(760 ILCS 55/7)
(from Ch. 14, par. 57)
(a) Except as otherwise provided, every trustee subject to this Act
shall, in addition to filing copies of the instruments previously required,
file with the Attorney General periodic annual written reports under oath,
forth information as to the nature of the assets held for charitable
purposes and the administration thereof by the trustee, in accordance with
rules and regulations of the Attorney General.
(b) The Attorney General shall make rules and regulations as to the time
for filing reports, the contents thereof, and the manner of executing and
filing them. He may classify trusts and other relationships concerning
property held for a charitable purpose as to purpose, nature of assets,
duration of the trust or other relationship, amount of assets, amounts to
be devoted to charitable purposes, nature of trustee, or otherwise, and may
establish different rules for the different classes as to time and nature
of the reports required to the ends (1) that he shall receive reasonably
current, annual reports as to all charitable trusts or other
relationships of a similar nature, which will enable him to ascertain
whether they are being properly administered, and (2) that periodic reports
shall not unreasonably add to the expense of the administration of
charitable trusts and similar relationships. The Attorney General may
suspend the filing of reports as to a particular charitable trust or
relationship for a reasonable, specifically designated time upon written
application of the trustee filed with the Attorney General and after the
Attorney General has filed in the register of charitable trusts a written
statement that the interests of the beneficiaries will not be prejudiced
thereby and that periodic reports are not required for proper supervision
by his office.
(c) A copy of an account filed by the trustee in any court having
jurisdiction of the trust or other relationship, if the account has
been approved by the court in which it was filed and notice given to the
Attorney General as an interested party, may be filed as a report
required by this Section.
(d) The first report for a trust or similar relationship hereafter
established, unless the filing thereof is suspended as herein provided,
shall be filed not later than one year after any part of the income or
principal is authorized or required to be applied to a charitable purpose.
If any part of the income or principal of a trust previously established is
authorized or required to be applied to a charitable purpose at the time
this Act takes effect, the first report, unless the filing thereof is
suspended, shall be filed within 6 months after the effective date of this
Act. In addition, every trustee registered hereunder that received more than
$25,000 in revenue during a trust fiscal year or has possession
of more than
$25,000 of assets at any time during a fiscal year shall file
financial report within 6 months of the close of the trust's or organization's
fiscal year, and if a calendar year the report shall be due on each June 30 of
the following year. Every trustee registered hereunder that did not receive
more than $25,000 in revenue or hold more than $25,000 in assets during a
fiscal year shall file only a simplified summary financial statement disclosing
only the gross receipts, total disbursements, and assets on hand at the end of
the year, on forms prescribed by
the Attorney General.
(e) The periodic reporting provisions of this Act do not apply to any
trustee of a trust which is the subject matter of an adversary proceeding
pending in the circuit court in this State. However, upon
commencement of the proceeding the trustee shall file a report with the
Attorney General informing him of that fact together with the title and
number of the cause and the name of the court. Upon entry of final judgment
in the cause the trustee shall in like manner report that fact to the
Attorney General and fully account for all periods of suspension.
(f) The Attorney General in his discretion may, pursuant to rules and
regulations promulgated by the Attorney General, accept executed copies of
federal Internal Revenue returns and reports as a portion of the annual
reporting. The report shall include a statement of any changes in purpose
or any other information required to be contained in the registration form
filed on behalf of the organization. The report shall be signed under
penalty of perjury by the president and the chief fiscal officer of any
corporate organization or by 2 trustees if not a corporation. One
signature shall be accepted if there is only one officer or trustee.
(g) The Attorney General shall cancel the registration of any trust or
organization that wilfully fails to comply with subsections (a), (b), (c)
or (d) of this Section within the time prescribed, and the assets of
the organization may through court proceedings be collected, debts paid and
proceeds distributed under court supervision to other charitable purposes
upon an action filed by the Attorney General as law and equity allow.
Upon timely written request, the due date for filing may be extended by the
Attorney General for a period of 60 days. Notice of registration
cancellation shall be mailed by regular mail to the registrant at the
registration file address or to its registered agent or president 21 days
before the effective date of the cancellation. Reports submitted after
registration is canceled shall require reregistration.
(h) Every trustee registered hereunder that received in any fiscal year
more than $25,000 in revenue or held more than $25,000 in assets shall pay a
fee of $15 along with each annual financial report filed pursuant to this Act.
If an annual report is not timely filed, a late filing fee of an additional
$100 is imposed and shall be paid as a condition of filing a late report.
Reports submitted without the proper fee shall not be accepted for filing.
(Source: P.A. 90-469, eff. 8-17-97; 91-444, eff. 8-6-99.)