General Information About Form AG990-IL
Form AG990-IL is the Illinois Charitable Organization Annual Report, required for transparency and accountability of charitable organizations operating in Illinois․ It ensures compliance with state regulations and proper financial oversight․
1․1 What is Form AG990-IL?
Form AG990-IL is the Illinois Charitable Organization Annual Report, mandated for transparency and accountability of charitable organizations operating in Illinois․ It collects financial and operational data to ensure compliance with state regulations, promoting public trust and oversight of nonprofit activities statewide․
1․2 Who Needs to File Form AG990-IL?
Form AG990-IL must be filed by charitable organizations operating in Illinois, including those soliciting donations․ It applies to entities registered with the Illinois Attorney General’s Charitable Trust Bureau, excluding religious institutions and educational organizations unless they solicit contributions․ The form ensures accountability and compliance with state charitable solicitation laws․
Filing Requirements and Deadlines
Form AG990-IL must be filed annually, with specific deadlines tied to the organization’s fiscal year-end․ Timely submission is crucial to avoid penalties and ensure compliance with Illinois regulations․
2․1 When is Form AG990-IL Due?
Form AG990-IL is due six months after the close of the organization’s fiscal year․ Late or incomplete filings incur a $100 penalty․ New rules effective October 29, 2024, aim to simplify the extension and filing process, with extension requests due by November 15․ Ensure timely submission to avoid penalties and maintain compliance with Illinois regulations․
2․2 Consequences of Late or Incomplete Filing
Failing to file Form AG990-IL on time or submitting an incomplete report results in a $100 late filing fee․ Incomplete submissions are not considered filed, and repeated non-compliance may lead to penalties or loss of tax-exempt status․ Ensure timely and accurate filing to avoid these consequences and maintain good standing with Illinois regulatory requirements․
Completing the Form AG990-IL
Form AG990-IL requires detailed financial disclosures, including assets, liabilities, and expenses; Organizations must submit audited statements if receipts exceed $25,000, ensuring transparency and compliance with Illinois regulations․
3․1 Required Sections and Line Items
Form AG990-IL requires completion of all applicable sections, including detailed financial disclosures such as assets, liabilities, expenses, and revenue․ Organizations must report contributions, grants, and program-related income․ Additional sections include governance information, professional fundraising expenses, and a breakdown of special events․ Incomplete or inaccurate submissions will not be accepted, ensuring transparency and accountability in charitable operations․
3․2 Simplified Filing Option for Small Organizations
Small charitable organizations in Illinois may qualify for a simplified filing option when completing Form AG990-IL․ This option reduces the complexity of reporting, allowing organizations with limited resources to focus on core activities while maintaining compliance․ Eligibility is based on factors such as annual receipts and total assets, ensuring smaller nonprofits can meet regulatory requirements efficiently and effectively․
Attachments and Additional Requirements
Form AG990-IL requires attachments like audited financial statements, a copy of the IRS Return (990, 990EZ, 990PF), and other supporting documentation to ensure compliance and transparency․
4․1 Audited Financial Statements
Organizations must submit audited financial statements if their annual gross contributions exceed $500,000 or if they used a paid professional fundraiser that raised over $25,000․ These statements ensure transparency and compliance, providing detailed insights into the organization’s financial activities and holdings․
4․2 Copy of IRS Return (990, 990EZ, 990PF)
A copy of the organization’s federal IRS return (Form 990, 990EZ, or 990PF) must be submitted alongside Form AG990-IL․ This ensures consistency between state and federal filings, providing a comprehensive overview of the organization’s financial activities and compliance with both regulatory requirements․
4․3 Other Necessary Documentation
Additional documentation may include schedules from the IRS return (e․g․, Schedule A), professional fundraiser contracts, and governance policies․ Organizations must also maintain supporting records for expenses, revenues, and activities, as outlined in the instructions, to ensure compliance with Illinois charity regulations․ Proper documentation ensures transparency and accountability in the filing process․
Filing Process and Submission
Form AG990-IL can be submitted electronically or by mail to the Illinois Attorney General’s office․ Electronic filing is encouraged for faster processing and confirmation․
5․1 Mailing Instructions
Mail the completed Form AG990-IL and all required attachments to the Office of the Illinois Attorney General, Charitable Trust Bureau, at 100 W․ Randolph Street, 11th Floor, Chicago, IL 60601-3175․ Include a check payable to the Illinois Charity Bureau Fund and ensure the organization’s EIN is written on the check․ Enclose audited financial statements if applicable․
5․2 Electronic Submission Options
Electronic submission of Form AG990-IL is available through the Illinois Attorney General’s online portal․ Organizations can upload required documents, including the completed form, audited financial statements (if applicable), and a copy of the IRS return (990, 990EZ, or 990PF)․ Online submission expedites processing and reduces the risk of errors or delays․
For extensions, organizations must submit their requests electronically by the deadline of November 15․ Use Form AG990-IL-E for extension requests and ensure all required information is included to avoid penalties or processing issues․
Extension Requests
Organizations requiring more time to file Form AG990-IL must submit an extension request by November 15․ Use Form AG990-IL-E and ensure timely submission to avoid penalties․
6․1 How to Request an Extension
To request an extension for filing Form AG990-IL, submit Form AG990-IL-E by November 15․ Include a detailed explanation for the delay and mail it to the Illinois Attorney General’s office․ Late requests may result in a $100 penalty․ Note that this extension applies only to the state filing and does not extend the federal filing deadline․
6․2 Deadline for Extension Requests
Extension requests for Form AG990-IL must be submitted by November 15․ Late extension requests will incur a $100 penalty․ Ensure timely submission to avoid delays and comply with state regulations․ Note that this deadline applies only to state-level extensions and does not affect federal filing requirements․
Signature Requirements
Form AG990-IL must be signed and dated by two authorized officers of the organization to ensure authenticity and compliance with Illinois Charity Bureau requirements․
7․1 Authorized Officers
Authorized officers, such as the president or treasurer, must sign and date Form AG990-IL․ Their signatures confirm the accuracy of the information and compliance with Illinois regulations; The organization must maintain documentation proving the authority of the signing officers to ensure the validity of the submission and avoid potential penalties for non-compliance․
7․2 Signature and Dating Guidelines
Form AG990-IL must be signed and dated by two authorized officers, such as the president and treasurer․ Signatures confirm the accuracy of the information and compliance with Illinois regulations․ The date must reflect the day the form was signed, not the fiscal year end․ Missing or incomplete signatures may result in penalties or delayed processing of the annual report․
Financial Disclosures
Form AG990-IL requires detailed financial disclosures, including assets, liabilities, and expenses․ Organizations must submit audited financial statements if gross contributions exceed $500,000 or if professional fundraising exceeds $25,000, ensuring transparency and compliance․
8․1 Assets, Liabilities, and Expenses
Form AG990-IL requires detailed reporting of an organization’s assets, liabilities, and expenses․ This ensures transparency and accountability, with specific disclosures for gross contributions exceeding $500,000 or professional fundraising over $25,000, mandating audited financial statements to comply with Illinois regulations․
8․2 Submission of Audited Statements
Organizations must submit audited financial statements if their annual gross contributions exceed $500,000 or if they use a paid fundraiser collecting over $25,000․ This ensures transparency and compliance with Illinois regulations, providing detailed insights into financial activities and accountability for charitable operations․
Penalties and Compliance
Non-compliance with Form AG990-IL requirements results in penalties, including a $100 late filing fee for incomplete or delayed submissions, ensuring adherence to Illinois charitable reporting regulations․
9․1 Late Filing Fees
Form AG990-IL submissions received after the deadline incur a $100 late filing fee․ This fee must be paid for the report to be considered filed․ Failure to submit the fee results in penalties․ Incomplete or delayed reports are not accepted, emphasizing the importance of timely and accurate filing to avoid additional compliance issues․
9․2 Incomplete Report Penalties
An incomplete Form AG990-IL is not considered filed, resulting in a $100 penalty․ Missing required sections, inaccurate data, or omitted attachments trigger this penalty․ Organizations must ensure all line items and documentation are complete to avoid additional compliance issues and ensure timely processing of their annual report․
Resources and Assistance
For assistance, contact the Illinois Attorney General’s Charitable Trust Bureau at (312) 814-2595 or visit their website for detailed guidelines, tools, and additional support resources․
10․1 Contact Information for Support
For questions or assistance with Form AG990-IL, contact the Illinois Attorney General’s Charitable Trust Bureau at (312) 814-2595 or visit their office at 100 W․ Randolph Street, 11th floor, Chicago, IL 60601-3175․
10․2 Additional Guidelines and Tools
Additional resources include detailed instructions on the Illinois Attorney General’s website, video guides, and sample forms․ The Charitable Organization Annual Report Guide and Nonprofit Hospital Community Benefits Plan are also available․ Visit charitableviewer․ilag․gov for comprehensive tools to ensure accurate and timely filing of Form AG990-IL․
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