ag990-il instructions

Overview of the AG990-IL Form

The AG990-IL form is an annual reporting requirement for Illinois charitable organizations, detailing revenue, expenditures, and assets to ensure transparency and compliance with state regulations.

1.1 Purpose of the AG990-IL Form

The AG990-IL form serves as an annual reporting tool for charitable organizations operating in Illinois, ensuring transparency and accountability. Its primary purpose is to collect detailed financial information, including revenue, expenditures, and assets, which helps the Illinois Attorney General’s Office monitor compliance with state charitable solicitation laws. By requiring organizations to disclose their financial activities, the form promotes public trust and ensures that charitable funds are used appropriately. It also aids in regulating fundraising practices and verifying compliance with legal obligations. This form is essential for maintaining oversight of charitable operations within the state and protecting the interests of donors and the public.

1.2 Structure of the AG990-IL Form

The AG990-IL form is structured to collect comprehensive information about a charitable organization’s financial activities. It begins with general information, such as the organization’s name, address, and tax-exempt status. The form then delves into financial details, including revenue sources, total expenses, and assets. A detailed section on expenditures provides insight into how funds are allocated, such as program expenses, administrative costs, and fundraising activities. Additionally, the form requires attachments, including supporting documentation for financial data and a copy of the IRS Form 990 or 990-EZ. It also includes sections for disclosures related to governance, policies, and professional fundraisers. The structured format ensures clarity and thorough reporting, making it easier for the Illinois Attorney General’s Office to review compliance with state regulations.

1.3 Importance of the AG990-IL Form for Charitable Organizations

The AG990-IL form plays a crucial role in ensuring transparency and accountability within Illinois charitable organizations. It provides the Illinois Attorney General’s Office with essential data to monitor compliance with state laws and regulations. By requiring detailed financial disclosures, the form helps prevent fraudulent activities and ensures that funds are used appropriately. Additionally, it enables donors and the public to access information about an organization’s financial health and governance practices, fostering trust and accountability. Compliance with the AG990-IL filing requirement is vital for maintaining tax-exempt status and avoiding penalties. The form also serves as a tool for organizations to demonstrate their commitment to transparency and ethical operations, which can enhance their reputation and public confidence.

Filing Requirements for the AG990-IL Form

Charitable organizations operating in Illinois must file the AG990-IL annually, ensuring compliance with state regulations and transparency in their financial activities.

2.1 Who Must File the AG990-IL Form

Charitable organizations soliciting contributions in Illinois must file the AG990-IL form annually. This includes organizations registered or exempt from registration under the Illinois Charitable Solicitations Act. The form is required for all charities operating in the state, regardless of their tax-exempt status, unless specifically exempt by Illinois law. Organizations that file IRS Form 990 or 990-EZ must submit the AG990-IL along with a copy of their federal return. The form ensures transparency and accountability by detailing financial activities. Failure to file may result in penalties. The $15 filing fee applies, though it may be waived for organizations with gross revenue below a specified threshold. Accurate and timely submission is mandatory.

2.2 Deadline for Filing the AG990-IL Form

The AG990-IL form must be filed within six months after the close of the organization’s fiscal or calendar year. This deadline applies to all charitable organizations required to submit the form. Late submissions may result in penalties, emphasizing the importance of timely filing. The $15 annual filing fee must accompany the form, though exemptions apply for organizations with gross revenue below a specified threshold; Properly completing and submitting the form by the deadline ensures compliance with Illinois regulations and avoids potential penalties. Organizations should plan accordingly to meet this requirement, ensuring all necessary documentation and payments are included. Timely submission is crucial for maintaining good standing with the Illinois Attorney General’s Office. The deadline is strictly enforced, so careful planning is essential to avoid late filing issues.

2.3 Where to File the AG990-IL Form

The AG990-IL form must be submitted to the Illinois Attorney General’s Office, specifically the Charity Bureau. The completed form, along with the required $15 filing fee, should be mailed to the address provided in the official instructions. Ensure all necessary documentation and attachments are included to avoid processing delays. For the most accurate and up-to-date submission details, refer to the official guidelines on the Illinois Attorney General’s website. Proper submission ensures compliance and maintains the organization’s good standing with the state regulatory authorities. Adhering to the specified filing location and requirements is essential for a smooth and successful submission process. Always verify the submission address and any additional requirements before mailing. Timely and correct filing helps prevent potential issues or penalties. The Illinois Attorney General’s Office provides clear instructions to facilitate an efficient filing experience. By following these steps, charitable organizations can ensure their AG990-IL form is properly submitted and processed.

Completing the AG990-IL Form

The form requires detailed sections on general information, financial data, expenditures, and assets. Ensure all fields are filled accurately, following the official instructions to avoid errors.

3.1 General Information Section

The General Information Section of the AG990-IL form requires organizations to provide basic details about their identity and operations. This includes the organization’s name, address, and Employer Identification Number (EIN). Additionally, filers must specify their fiscal year-end date and provide contact information for the primary point of contact. The section also asks for details about governing documents, such as the articles of incorporation or trust, and the names and addresses of key personnel, including officers, directors, and key employees. Organizations must also disclose whether they have contracted with professional fundraisers or are registered as solicitors in Illinois. A $15 filing fee is typically required unless exempt. Accuracy in this section is crucial to ensure timely processing and compliance with state regulations.

3.2 Financial Information and Revenue Details

The Financial Information and Revenue Details section requires organizations to report their total revenue, including contributions, grants, and other income sources. Filers must break down revenue into specific categories, such as donations, program services, and investments. Expenses are also detailed, including program-related, administrative, and fundraising costs. Organizations must report their total assets, liabilities, and net assets, providing a comprehensive financial snapshot. Additionally, this section includes questions about fundraising activities, professional solicitors, and any related financial disclosures. Accuracy is critical, as this data helps the Illinois Attorney General’s Office assess compliance and financial health. Proper documentation and supporting records are essential to ensure transparency and avoid discrepancies.

3.3 Expenditures and Assets Section

The Expenditures and Assets Section requires detailed reporting of an organization’s financial outflows and holdings. Filers must itemize expenditures by category, such as program expenses, administrative costs, and fundraising activities. Assets, including cash, investments, and property, must be reported at their fair market value. Liabilities, such as loans or accounts payable, are also disclosed. The section includes a summary of net assets, reflecting the organization’s financial position. Additionally, filers must report any significant changes in assets or liabilities during the reporting period. This section ensures transparency into how resources are allocated and managed, aligning with the Illinois Attorney General’s Office’s oversight of charitable activities. Accuracy and proper categorization are essential for compliance.

Required Attachments and Documentation

Attach supporting financial documents, additional forms for fund-raising activities, and a copy of IRS Form 990 or 990-EZ to ensure compliance with filing requirements.

4.1 Supporting Documentation for Financial Data

Charitable organizations must provide detailed financial records to support the data reported on the AG990-IL form. This includes audited financial statements, bank statements, and invoices. Attachments like the IFC Report of Individual Fund-Raising Campaign are required if applicable. Ensure all revenue and expense allocations are documented and align with the figures reported. Maintain clear records of donations, grants, and program-related income. Proper documentation is essential for verifying the accuracy of the financial information submitted. Failure to provide adequate supporting materials may result in delays or rejection of the filing. Additionally, a $15 annual filing fee is required, payable to the Illinois Charity Bureau Fund, unless the organization meets specific exemptions based on revenue thresholds. Always retain copies of all submitted documents for audit purposes.

4;2 Additional Forms for Fund-Raising Activities

Organizations engaged in fund-raising activities must submit additional forms to comply with Illinois regulations. Specifically, the IFC Report of Individual Fund-Raising Campaign is required for those using professional fund-raisers. This form details expenses, revenue, and contributions from specific campaigns. Ensure all fund-raising activities are accurately documented and reported. Failure to include this form may result in incomplete filing status. Attachments must align with the financial data provided in the AG990-IL form. Proper disclosure of fund-raising practices ensures transparency and accountability. Always review the instructions for specific requirements and deadlines to avoid penalties. Maintain records of all fund-raising efforts to support the information provided in the form and its attachments.

4.3 Copy of IRS Form 990 or 990-EZ

A copy of the IRS Form 990 or 990-EZ must be attached to the AG990-IL form for verification purposes. This ensures consistency between state and federal reporting. Organizations required to file IRS Form 990 or 990-EZ must submit a complete copy, including all schedules and attachments. Small organizations eligible for the 990-EZ may also use this form for their AG990-IL filing. Failure to include this document will result in an incomplete submission. This attachment is crucial for validating the financial data reported on the AG990-IL form. Ensure the IRS form aligns with the fiscal year reported on the AG990-IL to maintain compliance with Illinois regulations. Proper inclusion of this document aids in seamless review and approval processes.

Simplified Filing Option for Small Organizations

The simplified filing option is available for small organizations with limited gross revenue, reducing the complexity of the AG990-IL form and streamlining the reporting process.

5.1 Eligibility Criteria for Simplified Filing

Small organizations may qualify for simplified filing if their gross revenue is below $25,000 and they are not required to have a CPA-audited financial statement. Additionally, they must file IRS Form 990-N annually. Eligibility is determined based on the organization’s financial size and compliance with specific reporting requirements. The Illinois Attorney General’s office provides guidelines to help organizations assess whether they meet the criteria for this option. If eligible, organizations can submit a less detailed report, reducing administrative burden while still meeting regulatory obligations. This option aims to simplify the filing process for smaller charities, ensuring compliance without unnecessary complexity.

5.2 Benefits of the Simplified Filing Option

The simplified filing option offers several advantages for small organizations. It reduces the complexity and time required to complete the full AG990-IL form, allowing organizations to focus on their mission rather than extensive reporting. This option is cost-effective, as it eliminates the need for professional assistance in preparing detailed financial statements. Additionally, it streamlines the filing process, making it more manageable for organizations with limited resources. The simplified option also minimizes the administrative burden, enabling small charities to maintain compliance without incurring significant costs or effort. Overall, it provides a more accessible and efficient way for smaller organizations to meet their reporting obligations while ensuring transparency and accountability.

5.3 How to Apply for the Simplified Filing Option

To apply for the simplified filing option, organizations must first verify their eligibility based on gross revenue and total assets. Eligible entities can access the simplified form through the Illinois Attorney General’s website. The form requires basic information about the organization, its activities, and financial details. Organizations must ensure all data is accurate and complete to avoid delays; Additionally, they must attach any required documentation, such as proof of eligibility or a copy of their IRS Form 990-N. The completed form should be submitted electronically or by mail, along with the applicable filing fee, by the designated deadline to maintain compliance with state regulations.

Common Mistakes to Avoid

Common mistakes include incomplete or incorrect information, missing deadlines, and failing to attach required documents. Ensure accuracy and timeliness to avoid penalties and delays.

6.1 Incomplete or Incorrect Information

One of the most frequent errors is submitting the AG990-IL form with incomplete or inaccurate details. This includes incorrect organizational names, addresses, or financial data. Ensure all fields are filled accurately, as incomplete reports are not considered filed. Double-check revenue, expenditure, and asset figures to avoid discrepancies. Additionally, verify the accuracy of signatures and dates, as missing or incorrect signatories can lead to rejection. Organizations must also ensure that all required attachments, such as financial statements or IRS forms, are included. Incomplete submissions may result in penalties or delays, so careful review is essential before filing. Always maintain supporting documentation to substantiate the information provided on the form.

6.2 Missing Deadlines and Late Filing Penalties

Failing to meet the AG990-IL filing deadline can result in penalties and complications for charitable organizations. The form must be submitted within six months after the organization’s fiscal or calendar year end. Late submissions may incur penalties, and organizations must pay a $15 annual filing fee, which is non-refundable. Even if the fee is waived due to low revenue, late filing still carries consequences. To avoid penalties, ensure timely submission and maintain accurate records of mailing or electronic filing. Organizations must also retain documentation to prove compliance if disputes arise. Missing deadlines can harm an organization’s standing with the Illinois Attorney General’s Office and may lead to further scrutiny or legal action.

6.3 Failure to Include Required Attachments

One of the most common pitfalls is omitting required attachments when submitting the AG990-IL form. This can lead to delays in processing or even rejection of the filing. Organizations must ensure all necessary documentation is included, such as a copy of IRS Form 990 or 990-EZ, financial statements, and details of fundraising activities. Failure to include these attachments can result in penalties and additional scrutiny from the Illinois Attorney General’s Office. It is crucial to review the instructions carefully to confirm which attachments are mandatory based on the organization’s specific circumstances. Neglecting this step can undermine compliance efforts and damage the organization’s credibility. Always double-check the submission for completeness before filing.

Resources and Help

The Illinois Attorney General’s Office provides official instructions and guidelines for completing the AG990-IL form, available on their website. Additional support includes contact information for assistance and online tools to aid in accurate filing.

7.1 Official Instructions from the Illinois Attorney General’s Office

The Illinois Attorney General’s Office provides comprehensive instructions for completing the AG990-IL form, ensuring clarity and compliance. These guidelines are available on their official website and include detailed explanations for each section, line-by-line instructions, and examples to aid in accurate reporting. The instructions also outline required attachments, filing deadlines, and penalties for late or incomplete submissions. Additionally, they address eligibility criteria for the Simplified Filing Option and provide guidance on maintaining proper documentation to support financial data. Organizations are encouraged to review these resources thoroughly to avoid errors and ensure timely filing. The instructions are updated regularly to reflect any changes in regulations or reporting requirements.

7.2 Contact Information for Assistance

For assistance with the AG990-IL form, organizations can contact the Illinois Attorney General’s Office directly. The office provides a dedicated phone number, 877-829-5500, for inquiries related to charitable organization filings. Additionally, the official website offers a contact form and email address for submitting questions or requesting clarification on specific requirements. The office also maintains a comprehensive FAQ section and resource library to address common concerns. Organizations can reach out for guidance on form completion, filing deadlines, or required documentation. The Attorney General’s staff is available to provide support during regular business hours, ensuring that charitable organizations can adhere to all regulatory standards effectively.

7.4 Online Tools and Guides for Completing the Form

The Illinois Attorney General’s Office provides a variety of online tools and guides to assist organizations in completing the AG990-IL form accurately. The official website offers a fillable version of the form, along with detailed instructions and a FAQ section to address common questions. Additionally, organizations can access interactive guides and step-by-step tutorials to navigate the form’s sections, ensuring compliance with all requirements. The website also features a resource library with examples and templates for complex sections, such as financial disclosures and expenditure reporting. These tools are designed to streamline the filing process, reduce errors, and help organizations meet the annual reporting deadlines efficiently.