The AG990-IL form is an annual reporting requirement for charitable organizations in Illinois, ensuring transparency and compliance with state regulations. It must be filed with the Attorney General’s office, providing detailed financial information and disclosures.
Purpose and Overview
The AG990-IL form serves as an annual reporting tool for charitable organizations in Illinois, fostering transparency and accountability. Its primary purpose is to ensure compliance with state regulations governing charitable activities. The form requires detailed financial disclosures, including revenue, expenditures, and assets, enabling the Illinois Attorney General’s office to monitor adherence to charitable solicitation laws. It applies to all registered charitable organizations and exempt entities operating within the state. By providing a comprehensive overview of an organization’s financial status and operational practices, the AG990-IL helps maintain public trust and ensures resources are used appropriately for charitable purposes.
Who Must File the AG990-IL Form
The AG990-IL form must be filed by all charitable organizations registered in Illinois, except for specific exempt entities. This includes organizations operating under the Solicitation for Charity Act and the Charitable Trust Act; Charities with gross revenues exceeding $15,000 under the Solicitation for Charity Act, and those with gross revenues or assets over $25,000 under the Charitable Trust Act, are required to file. Additionally, organizations using professional fundraisers must submit the form along with audited financial statements if contributions exceed $150,000 or $300,000. Smaller organizations with gross contributions and assets of $25,000 or less may file a simplified version, disclosing only total revenue, expenditures, and assets.
Filing Deadlines and Fees
The AG990-IL form must be filed within six months after the organization’s fiscal year end. A $15 filing fee applies for eligible charitable organizations, with penalties for late or incomplete submissions.
Due Date for Filing
The AG990-IL form must be submitted within six months following the close of the organization’s fiscal year. This deadline ensures timely reporting and compliance with Illinois regulations. Organizations must adhere strictly to this schedule to avoid penalties. Proper planning is essential to meet the filing requirement accurately and on time. Late submissions may result in additional fees or legal consequences. It is crucial for charitable organizations to mark their calendars and prepare all necessary documents well in advance of the deadline to ensure smooth and efficient filing. This helps maintain transparency and trust with the Attorney General’s office and the public.
Filing Fees and Penalties
Filing the AG990-IL form requires payment of a statutory fee, which varies based on the organization’s type and financial status. Soliciting organizations with gross revenues exceeding $15,000 are subject to a $15 filing fee. Trust organizations under the Charitable Trust Act face the fee if their gross revenues or assets surpass $25,000. Late submissions incur a $100 penalty, and incomplete reports may result in additional fines. Organizations must ensure all required attachments and fees are included to avoid delays or penalties. Timely and accurate filing is crucial to maintain compliance and avoid financial repercussions. Proper record-keeping and adherence to deadlines help minimize risks and ensure smooth processing by the Attorney General’s office.
Completing the AG990-IL Form
The AG990-IL form requires completion of the General Information Worksheet, Financial Information, and Signatures section. It is a comprehensive yet user-friendly document designed to ensure accurate reporting.
General Information Worksheet
The General Information Worksheet is the first section of the AG990-IL form, requiring basic organizational details. It includes the entity’s legal name, mailing address, and federal tax ID. Additionally, it asks for the state code, which must be set to ‘IL’ to automatically generate the form when filing federal Forms 990, 990-EZ, or 990-PF. This section also designates the organization’s registration type, such as under the Solicitation for Charity Act or Charitable Trust Act. Proper completion ensures accurate preparation and submission of the annual report, aligning with Illinois state regulations for charitable organizations.
Financial Information and Disclosures
Financial Information and Disclosures are critical components of the AG990-IL form, requiring detailed reporting of an organization’s financial activities. This section includes total revenue, expenditures, and assets, providing a comprehensive overview of the organization’s fiscal health. For smaller organizations with gross contributions and assets of $25,000 or less, simplified reporting is allowed, disclosing only total revenue, expenditures, and year-end assets. Larger organizations must provide audited financial statements if contributions exceed $150,000 or if they engage professional fundraisers. Accurate disclosures ensure compliance with Illinois regulations, promoting transparency and accountability among charitable organizations. Proper documentation and adherence to these requirements are essential for a complete and timely filing.
Signatures and Verification
Signatures and verification are essential for the AG990-IL form to ensure authenticity and accountability. The form must be signed and dated by an authorized officer of the organization, such as a president, treasurer, or other designated official. The signature confirms that the information provided is accurate and complete to the best of their knowledge. Failure to include proper signatures and verification will result in the form not being considered filed. This step is critical for maintaining compliance with Illinois regulations and demonstrating the organization’s commitment to transparency. The signed return must be submitted along with all required attachments and fees to complete the filing process successfully.
Required Attachments
The AG990-IL form requires attachments like audited financial statements, copies of IRS returns, and the IFC Report for professional fundraisers, ensuring compliance with Illinois regulations.
Financial Statements and Audits
Organizations filing Form AG990-IL must attach audited financial statements if contributions exceed $150,000 or $300,000 for reports due after January 1, 2010; These statements must include a balance sheet and income statement. If the organization used a professional fundraiser who raised over $25,000, audited financials are also required. The audited financial statements provide transparency into the organization’s financial activities and compliance with accounting standards. Failure to include these documents may result in penalties or delays in processing the annual report. Additionally, reviewed financial statements may be accepted under specific circumstances, but audited statements are generally mandatory for larger organizations. Ensuring the accuracy and completeness of these attachments is crucial for maintaining compliance with Illinois regulations.
Copies of IRS Returns
Organizations must attach copies of their IRS returns (Form 990, 990-EZ, or 990-PF) when filing Form AG990-IL. These documents provide detailed financial data and ensure compliance with both federal and state regulations. The returns must be complete and include all schedules and attachments. If the organization has been in operation for more than three years, it must submit copies of returns for the most recent three years. For newer organizations, returns from the first year of operation are required. Failure to include these documents will result in an incomplete filing. This requirement ensures transparency and accountability, aligning with Illinois’s regulatory standards for charitable organizations; Timely submission of these returns is essential for maintaining compliance and avoiding penalties.
IFC Report of Individual Fund-Raising Campaign
The IFC Report is required for charitable organizations using professional fundraisers. It details each campaign’s contributions, expenses, and net proceeds. Organizations must disclose names of fundraisers, campaign dates, and financial breakdowns. This ensures transparency in fundraising activities, preventing misuse of funds.
Special Filing Considerations
Special filing considerations include extensions, amended reports, and simplified options for small organizations, ensuring compliance with Illinois regulations while addressing unique organizational needs.
Extensions and Amended Reports
Organizations may request an extension to file Form AG990-IL by submitting a completed draft of the form and financial statements. A $15 filing fee is required, and late fees may apply if the extension is granted but the report is still not filed on time. Amended reports must include corrected information and be filed with the Attorney General’s office. Extensions are typically granted for up to six months, allowing organizations to finalize their financial data. Proper documentation, including a balance sheet and income statement, must accompany any amended filing to ensure compliance with Illinois regulations.
Simplified Filing Option for Small Organizations
Small charitable organizations in Illinois with gross contributions and assets of $25,000 or less may qualify for a simplified filing option. These organizations can file a streamlined version of the AG990-IL form, disclosing only total revenue, total expenditures, and assets at the end of the fiscal year. This option reduces the administrative burden on smaller organizations while ensuring compliance with state regulations. However, all required signatures and basic information must still be included. The simplified filing option does not waive the $15 statutory filing fee, and late penalties apply if the report is not submitted on time. This provision aims to support smaller charities by simplifying their reporting requirements.
The AG990-IL form is a critical tool for ensuring transparency and compliance among charitable organizations operating in Illinois. By providing detailed financial information and disclosures, organizations demonstrate accountability to donors and the public. The form’s requirements, including deadlines, fees, and attachments, are designed to maintain trust and integrity within the charitable sector. Small organizations may benefit from simplified filing options, while larger entities must adhere to more comprehensive reporting standards. Timely and accurate submission of the AG990-IL is essential to avoid penalties and ensure continued operations. Organizations should consult the provided instructions and seek assistance if needed to meet all regulatory obligations effectively.