORPORATE STOCK IN WHICH ANY OFFICER, DIRECTOR OR
TRUSTEE OWNS MORE THAN 10% OF THE OUTSTANDING SHARES?
4.
5.IS ANY PROPERTY OF THE ORGANIZATION HELD IN THE NAME OF OR COMMINGLED WITH THE
PROPERTY OF ANY OTHER PERSON OR ORGANIZATION?
5.
6. DID THE ORGANIZATION USE THE SERVICES OF A PROFESSIONAL FUNDRAISER?
( ATTACH FORM IFC )
6.
7a. DID THE ORGANIZATION ALLOCATE THE COST OF ANY SOLICITATION, MAILING, ADVERTISEMENT OR
LITERATURE COSTS BETWEEN PROGRAM SERVICE AND FUNDRAISING EXPENSES?
7.
7b. IF "YES", ENTER (i) THE AGGREGATE AMOUNT OF THESE JOINT COSTS $
;(ii) THE AMOUNT
ALLOCATED TO PROGRAM SERVICES $
; (iii) THE AMOUNT ALLOCATED TO MANAGEMENT
AND GENERAL $
;AND (iv) THE AMOUNT ALLOCATED TO FUNDRAISING $
8. DID THE ORGANIZATION EXPEND ITS RESTRICTED FUNDS FOR PURPOSES OTHER THAN RESTRICTED
PURPOSES?
8.
9. HAS THE ORGANIZATION EVER BEEN REFUSED REGISTRATION OR HAD ITS REGISTRATION OR TAX EXEMPTION
SUSPENDED OR REVOKED BY ANY GOVERNMENTAL AGENCY?
9.
10. WAS THERE OR DO YOU HAVE ANY KNOWLEDGE OF ANY KICKBACK, BRIBE, OR ANY THEFT, DEFALCATION,
MISAPPROPRIATION, COMMINGLING OR MISUSE OF ORGANIZATIONAL FUNDS?
10.
11.LIST THE NAME AND ADDRESS OF THE FINANCIAL INSTITUTIONS WHERE THE ORGANIZATION MAINTAINS ITS THREE LARGEST ACCOUNTS:
12.NAME AND TELEPHONE NUMBER OF CONTACT PERSON:
ALL ATTACHMENTS MUST ACCOMPANY THIS REPORT - SEE INSTRUCTIONS
UNDER PENALTY OF PERJURY, I (WE) THE UNDERSIGNED DECLARE AND CERTIFY THAT I (WE) HAVE EXAMINED THIS ANNUAL REPORT AND THE ATTACHED DOCUMENTS, INCLUDING ALL THE SCHEDULES AND STATEMENTS, AND THE FACTS THEREIN STATED ARE TRUE AND COMPLETE AND FILED WITH THE ILLINOIS ATTORNEY GENERAL FOR THE PURPOSE OF HAVING THE PEOPLE OF THE STATE OF ILLINOIS RELY THEREUPON. I HEREBY FURTHER AUTHORIZE AND AGREE TO SUBMIT MYSELF AND THE REGISTRANT HEREBY TO THE JURISDICTION OF THE STATE OF ILLINOIS.
BE SURE TO INCLUDE ALL FEES DUE:
1.)REPORTS ARE DUE WITHIN SIX MONTHS OF YOUR FISCAL YEAR END.
2.)FOR FEES DUE SEE INSTRUCTIONS.
3.)REPORTS THAT ARE LATE OR INCOMPLETE ARE SUBJECT TO A $100.00 PENALTY.
PRESIDENT or TRUSTEE (PRINT NAME)
SIGNATURE
DATE
TREASURER or TRUSTEE (PRINT NAME)
PREPARER (PRINT NAME)
When filling out the Illinois AG990 form, it's important to follow certain guidelines to ensure accuracy and compliance. Here’s a list of things you should and shouldn’t do.
The Illinois AG990 form is a crucial document for charitable organizations operating in the state. It provides a comprehensive overview of the organization's financial activities over the fiscal year. Alongside the AG990 form, several other documents are often required to ensure compliance with state regulations. Below are four key forms that may accompany the AG990.
Submitting these documents along with the AG990 form ensures that your organization meets regulatory requirements and fosters trust with donors and the community. It is essential to keep accurate records and submit all necessary forms on time to avoid penalties.
Understanding the Illinois AG990 form is crucial for charitable organizations operating within the state. However, several misconceptions can lead to confusion. Here’s a list of common misunderstandings about the AG990 form, along with clarifications.
By addressing these misconceptions, organizations can better navigate their responsibilities and ensure compliance with Illinois regulations. Understanding the AG990 form is essential for maintaining transparency and trust within the community.
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