Sec. 480.30 - Registration
§ 480.30. Registration
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.(
Amended at 24 Ill. Reg. 14665, effective September 21, 2000)
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