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The Illinois AG990 form is an essential document for charitable organizations operating within the state. This form serves as the annual report that provides a comprehensive overview of the organization's financial activities over the fiscal year. It includes vital information such as the organization's assets, liabilities, and net assets, helping to paint a clear picture of its financial health. Additionally, the AG990 requires a summary of all revenue and expenditures, detailing contributions, grants, and program service revenues. Organizations must also disclose any fees paid to professional fundraisers and consultants, along with the compensation of the three highest-paid individuals. Furthermore, the form prompts organizations to answer specific questions regarding legal actions, conflicts of interest, and the use of restricted funds, ensuring transparency and accountability. Completing the AG990 is not just a regulatory requirement; it is also a way for organizations to demonstrate their commitment to ethical practices and responsible financial management. Timely submission of this form is crucial, as late filings incur penalties, underscoring the importance of adhering to the established deadlines.
Things to Know About This Form
What is the Illinois AG990 form?
The Illinois AG990 form is an annual report required for charitable organizations operating in Illinois. It provides a comprehensive overview of the organization’s financial activities, including revenue, expenditures, and other relevant information. This form must be filed with the Illinois Attorney General's Charitable Trust Bureau.
Who needs to file the AG990 form?
Any charitable organization that operates in Illinois and is registered with the Attorney General must file the AG990 form. This includes organizations that solicit donations or provide services to the public. It is essential for maintaining transparency and accountability in charitable operations.
When is the AG990 form due?
The AG990 form is due within six months of the end of the organization’s fiscal year. Organizations should keep track of their fiscal year-end date to ensure timely filing. Late submissions may incur a penalty.
What happens if the AG990 form is filed late?
If the AG990 form is filed late, the organization may be subject to a $100 penalty. It is crucial to submit the form on time to avoid these additional costs and maintain compliance with state regulations.
What are the filing fees associated with the AG990 form?
The filing fee for the AG990 form is $15. If the report is submitted late, an additional fee of $100 applies. Organizations should ensure they include the correct fees when submitting their reports to avoid delays or penalties.
What information is required on the AG990 form?
The AG990 form requires detailed financial information, including total revenue, expenditures, assets, and liabilities. Organizations must also provide information about their highest-paid individuals, fundraising activities, and any legal issues they may have encountered during the year.
Are contributions to organizations that file the AG990 form tax-deductible?
Whether contributions are tax-deductible depends on the organization’s tax status. The AG990 form includes a question about tax deductibility, which organizations must answer. If an organization is recognized as tax-exempt by the IRS, contributions are typically tax-deductible for donors.
What should organizations do if they have questions about completing the AG990 form?
Organizations with questions about the AG990 form should consult the instructions provided with the form or contact the Illinois Attorney General's Charitable Trust Bureau directly. Seeking assistance can help ensure accurate and complete submissions.
What are the consequences of not filing the AG990 form?
Failure to file the AG990 form can result in penalties, including fines and potential loss of registration. Additionally, it may lead to decreased public trust and credibility, which can affect fundraising efforts and overall operations.
Key takeaways
Filling out the Illinois Ag990 form is a vital task for charitable organizations in the state. Here are some key takeaways to help you navigate the process effectively:
- Understand the Purpose: The Ag990 form serves as an annual report for charitable organizations, providing transparency about finances and operations.
- Know the Deadline: Reports must be submitted within six months of the end of your fiscal year. Missing this deadline can result in penalties.
- Filing Fees: A $15 annual report filing fee is required. If your report is late, a $100 penalty will apply.
- Tax Deductibility: Clearly indicate whether contributions to your organization are tax-deductible. This is essential for potential donors.
- Financial Summaries: The form requires a summary of all revenue and expenditures. Be prepared to break down these amounts by categories such as public support and program service revenue.
- Professional Fundraisers: If you use paid professional fundraisers, you must report their fees and the total amount raised. Attach the necessary forms for transparency.
- Compensation Disclosure: List the compensation for your three highest-paid individuals. This promotes accountability and transparency within your organization.
- Attach Required Documents: Include a copy of your IRS return and audited financial statements with the report. These documents provide additional context to your financial summaries.
- Legal Compliance: Answer all questions regarding legal actions or financial mismanagement thoroughly. If any apply, provide detailed explanations.
- Contact Information: Ensure that the contact person’s name and phone number are included. This facilitates communication with the Attorney General’s office if needed.
By keeping these key points in mind, you can ensure that your organization remains compliant and transparent, fostering trust among donors and the community.
Common mistakes
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Incomplete Information: Failing to provide all required details can lead to delays or rejection. Ensure that every section is filled out accurately.
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Incorrect Dates: Entering wrong dates for the fiscal period or organization creation can create discrepancies. Double-check all dates before submission.
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Missing Attachments: Not including necessary documents, such as the IRS return or financial statements, can result in an incomplete filing. Review the checklist and attach all required items.
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Errors in Financial Figures: Miscalculating revenue or expenses can misrepresent the organization’s financial health. Carefully verify all figures for accuracy.
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Failure to Sign: Neglecting to sign the report can render it invalid. Ensure that all required signatures are included before submission.
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Ignoring Deadlines: Submitting the report after the due date can lead to penalties. Mark your calendar to ensure timely filing.
How to Fill Out Illinois Ag990
Filling out the Illinois AG990 form requires careful attention to detail. This form is used by charitable organizations to report financial information to the Illinois Attorney General. Ensure you have all necessary documents and information ready before you start.
- Obtain the Illinois AG990 form from the Illinois Attorney General's website or your local office.
- Fill in the organization's name, address, and federal ID number at the top of the form.
- Indicate the fiscal period by entering the beginning and ending dates.
- Check the boxes to confirm which attachments you are including, such as the IRS return and audited financial statements.
- Enter the amount of the annual report filing fee ($15.00) and, if applicable, the late report filing fee ($100.00).
- Provide the date the organization was created.
- Indicate whether contributions to the organization are tax-deductible by checking "Yes" or "No."
- Complete the summary of all revenue items during the year, including public support, government grants, and other revenues. Fill in the percentage and amount for each item.
- Complete the summary of all expenditures during the year, including operating expenses, grants to other organizations, and total expenditures. Again, fill in the percentage and amount for each item.
- Summarize paid fundraiser and consultant activities, including amounts raised and fees paid. Attach the required report for each paid professional fundraiser.
- List compensation for the three highest-paid persons in the organization, including their names and titles.
- Describe the charitable programs, including the top three by expenditure. Use the provided codes for categorization.
- Answer the yes/no questions regarding any legal issues or financial misconduct, providing detailed explanations where necessary.
- List the financial institutions where the organization maintains its largest accounts.
- Provide the name and telephone number of a contact person for the organization.
- Sign and date the form where indicated, ensuring that all required signatures are included.
- Attach all necessary documents and fees before submitting the form to the Illinois Attorney General's office.
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