Bylaws Sample For A Nonprofit Organization In Chicago
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There must be at least three directors. They do not have to be Illinois residents or corporation members, but you may require these and any other qualifications you choose.
NOTE: Failure to maintain a registered agent and a registered office will ultimately result in the involuntary dissolution of the company. The registered agent must be: • An individual who resides in Illinois OR • A business entity authorized to transact business in this state.
Stat. § 460/4 | Effective Jan. 1, 2024, a charitable organization with annual contributions more than $500,000 must file an audited financial statement prepared by an independent CPA. A charitable organization with contributions between $300,000 and $500,000 must file a financial statement with the Attorney General.
All charities that solicit in Illinois should be registered with the Office of the Attorney General. The Attorney General's Office can tell you if a charitable organization is registered and current in its reporting requirements.
The text of these two statutes is available on the Illinois Attorney General's Web site. The Charitable Trust Act applies to all trustees that hold property in excess of $4,000 for charitable purposes. The Solicitation of Charity Act governs the solicitation and collection of charitable funds in Illinois.
Illinois. The IRS lists 77,545 active tax-exempt organizations operating in Illinois, including 58,746 501(c)(3)s, to which you can make a tax-deductible donation. Illinois nonprofit organizations reported $136 billion in revenue on their most recent tax filings.
Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.
Both the Illinois sales tax and property tax exemptions are not automatic based on the 501(c)(3)'s income tax-exempt status. You must apply for both additional exemptions separately. Donations to certain nonprofit organizations may also be tax deductible for the person making the donation.
How to Start a Nonprofit in Illinois Name Your Organization. Recruit Incorporators and Initial Directors. Appoint a Registered Agent. Prepare and File Articles of Incorporation. File Initial Report. Obtain an Employer Identification Number (EIN) ... Store Nonprofit Records. Establish Initial Governing Documents and Policies.
