Form AG990-IL⁚ A Guide to Filing
This guide provides comprehensive information on Form AG990-IL, the annual financial report required for charitable organizations operating in Illinois. Learn about the form’s purpose, filing deadlines, required attachments, and penalties for late filing. This guide will help you understand the complete process of filing Form AG990-IL, ensuring your organization remains compliant with Illinois state laws.
What is Form AG990-IL?
Form AG990-IL, the Illinois Charitable Organization Annual Report, is a crucial document mandated by the Illinois Attorney General’s Office for all charitable organizations soliciting contributions within the state. This form serves as a comprehensive financial report, providing detailed information about the organization’s financial activities, governance, and programs during the fiscal year. It is designed to ensure transparency and accountability, allowing the Attorney General’s Office to monitor charitable organizations and protect the public interest.
Form AG990-IL is essentially an annual renewal requirement for charitable organizations operating in Illinois. It serves as a tool for the state to track the activities and finances of these organizations, ensuring they are operating within the law and fulfilling their charitable purposes. The information provided on the form allows the Attorney General’s Office to assess the organization’s compliance with state regulations, as well as identify any potential issues or concerns.
When is Form AG990-IL Due?
The deadline for filing Form AG990-IL is six months after the close of the organization’s fiscal year. This means that if an organization’s fiscal year ends on December 31st, the Form AG990-IL is due by June 30th of the following year. However, the specific due date can vary depending on the organization’s fiscal year end date.
It is important to note that if Form AG990-IL is not filed by the deadline, a late filing penalty of $100 will be imposed. This penalty is in addition to any other penalties that may be assessed for failure to comply with the reporting requirements. Therefore, it is crucial for charitable organizations to plan ahead and ensure that they file Form AG990-IL on time.
While the general deadline is six months after the fiscal year end, there is an option for organizations to request a 60-day extension. This extension must be requested in writing to the Illinois Attorney General’s Office prior to the original due date. However, it’s important to remember that even with an extension, the late filing penalty of $100 will still apply if the report is not filed within the extended timeframe.
Filing Requirements for Form AG990-IL
Form AG990-IL is a crucial document for Illinois-based charitable organizations, and its filing process involves specific requirements designed to ensure transparency and accountability. To fulfill these requirements, organizations must submit a complete annual financial report, which includes the Form AG990-IL itself, along with all necessary attachments and applicable fees. This ensures that the Illinois Attorney General’s Office has a comprehensive understanding of the organization’s financial activities.
The report is considered complete only when all required components are submitted together. This includes the Form AG990-IL, which must be filled out in its entirety, with all sections and line items applicable to the organization. Additionally, organizations must provide a copy of their IRS Form 990, 990-EZ, or 990-PF, depending on the specific tax status. Audited financial statements are also required for organizations whose annual gross contributions exceed $500,000 or those that utilize a paid professional fundraiser who raised contributions exceeding $25,000.
For smaller organizations, a simplified filing option is available, allowing them to submit a streamlined report with only essential information. However, it’s crucial to ensure that all sections of Form AG990-IL are accurately and thoroughly completed, as an incomplete report will not be considered filed. This comprehensive approach to filing ensures that the Illinois Attorney General’s Office has the necessary information to monitor and regulate charitable organizations operating within the state.
Complete Annual Financial Report
The Illinois Attorney General’s Office requires a complete annual financial report from all charitable organizations operating within the state. This report is critical for maintaining transparency and ensuring that these organizations are using their resources responsibly. A complete annual financial report is comprised of multiple elements, each providing valuable insights into the organization’s financial activities.
The core of the report is the Form AG990-IL, which must be thoroughly completed, encompassing all sections and line items relevant to the organization. This form serves as the primary document outlining the organization’s financial information. In addition to the Form AG990-IL, a copy of the organization’s IRS Form 990, 990-EZ, or 990-PF is also required, depending on the organization’s tax status. This IRS form provides additional details about the organization’s financial activities and operations.
For organizations whose annual gross contributions exceed $500,000 or those that employ a paid professional fundraiser who generated over $25,000 in contributions, audited financial statements are a mandatory component of the report. These statements, prepared by an independent auditor, provide a thorough examination of the organization’s financial position, ensuring accuracy and accountability. By submitting a complete annual financial report, organizations demonstrate their commitment to transparency and responsible financial management, fostering trust and confidence among donors and the public.
Form AG990-IL Completion
Completing the Form AG990-IL accurately and comprehensively is crucial for ensuring a successful filing. The form is designed to gather detailed information about the organization’s financial activities, including revenue, expenses, assets, and liabilities. It is essential to review all sections carefully and provide accurate data for each line item.
Pay close attention to the instructions provided with the form, as they offer guidance on completing specific sections and clarifying any ambiguities. If you encounter any difficulties or have questions about a particular section, it’s advisable to seek assistance from a qualified professional, such as a tax advisor or accountant. They can provide expert guidance on completing the form correctly and ensuring compliance with all relevant regulations.
Accurate and complete completion of the Form AG990-IL is not just a formality; it’s a critical step in maintaining transparency and accountability. It allows the Illinois Attorney General’s Office to monitor the financial health of charitable organizations and ensure that they are operating ethically and responsibly. By taking the time to complete the form thoroughly and accurately, organizations contribute to the overall integrity of the charitable sector in Illinois.
Simplified Filing Option
The Illinois Attorney General’s Office recognizes that smaller charitable organizations may not have the same level of financial complexity as larger ones. To streamline the reporting process for these organizations, a Simplified Filing Option is available, allowing them to file a condensed version of the Form AG990-IL.
This option is intended for soliciting organizations whose gross contributions and assets during the fiscal year are $25,000 or less. Instead of completing the full form, these organizations can submit a simplified report that only includes total revenue, total expenditures, and assets at the fiscal year end (Line A, G, and O of the AG990-IL).
The Simplified Filing Option aims to reduce the administrative burden on small organizations while still ensuring that basic financial information is reported to the Attorney General’s Office. This approach promotes transparency and accountability for smaller charities while recognizing the unique challenges they may face in maintaining extensive financial records. Organizations should carefully review the eligibility requirements for the Simplified Filing Option and consult with a professional if they have any questions about its applicability to their situation.
Attachments and Fees for Form AG990-IL
When filing Form AG990-IL, certain attachments are required depending on the organization’s specific circumstances and activities. These attachments provide additional details and support the information reported on the main form, ensuring a comprehensive picture of the organization’s financial operations.
A critical attachment is the copy of the organization’s IRS Form 990 or 990-PF, which documents the organization’s federal tax filing. Audited financial statements are also required if the organization’s annual gross contributions exceed $500,000 or if it utilized a paid professional fundraiser who raised contributions exceeding $25,000.
Additionally, a copy of Form IFC, which relates to the use of professional fundraisers, must be included if applicable. Finally, a non-refundable annual report filing fee of $15.00 is payable to the Illinois Charity Bureau Fund. This fee contributes to the administration and oversight of charitable organizations in Illinois. It’s essential to ensure all required attachments are included and the appropriate fee is submitted with the Form AG990-IL to avoid delays in processing and potential penalties.
Extensions for Form AG990-IL
While Form AG990-IL has a specific filing deadline, situations may arise where an organization requires additional time to complete and submit its report. In such instances, Illinois law allows for a 60-day extension, providing a grace period for organizations facing unforeseen circumstances.
To request an extension, the organization must submit a written request to the Illinois Attorney General’s Office prior to the original filing deadline. This request should clearly state the reason for the extension and provide a detailed explanation of the circumstances necessitating additional time. The Attorney General’s Office will review the request and grant the extension if the reason is deemed valid and reasonable.
It’s important to note that an extension is not granted automatically. Organizations should plan ahead and proactively seek an extension if they anticipate facing difficulties meeting the original deadline. Failing to file the report within the extended period will still result in late filing penalties, emphasizing the importance of timely communication and adherence to the extension process.
Late Filing Penalties
The Illinois Attorney General’s Office takes the timely filing of Form AG990-IL seriously. Failure to meet the filing deadline, even after obtaining an extension, can result in significant financial penalties. These penalties serve as a deterrent to non-compliance and ensure that charitable organizations fulfill their reporting obligations.
The primary penalty for late filing is a flat fee of $100. This fee applies regardless of the reason for the late filing, emphasizing the importance of adhering to the deadlines. In addition to the late filing fee, the Attorney General’s Office may also pursue other enforcement actions, including fines, legal action, or even the suspension of the organization’s charitable registration.
The severity of the penalties can vary depending on the circumstances surrounding the late filing. Organizations facing financial hardship or unexpected delays should contact the Attorney General’s Office as soon as possible to discuss potential options and mitigate potential penalties. Proactive communication and adherence to the filing process are crucial to avoid late filing penalties and maintain the organization’s good standing with the state.
Where to Submit Form AG990-IL
Submitting Form AG990-IL involves delivering the completed form and all required attachments to the designated office of the Illinois Attorney General. The specific address for submission is⁚
Illinois Attorney General
Charitable Trust Bureau
100 West Randolph Street, 11th Floor
Chicago, Illinois 60601-3175
This address ensures that your report reaches the correct department within the Attorney General’s Office. It is crucial to use the correct address to avoid delays in processing your report. It is recommended to mail the form via certified mail with return receipt requested to ensure proof of delivery.
Alternatively, you can choose to submit the form electronically. The Attorney General’s Office provides a secure online portal for electronic submissions, offering a convenient and efficient method. To access the online portal, visit the Attorney General’s website and navigate to the charitable organizations section. Electronic submissions are generally processed faster than mailed reports. Regardless of the chosen method, ensure you adhere to the required filing deadlines to avoid any penalties.
Contact Information for the Illinois Attorney General’s Office
For any questions or concerns regarding Form AG990-IL or charitable organization reporting requirements in Illinois, the Illinois Attorney General’s Office provides dedicated contact information. You can reach out to the Charitable Trust Bureau directly through various channels⁚
Phone⁚ (312) 814-2595
Email⁚ charities@atg.state.il.us
Website⁚ https://ag.state.il.us/charities/
The Charitable Trust Bureau is readily available to assist you with any queries related to Form AG990-IL, including guidance on completing the form, understanding filing requirements, and resolving any issues that may arise.
It is advisable to contact the office during regular business hours for prompt assistance. The website provides comprehensive resources, including downloadable forms, instructions, and frequently asked questions, ensuring you have access to valuable information at your convenience. Remember that the Attorney General’s Office is your primary source for accurate and up-to-date information concerning charitable organization reporting in Illinois.