The AG990-IL form is an annual financial report required for charitable organizations in Illinois․ It ensures transparency and compliance with state regulations․ The form includes sections for assets, liabilities, and net assets, with a $100 late filing penalty․ Instructions guide organizations through the process, ensuring accurate submissions;
Purpose and Scope of the AG990-IL Form
The AG990-IL form is designed to ensure compliance with Illinois charitable solicitation laws, promoting transparency and accountability among charitable organizations․ Its primary purpose is to collect detailed financial information, including assets, liabilities, and net assets, ensuring organizations operate ethically and responsibly․ The form also verifies adherence to the Illinois Charitable Trust Act and Solicitation for Charity Act, safeguarding public interests․ Small charitable organizations with gross contributions and assets of $25,000 or less may utilize a simplified filing option, reducing administrative burdens․ Professional fundraising consultants must disclose fees and activities, maintaining transparency in their operations․ The AG990-IL serves as a critical tool for the Illinois Attorney General to monitor charitable activities statewide, ensuring compliance with legal requirements and fostering public trust in charitable organizations․ Proper completion and timely submission of this form are essential for maintaining legal status and avoiding penalties․
Who is Required to File the AG990-IL
Charitable organizations and professional fundraising consultants operating in Illinois must file the AG990-IL․ This includes small charitable organizations with gross contributions and assets of $25,000 or less, ensuring compliance with state regulations․
Small Charitable Organizations
Small charitable organizations in Illinois with gross contributions and assets of $25,000 or less during the fiscal year are required to file the AG990-IL․ This simplified filing option allows these organizations to comply with state regulations without the complexity of larger filings․ The form requires basic financial information, including assets, liabilities, and net assets, ensuring transparency and accountability․ Organizations must submit the form with all required signatures and attachments, such as a copy of their federal tax return․ The AG990-IL must be filed annually within six months of the organization’s fiscal year end․ Failure to meet deadlines may result in a $100 late filing penalty․ This provision ensures that even smaller organizations remain accountable to donors and the public while maintaining compliance with Illinois charitable solicitation laws․
Professional Fundraising Consultants
Professional fundraising consultants who work with Illinois charitable organizations are required to adhere to specific filing requirements․ These consultants must ensure that the organizations they represent comply with the AG990-IL filing process․ The form mandates detailed disclosure of financial activities, including gross amounts raised and related fees․ Consultants must verify that all required attachments, such as copies of IRS returns and audited financial statements, are submitted alongside the AG990-IL․ Additionally, they must ensure that the form is signed and dated by authorized individuals․ Failure to meet these requirements can result in penalties and legal consequences․ Consultants play a crucial role in maintaining transparency and accountability, ensuring that charitable organizations operate in accordance with Illinois state laws and regulations․ Proper adherence to these instructions helps prevent late filing penalties and maintains public trust in charitable activities․ Consultants must stay updated on any changes to the AG990-IL instructions to provide accurate guidance to their clients․
Filing Process and Deadlines
The AG990-IL must be filed within six months of the organization’s fiscal year end․ Late or incomplete reports incur a $100 penalty․ Ensure all required attachments and fees are included before mailing to meet compliance standards․
Preparing the AG990-IL Form
To prepare the AG990-IL form accurately, ensure all sections are completed thoroughly․ Organizations must report financial details, including assets, liabilities, and net assets․ A copy of the IRS tax return for the past three years is required, along with audited financial statements if applicable․ Small charitable organizations with gross contributions and assets of $25,000 or less may use a simplified filing option․ The form must be signed and dated by an authorized individual․ For organizations filing IRS Form 990, two signatures are required, though notarization is not needed․ All attachments, such as federal tax returns and financial statements, must accompany the report․ Ensure accuracy and completeness to avoid penalties․ Proper preparation is essential for compliance with Illinois regulations․
Submitting the Form and Required Attachments
Submission of the AG990-IL form and its attachments must be completed in accordance with Illinois state requirements․ The form should be mailed to the Illinois Charity Bureau Fund, ensuring all necessary documents are included․ Required attachments encompass a copy of the organization’s federal tax return for the past three years, audited financial statements if applicable, and any additional documentation specified in the instructions․ Late or incomplete submissions incur a $100 penalty, emphasizing the importance of timely and accurate filing․ Proper preparation and inclusion of all mandated materials ensure compliance and avoid additional fees․ Organizations must verify that all sections are filled out correctly and that signatures are obtained from authorized personnel․ For those filing IRS Form 990, two signatures are mandatory, though notarization is not required․ Ensuring all components are properly submitted is crucial for maintaining regulatory compliance and avoiding penalties․
Required Documents and Attachments
When submitting the AG990-IL form, specific documents and attachments are mandatory to ensure compliance with Illinois state regulations․ Organizations must include a copy of their federal tax return (IRS Form 990) for the past three years, as well as audited financial statements if applicable․ Additional attachments may include contracts or agreements with professional fundraising consultants, receipts for contributions, and detailed records of expenses․ For organizations utilizing the services of professional fundraisers, a separate attachment outlining the terms and fees associated with these services is required․ All documents must be properly signed and dated by authorized personnel․ Failure to include any required attachments may result in delays or penalties․ Organizations should carefully review the instructions to ensure all necessary materials are submitted alongside the completed AG990-IL form․ Proper documentation ensures transparency and adherence to state charitable solicitation laws․
Fees and Penalties Associated with Filing
Filing the AG990-IL form requires organizations to pay an annual filing fee, which must be submitted with the completed report․ The fee is payable to the Illinois Charity Bureau Fund and should be included as a check or money order․ Late submissions incur a $100 penalty, and incomplete reports may also result in additional fines․ Organizations must ensure all fees are paid in full to avoid further enforcement actions․ Failure to submit the required fee or comply with deadlines can lead to penalties and potential legal consequences․ It is essential to review the instructions carefully to understand all associated costs and ensure timely payment․ Proper payment and adherence to deadlines are critical to maintaining compliance with Illinois charitable solicitation laws․ Organizations should allocate sufficient time to prepare and submit their reports to avoid incurring unnecessary penalties․