Illinois Administrative Code › Title 14 - COMMERCE › Part 480 - CHARITABLE TRUST ACT › Section 480.30 - Registration

Current through Register Vol. 48, No. 28, July 12, 2024
a) Trustees subject
			 to the Act holding property with a value in excess of $4,000 must file with the
			 Attorney General a registration statement in the forms set forth in Exhibits A
			 and B of this Part prior to any disbursement or within six months after
			 property is received for charitable purposes, whichever occurs first.
b) Trustees who hold property in excess of
			 $4,000 during any 12 month period are required to register.
c) Upon termination of, or resignation by, a
			 charitable trustee, the charitable organization shall notify the Attorney
			 General in writing within ten days of such fact.
d) Each trustee, officer or director is
			 responsible for accurate record keeping and for the timely and accurate filing
			 of financial reports required by the Attorney General. Resignation of such
			 trustee, officer or director shall not avoid or diminish these record keeping
			 and filing responsibilities for any period during which such person held
			 office.
e) Each "trustee" has a
			 fiduciary obligation toward: his/her charitable organization; charitable
			 monies; donors; and unknown charitable beneficiaries as described by the
			 charitable organization's stated purpose or the purpose for which charitable
			 monies were collected.
f) To
			 register, a charitable trust must file a completed registration statement, all
			 required statutory fees and all appropriate attachments, including schedules of
			 assets and investments. All registrations must be accompanied by copies of the
			 instrument under which the property is administered, financial statements for
			 each of the past three years and executed copies of the tax returns and/or
			 reports filed with the Internal Revenue Service for the past three years. Where
			 there is no written instrument, the trustee must prepare an affidavit setting
			 forth the conditions of the trust. The registration must be made by the
			 trustee. In the case of a corporate charitable trust with two or more officers,
			 the president and the treasurer must sign. Additional prior years' reports and
			 schedules may be required at the discretion of the Attorney General.
g) The Attorney General may by pre-approval
			 accept registration forms used by other states which contain the information
			 required in Exhibit A.
h) When a
			 registration is cancelled, to return to compliance, a re-registration must be
			 made. Re-registration requires the submission of all of the above as
			 applicable, including the re-registration penalty fees as provided by Section
			 5(b) of the Act.
i) When a
			 charitable trust combines the interest of living private individuals with
			 charitable interests, confidential registration may be made.
j) A confidential registration statement
			 shall contain the information required by Section
			 480.30(e)
			 and also two (2) additional copies of the trust instrument form which are
			 deleted the names of the individual beneficiaries.
k) The trustee shall notify the Attorney
			 General of any changes in the registration information within thirty (30) days
			 of the changes.