instructions for ag990 il
What is Form AG990-IL?
The AG990-IL is the Illinois Charitable Organization Annual Report form. It is filed by charitable organizations registered with the Illinois Attorney General’s office. This form ensures transparency and accountability.
Illinois Charitable Organization Annual Report
This report, the AG990-IL, is a crucial document for organizations operating in Illinois. It serves as an annual financial disclosure to the Attorney General’s office, detailing the organization’s financial activities for the fiscal year. The report, along with required attachments, is essential for maintaining compliance with Illinois regulations. This ensures transparency to the public and fulfills obligations for registered charities.
Who Needs to File Form AG990-IL?
Any charitable organization operating within Illinois and registered with the Illinois Attorney General’s office is required to submit the annual report Form AG990-IL. This is a mandatory filing.
Charitable Organizations Operating in Illinois
All charitable organizations that conduct activities within the state of Illinois must file Form AG990-IL annually. This requirement applies regardless of where the organization is headquartered, as long as it operates and solicits funds in Illinois. The form is crucial for maintaining compliance and transparency with state regulations, especially concerning contributions and financial reporting. These organizations must register and then report.
Organizations Registered with the Illinois Attorney General’s Office
Any organization that has registered as a charity with the Illinois Attorney General’s Office is required to file the Form AG990-IL annually. This mandatory filing is a crucial part of maintaining their registered status and ensuring they are complying with Illinois state laws and regulations. The report provides key financial information and demonstrates their commitment to transparency and responsible management of charitable funds.
When is Form AG990-IL Due?
The Form AG990-IL is due six months after the close of an organization’s fiscal year. It is crucial to adhere to this deadline to avoid penalties.
Six Months After Fiscal Year End
A complete annual financial report, which includes the AG990-IL form, all required attachments, and any applicable fees, must be submitted within six months following the close of the organization’s fiscal year. This timeframe is strictly enforced by the Illinois Attorney General’s Office. Failure to file within this period can result in penalties. It’s important to note, a report will not be considered filed unless it is complete.
Consequences of Late Filing
Failure to submit the AG990-IL by the due date results in a late filing fee. An incomplete submission is not considered filed, leading to further penalties and non-compliance.
Late Filing Fee
Organizations that do not file the Form AG990-IL by the deadline will incur a late filing fee. Specifically, there is a $100 late fee for those who don’t submit the form in a timely manner. It’s crucial to adhere to the filing deadline to avoid this additional expense and maintain compliance with Illinois regulations. Always remember to check the current instructions for accurate fee amounts.
Incomplete Filing Not Considered Filed
A submission of Form AG990-IL that is incomplete will not be considered as officially filed with the Illinois Attorney General’s office. It is crucial to complete all sections and line items applicable to your organization. An annual financial report submitted with an incomplete form will not fulfill the filing requirement and could lead to penalties or other issues. Always double-check before submitting.
Required Attachments for Form AG990-IL
When filing Form AG990-IL, a copy of the organization’s IRS return must be included. Additionally, either audited or reviewed financial statements are required to complete the submission.
Copy of IRS Return
A complete copy of the organization’s federal tax return, such as Form 990, 990-EZ, or 990-PF, must be attached to the AG990-IL. This provides a comprehensive overview of the organization’s financial activities as reported to the IRS. Ensure all schedules and attachments are included, as an incomplete submission will not be considered filed. This is a crucial requirement for compliance.
Audited or Reviewed Financial Statements
Depending on the organization’s revenue and asset thresholds, either audited or reviewed financial statements must be attached. These statements provide an independent assessment of the organization’s financial health. The specific requirements for an audit versus a review depend on the size and complexity of the organization. Ensure the statements are prepared by a qualified professional. New thresholds are effective January 1, 2024. These are a crucial part of ensuring accountability.
Simplified Filing Option
Small organizations may qualify for a simplified filing process. This option reduces the reporting burden. Check the specific criteria to see if your organization is eligible for this option.
For Small Organizations
Certain smaller charitable organizations may qualify for a simplified filing option when submitting their annual report. This option is designed to reduce the administrative burden on these organizations. The specific criteria for eligibility often involve thresholds related to the organization’s gross receipts or assets. Organizations should carefully review the requirements provided by the Illinois Attorney General’s office to determine if they qualify for this streamlined process, which makes the annual filing process less complex for small charities.
Where to Submit Form AG990-IL
The completed Form AG990-IL, along with required attachments and fees, must be submitted to the Illinois Attorney General’s Office, specifically to the Charitable Trust Bureau.
Illinois Attorney General’s Office
The Illinois Attorney General’s Office, specifically the Charitable Trust Bureau, is the receiving entity for the Form AG990-IL. The office is located at 115 S. LaSalle St. in Chicago, IL 60603. They oversee charitable organizations operating within the state, ensuring compliance with Illinois law. The Attorney General encourages wise charitable giving and provides resources to assist in structuring organizations and implementing best practices. They also maintain a searchable database of registered charities.
Charitable Trust Bureau
The Charitable Trust Bureau, a division of the Illinois Attorney General’s Office, is responsible for receiving and processing Form AG990-IL. They ensure that charitable organizations comply with Illinois regulations regarding annual reporting. The bureau is located at 115 S. LaSalle St., Chicago, IL 60603, and can be reached at 312-814-2595. They offer assistance and resources to organizations and can also help with form downloads. The bureau also handles registration of charities and professional fund-raising organizations.
Filing Fees
Filing fees for Form AG990-IL are required. The fee amount is based on an organization’s gross receipts or assets. A $15 fee applies for organizations with receipts below a certain limit.
Fee Based on Gross Receipts or Assets
The filing fee for the AG990-IL form is determined by the charitable organization’s financial status. Specifically, the fee is calculated based on either the organization’s gross receipts or its total assets. Organizations with lower gross receipts or assets may be subject to a minimum filing fee, such as $15. The specific thresholds for these fees are subject to change, so it is essential to consult the most recent guidelines from the Illinois Attorney General’s office to ensure compliance.
How to Obtain Assistance
For help with the AG990-IL, contact the Charitable Trust Bureau at 312-814-2595. Individuals with disabilities can use the 7-1-1 relay service for assistance. They provide resources and support.
Contact the Charitable Trust Bureau
The Charitable Trust Bureau is the primary point of contact for questions and assistance regarding the Form AG990-IL. They can be reached at 312-814-2595. This bureau provides guidance on completing the form, understanding filing requirements, and addressing any issues that may arise. They also offer resources to help charitable organizations comply with Illinois law and ensure their annual reports are accurately submitted. They also handle registration of charities.
7-1-1 Relay Service for Disabilities
Individuals with hearing or speech disabilities can access assistance with Form AG990-IL through the 7-1-1 relay service. This service ensures that all individuals, regardless of their communication abilities, can receive the necessary support and information from the Illinois Attorney General’s office regarding their filing requirements. This is a vital resource to guarantee accessibility and inclusivity for everyone needing help with the form and related processes.
Changes and Updates
New dollar amounts exist for audit and review thresholds. Also, a simplified extension and filing process became effective October 29, 2024, for Form AG990-IL filers. Be sure to review these updates.
New Dollar Amounts for Audit/Review Thresholds
As of January 1, 2024, new dollar amounts determine whether an audit or review of financial statements is required with the annual report. These updated thresholds apply to contributions received by charitable organizations. It is important for organizations to review their financial information and ensure they meet the new requirements for audit or review based on their annual contribution levels, as this requirement may have changed from prior years.
Simplified Extension and Filing Process (Effective October 29, 2024)
Good news for Illinois not-for-profit organizations! Effective October 29, 2024, new rules from the Illinois Attorney General’s office should simplify the extension and filing process for the annual charitable organization report, Form AG990-IL. These changes aim to make it easier for organizations to comply with their filing requirements. Review the updated guidelines to take advantage of the new simplified procedures for extensions and filing.